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麥格理:聯通(0762.HK)去年下半年業績遜預期 目標6.63港元
格隆匯 03-14 13:20

麥格理髮研報指,中國聯通(0762.HK)去年下半年收入較上半年持平,按年增長7%,大致符合該行及市場預期;期內,EBITDA利潤率由上半年的30.1%降至28.6%;與去年上半年比較,下半年集團EBITDA跌5%,導致經營利潤挫69%,純利也減少43%,均遜於該行及市場預估。儘管該行認為聯通業績表現疲弱,但仍維持“優於大市”評級,目標價6.63港元。

報吿提到,聯通下半年5G用户達到1.55億,滲透率達五成;每用户平均收入(ARPU)增長停頓,按推算,去年第四季ARPU按年持平於43.4元人民幣。5G共建共享累積節省約2100億元人幣的資本開支,然而,EBITDA利潤率及EBIT持續向下。集團預計2022年資本支出佔收入的百分比將保持穩定,數據中心方面的投資將增加,而5G的資本支出將與20211年保持相似。

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