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大摩:重申三大電訊營運商增持評級 首選中電信

大摩發表研報指,預期中國電訊業首季服務收入按年增長8.6%,料各個營運商錄正面盈利,惟料中國鐵塔(0788.HK)將錄毛利率壓力。該行重申中國移動(0941.HK)、中國聯通(0762.HK)及中國電信(0728.HK)的“增持”評級,首選中電信。該行預期,在5G ARPU穩步提升6-10%的情況下,移動服務收入將增長3.1%,ARPU錄正增長;在工業互聯網強勁增長的推動下,固網收入將按年增長18%。

該行預測,中移動首季服務收入按年增長8%,中電信增長9.1%,中聯通增長9.2%;預計與工業互聯網相關的人員成本和運營支出會上升,因此預測EBITDA按年增長約5%,三大運營商利潤率均下降約1個百分點,中移動淨利潤增長7.8%,中電信增長12.6%,中聯通增長16.3%。

該行預計,中國鐵塔首季收入增長將加速至按年升6.7%,這主要得益於穩定的鐵塔收入和雙翼業務的穩健增長;預計EBITDA將小幅增長0.8%,利潤率按年下降4個百分點,淨利潤按年增長21.5%,主要受相對穩定的折舊帶來的經營槓桿推動。

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