You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
中國鐵塔(00788.HK):室分覆蓋範圍快速增長 重點行業帶動兩翼騰飛
格隆匯 08-09 11:30
公司2022 年半年度業績符合我們預期 公司公佈2022 年半年度業績:2022 年上半年度公司收入454.79 億元,同比增長6.6%;歸母淨利潤42.24 億元,同比增長22.2%。單季度來看,公司2Q22 收入228.46 億元,同比增長6.2%,歸母淨利潤為20.44 億元,同比增長15.9%,符合我們的預期。 發展趨勢 室分業務覆蓋範圍擴大及塔類共享率提升,推動運營商業務穩健增長。公司2022 年上半年運營商業務收入同比增長3.9%達到413.45 億元。其中: 室分業務覆蓋範圍不斷擴大,實現收入27.53 億元,同比增長32.0%。塔類業務收入獲益於共享率提升穩健增長,同比增長2.3%達到385.92 億元。公司積極推進資源共享,截止2022 年6 月末,公司累計承建5G 基站154.4 萬個,其中97%以上通過資源共享實現,運營商塔類站均租户數由去年年末的1.60 户提升為1.62 户。我們看好公司擴大室分業務覆蓋範圍,充分發揮現有站址共享優勢,推動運營商業務收入穩定提升。 聚焦重點行業,兩翼業務貢獻強勢動能。公司2022 年上半年兩翼業務在總營收中佔比達8.8%,對營業收入的增量貢獻為45.4%。其中智聯業務收入25.84 億元,同比增長39.4%,主要來自於環保、林草等重點行業的視聯業務收入增長,鐵塔視聯業務收入在智聯業務佔比達到61.3%。能源業務收入14.26 億元,同比增長61.3%,主要源自換電業務的發展,鐵塔換電業務收入佔能源收入比重的56.2%。在數字中國、美麗鄉村等政策趨勢下,我們認為公司將在重點行業持續發力,推動兩翼業務收入快速發展。 EBITDA 率暫時承壓,看好兩翼業務發展帶動長期利潤率回暖,維持全年CAPEX 指引不變。公司2022 年上半年EBITDA 率70.3%,同比下降2.8ppt,我們認為主要源自:1)AI 算法研發投入及新產品市場推廣相關費用增長;2)部分固定資產使用年限到期帶來的暫時性維護費用增加。我們認為隨着公司兩翼業務規模擴張,將帶動公司EBITDA 率長期回暖。此外,由於疫情影響施工進度,公司上半年CAPEX 同比下滑12.3%至90.85億元,但考慮到下半年疫情好轉及運營商5G 基站建設需求,我們維持此前2022 全年CAPEX 指引300 億元。 盈利預測與估值 維持2022 年和2023 年盈利預測不變。當前股價對應2022/2023 年18.3倍/16.3 倍市盈率。維持跑贏行業評級和1.20 港元目標價,對應21.8 倍2022 年市盈率和19.4 倍2023 年市盈率,較當前股價有18.8%的上行空間。 風險 新業務發展不及預期,疫情影響塔址施工進度。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account