《大行報告》中金:中移動(00941.HK)第三淨利潤低預期 DICT持續貢獻動能
中金發表報告報告指,中移動(00941.HK)智慧家庭業務促進收入增長,DICT((Data Technology、Information Technology、Communication Technology))業務持續高速增長。首3季收入符合預期,惟淨利潤低於預期,源自第三季經營活動推進成本增長超預期。
報告指,中移動第三淨利潤低預期,淨利潤按年增長1.5%,淨利潤率按年下降1.1個百分點,主要原因包含季內經營活動恢復,業務進程加快,導致成本、銷售費用分別按年上升13.3%和24.4%;低毛利的銷售手機等其他業務發展迅速,佔收入比例上升;第三季底末應收賬款提升,致信用減值損失較去年同期增加10億元,如剔除該影響,淨利潤按年增長 4.9%。該行認為政企業務、新興業務將成為電信營運商在5G時代的主要發力點和增長動能。
中金維持對中移動今明兩年盈利預測不變。當前H股股價分別對應今明兩年7.3倍6.6倍市盈率預測,對應今年股息率為8.9%。該行認為公司有望加大A股增持力度、港股回購力度,港股維持「跑贏行業」評級和 75元目標價。
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