《大行報告》匯豐研究下調聯通(00762.HK)目標價至3.6元 評級「持有」
匯豐研究發表研報指,中國聯通(00762.HK)工業互聯網業務表現向好,首三季業務收入增長29.9%,其中數據中心收入增長13%,大數據業務收入增長56%。
報告指出,聯通的電信業務發展穩定,首三季移動收入增長3.3%,增幅與上半年相似。與同業一樣,期內聯通設備銷售大幅增長,遠高於該行對手機需求復甦的預測。
由於第三季增長強勁,匯豐研究將今年EBITDA及經營溢利預測上調1%,但由於折舊率高於預測,將202至2024年經營溢利預測下調1.5%及1.3%,目標價由3.9降至3.6元,認為主要經營風險是工業互聯網領域的潛在利潤壓力,評級為「持有」。
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