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《大行報告》野村:內地三大電訊商核心業務面臨市場飽和 料大數據等新興業務或帶來希望
野村發表報告,引述中國工信部數據顯示,截至今年10月底,中國5G網絡用戶達到5.24億,佔移動用戶總數的31.1%,10月每月DOU(平均每月每戶上網流量)為16.12GB,按年增長12.5%。中移動(00941 .HK)、中電信(00728.HK)和聯通(00762.HK)在2022年10月分別增加約1,470萬、590萬和420萬5G計劃的客戶,至今年10月底,5G計劃用戶總數達到10.3億戶(滲透率61.2%)。寬頻服務方面,中移動和中電信分別錄得276萬和103萬用戶的淨增。 該行認為內地三大電訊營運商的核心業務(寬頻和移動服務)繼續面臨市場飽和、缺乏新應用以及競爭加劇等不利因素。此外,揮之不去的新冠疫情和封鎖措施繼續產生負面影響,行業收入增長連續放緩。 野村認為行業旗下新興業務(包括雲計算、大數據等)可能帶來希望,因為營運商繼續受到政府和大型企業(即國有企業)客戶的青睞。鑑於內地電訊公司的基礎設施部署已走上正軌,認為沒有迫切需要加快資本支出。該行認為,如果對更高數據量和速度的需求強於預期,內地電訊商可能會加快投資,但指這些需求尚未到來。
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