《大行報告》高盛下調中國鐵塔(00788.HK)目標價至1.14元 評級「中性」
高盛發表研究報告指出,預期明年中國鐵塔(00788.HK)旗下鐵塔智聯技術及鐵塔能源將保持強勁的增長軌跡,主要由於各行業數碼化程度不斷提高,以及內地新能源應用的持續增長。該行估計,明年公司智聯業務收入按年增長25.5%至66億元人民幣,貢獻公司總收入7%;能源業務收入升26%至39億元人民幣,佔公司總收入預測4.1%。
不過,隨著5G建設進入中後期周期,該行對鐵塔基站資本支出放緩持審慎態度。此外,公司最近與三大電訊商訂立新的服務框架協議亦提供鐵塔租賃優惠,反映出定價壓力。
高盛將鐵塔2022至2024財年各年營業利潤預測下調1%、4%及7%,主要由於公司的新業務開發研發投資增加,對其2022至2024財年的收入預測則大致不變。另維持對公司「中性」評級,目標價由1.2元降至1.14元。
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