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《大行報告》富瑞:中資電訊股開發AI服務具成本優勢 有更大機會成功變現
富瑞發表研究報告,指昨日(20日)中資電訊股走高,源於有報道指中電信(00728.HK)正開發專注服務智慧城市的類似ChatGPT形式服務。報告稱,這當然可能是炒作,但聚焦智慧城市服務屬合理,因電訊商擁有龐大用戶數據;地方政府應願意分享資料予電訊商。此外,電訊商擁有龐大雲端、數據中心及網絡資源可降低開發成本。該行維持對中資電訊股樂觀看法,首選中電信、其後是中移動(00941.HK),最後為聯通(00762.HK),三股各予「買入」評級。 報告稱,電訊商可開發以國企或政府為中心的ChatGPT服務,而以特定行業為對象的GPT應用屬更為合理,特別是自家已擁有行業數據的板塊;以變現角度出發,以特定行業為對象的GPT應用有更大機會獲得成功。中資電訊股坐擁龐大數據,涉及逾10億流動用戶、逾5.8億寬帶用戶、包括其人口特徵、位置、使用手機種類、App使用習慣以及瀏覽網頁等。更重要的是,地方政府應願意分享資料予電訊商,以開發AI產品賦能智慧城市。 富瑞補充,中央政府一直積極支持開發AI,該行對中資電訊股樂觀看法,不是因為GPT,而是受國企IT生態圈、龐大網絡資源及估值吸引所驅動。報告認為,中資電訊股在開發5G工業數字化及相關AI應用上處有利位置;相較其他獨立雲服務商,他們坐擁成本優勢。如果中資電訊股與AI專家合作加快演算法開發,將有更大機會成功開發可商業化而能變現的產品。 即使近期中資電訊股走高,以預測市盈率計它們仍處於單位數,股息率達高單位數,以企業價值對EBITDA比來說仍低迷。該行相信中資電訊股資本開支已見頂,在今年開始回落。即使中移估值低於中電信,但該行仍首選中電信,因後者坐擁更大企業客戶基礎,及有更先進雲端整合戰略,在分派比率上升憧憬下,股息率或進一步向上。
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