You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
機構:運營商產互投資加大,關注電信IT廠商機遇

隨着5G的發展及行業數字化的建設,電信運營商雲計算業務收入高速增長,以高清視頻、智慧家庭爲代表的增值業務發展迅速,公司面向新興數字化業務的研發投入及資本開支增長,我們認爲將帶動相關電信IT軟件公司業績增長。

摘要

電信運營商的研發支出佔收比穩步提升,資本支出向數字化業務傾斜,爲相關供應商帶來發展機遇。2018-2021年,電信運營商研發費用佔收比逐步提升,主要投入雲計算、IDC、大數據及5G相關技術研發等方向。另外,電信運營商資本開支發生結構性變化,與新興數字化業務相關的資本開支投入將有所提升,我們認爲這將爲相關供應商創造產業機遇。

以BSS、OSS爲代表的電信業務系統支持軟件:核心業務系統IT服務商有望獲益於長期合作,實現數據變現。BSS(業務支持系統)和OSS(運營支持系統)是電信運營商的關鍵業務系統軟件,業務具有較高的行業壁壘,運營商與BOSS供應商一般存在長期合作關係。同時,BOSS系統在運營中積累了大量的業務數據,該部分數據存在深度挖掘價值及變現可能性。

個人及家庭電信業務:豐富應用打開業務增長空間。移動通信業務方面:電信運營商移動用戶總量逐漸見頂,需要以高清視頻、XR、5G消息爲代表的新一代應用爲抓手帶動移動綜合ARPU的提升;此外,電信運營商也在積極探索AIGC相關業務。固網家庭業務方面:家庭寬帶接入向千兆寬帶升級,運營商積極推進智慧家庭應用。我們認爲相關應用產品服務商也值得關注。

產業數字化業務:運營商雲收入高速增長,雲管理、大數據等服務需求增長。2022年1-12月,電信運營商雲計算收入同比增速達118.2%,我們預計2022年全年移動雲和天翼雲收入有望實現翻倍增長。我們看好電信運營商雲計算業務的收入快速增長和市場影響力提升,與之相關的雲服務管理、IDC管維等IT服務需求有望增長。

風險

電信運營商資本開支及研發支出增長不及預期;5G應用需求不及預期;產業互聯網市場競爭加劇。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account