《大行報告》中金:中電信(00728.HK)產業數字化發展強勁 料去年盈利按年升逾7%
中金發表研究報告指,預計中電信(00728.HK)去年A股淨利潤按年增加7.3%,而市場預期則為按年增加10.1%,如扣除2021年公司出售天翼電子商務子公司的一次性收益影響,預計淨利潤按年增10%;其中,去年第四季A股的淨利潤按年增25.8%,考慮到公司即將有部分通信設備折舊年限到期,故該行預測略低於市場預期。
該行表示,隨著5G建設高峰期基本結束,中電信整體資本開支增速放緩,認為有望對公司業績兌現形成支撐。同時資本開支結構中與數字化業務相關的投資將上升,公司指引2022財年的資本開支中,產業數字化資本支出佔比將提升至30%。此外,公司指引今年公司分紅率將進一步提升至70%。該行預計,本次2022財年分紅率或較2021財年進一步上升,穩健業績疊加高股息率為股東提供良好投資回報。
該行考慮到集團於2022至24年將會有部分通信設備折舊年限到期,分別下調A股期內盈利預測6.9%、6.3%、4.8%;分別下調港股盈利預測7%、6.6%、4.5%,維持「跑贏行業」評級及當前目標價,即AH股分別為7元人民幣及5元。
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