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一文綜合券商於聯通(00762.HK)公布季績後最新目標價及觀點
中國聯通(00762.HK)公布首季業績後,今早股價造淡,盤中曾低見6.14元一度下滑3.6%,最新報6.17元跌3.1%。摩根大通表示,聯通首季業績弱,EBITDA及盈利低於市場原預期各6%及9%,雖然移動和寬帶業務穩定,但首季度工業互聯網和雲收入的明顯減速,盈利增長放緩料部分原因是利息支出增加,料季績對股價影響負面,估計市場會下修對聯通預測,維持對其「中性」評級及目標價6.7元。該行指聯通是其在中資電訊股中最不看好的股份,指今年股息回報僅6%屬同業中最低(估計中移動(00941.HK)及中電信(00728.HK)股息回報各8%及7%)。 聯通昨晚公布今年首季業績,營業收入972.22億人民幣按年上升9.2%,增速達到近十年來同期的高位水平。服務收入861.15億元,上升6.1%;產業互聯網業務實現收入223.89億元,佔服務收入比26%,提升2.1個百分點。EBITDA上升2.8%至257.3億人民幣。錄得純利51.55億人民幣增長11.2%。 【工業互聯網 增速呈放緩】 摩通表示,聯通首季雲業務增速從去年的121%,至今年首季急速放緩至40%,聯通的工業互聯網收入增長從2022年的按年增長29%,至今年首季大幅放緩至15%。該公司將放緩歸因於後期內屬內地重新開放經濟的初始階段及宏觀經濟低迷;在工業互聯網疲軟的影響下,聯通首季總服務收入從2022年按年增長8%,放緩至今年首季增長6%,而聯通維持2023年工業互聯網增長至少20%的目標。 野村表示,聯通首季務收入僅按年增長6.1%,低於去年7.8%增幅,雲、數據中心和大數據在內的工業互聯網業務收入按年增長15.3%至224億元人民幣,佔服務總收入的26%,EBITDA按年增長2.8%至257億人民幣,EBITDA利潤率按年下降0.9個百分點至29.9%,這可能是新進業務支出增加所影響。該行維持聯通「中性」評級及目標價5.6元,指在行業中更看好中電信。 -------------------------------------- 本網最新綜合6間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 瑞銀│買入│8元 高盛│買入│7.5元 摩根士丹利│增持|7.5元 花旗│買入│7.2元 摩根大通│中性│6.7元 野村│中性│5.6元 券商│觀點 瑞銀│首季業績符預期,關注營運質量提升 高盛│首季雲收入按年升四成,EBITDA利潤率降幅收窄 摩根士丹利│首季業績符預期 花旗│5G和工業數字化業務支出增加,預計未來幾季經營勢頭將持續 摩根大通│首季業績遜預期,產業互聯網增速放緩 野村│核心服務收入增長保持穩定
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