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《大行報告》中金:鐵塔(00788.HK)首季成本費用管控良好 利潤增速超預期
阿思達克 04-20 11:05
中金發表報告指,中國鐵塔(00788.HK)首季收入231.99億元人民幣,按年增長2.5%;歸母淨利潤25.06億元人民幣,按年增長15%。中金表示,公司首季收入基本符合預期,由於首季成本費用管控良好,折舊增速放緩,利潤增速超預期。 中金表示,受新定價協議影響,營運商業務收入小幅下滑,又指由於鐵路、地鐵、室內等分建設需求增長,首季室分業務收入按年增長27.1%至17億元人民幣,預期全年仍將保持良好增速。 中金表示,首季淨利潤率按年提升1.2個百分點至10.8%,主要來自於電信設備等資產折舊年限到期帶來的折舊、攤銷增速放緩,預計未來兩至三年公司折舊攤銷將維持相對穩定或略有下降,對利潤形成良好支撐。 中金維持公司今年及明年盈利預測不變,給予其目標價為1.2港元,維持其評級為「跑贏行業」。
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