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《大行報告》建銀國際下調中興(00763.HK)目標價至30元 維持「跑贏大市」評級
阿思達克 10-26 10:50
建銀國際發表報告指,中興通訊(00763.HK)第三季收入按年下跌12.4%、按季下跌9%,至287億元人民幣,較市場預測低18%,原因包括營運商較傾向選擇AI伺服器,而中興於10月才推出AI產品,因此上季伺服器銷售下跌。此外,5G基站收入延遲確認;在宏觀經濟逆風下,消費及IT行業投資疲弱,都影響收入。不過毛利率按年升6.5個百分點至44.6%,成為亮點,主要受惠行業競爭緩和,以及有效的成本控制。純利按年升5%,按季跌16%,至24億元人民幣,較市場預測高9%。 該行認為,銷售下跌只屬短期痛楚,在AI伺服器、手機及其他消費電子新產品推出下,創新業務將成為未來增長動力,維持中興「跑贏大市」評級,目標價由36元下調至30元,現價相當於7倍市盈率,下調風險有限,風險回報吸引。
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