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研報掘金|中信證券:予中國鐵塔目標價1.3港元 折舊與利潤拐點將至

中信證券發表報吿表示,從商業模式看,中國鐵塔具有護城河高、現金流好、可持續性強的特點。公司資源稟賦優異,超過200萬站的鐵塔網絡構建絕對主導地位。公司現金流優異且逐年提升,大規模投資期已過,存量資產的折舊攤銷拐點將在2025至2026年到來,屆時公司淨利潤將向自由現金流看齊,利潤有望迎來爆發。

該行指,在國資委加大對經營質量、股本回報率、市值等考核的導向下,中國鐵塔的經營業績和分紅有望迎來持續釋放。結合市盈率、市賬率,綜合考慮股息率,該行給予中國鐵塔目標價1.3港元,維持“買入”評級。該行料中國鐵塔2023年至2025年純利預測各為100.24億、116.59億及153.75億元。

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