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《大行報告》高盛:中電信(00728.HK)及聯通(00762.HK)初步業績符預期 聚焦派息政策、雲增長及AI機遇
高盛發報告,指中國電信(00728.HK)和中國聯通(00762.HK)2023年初步業績符合預期,由於較低的資本開支負擔和穩定的增長展望,認為幾間電信公司有望在2024-2025年進一步提高派息比率。 高盛預計派息政策將成為市場焦點,按之前資料顯示,中國移動(00941.HK)和中國電信將在2023年將其派息比率提高至70%或以上,而中國聯通會將派息比率提高4個百分點至54%。高盛認為電信公司具有提高派息比率的能力和動力,2024-2025年派息比率或將逐步提高。 此外,高盛對三大電信公司2024年雲收入增長率為20%至25%。 AI機遇方面,自2023年以來,三大電信公司均推出了重點於政府或行政應用的大型語言模型(LLM)。其中,中國電信在2023年購買了約4,200台AI伺服器,預期將繼續購入。於2022年,電信公司的AI相關收入基數較低,未來2至3年的增長潛力可能會對其雲業務產生重大影響。 高盛三大電訊商投資評級及目標價表列如下: 股份 | 投資評級 | 目標價(港元) 中國移動(00941.HK) | 買入 | 82元 → 82.4元 中國電信(00728.HK) | 買入 | 4.9元 → 5元 中國聯通(00762.HK) | 買入 | 6.4元 → 6.5元
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