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《大行報告》建銀國際降中興(00763.HK)目標價至29元 評級「跑贏大市」
建銀國際發表研究報告指,中興通訊(00763.HK)上季業績表現平穩,收入按年增長14.7%,全年計收入增長1.1%至1,243億元人民幣,符合市場預期,主要來自於營運商網絡訂單收入延遲確認、海外市場擴張及FTTR全光網關帶動家庭終端銷售的影響。 報告指出,中興傳統業務穩健增長,三大主要業務上季銷售額均實現按年增長,雖然預期今年電訊營運商資本支出將有所減少,但中興在有線網絡市場份額的提升,以及海外業務的發展,均有助於公司保持穩定增長。 同時預期創新業務將成為增長新驅動力,該行預計,隨著人工智能伺服器等新產品推出,中興通訊創新業務今年將持續增長,目前預測今年營運商網絡及政企相關銷售額將按年增長5.8%及1.7%,明年料增長4.8%及3.8%,維持「跑贏大市」評級,目標價微降至29元,今明兩年盈利預測分別下調3%及2%。
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