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大行評級|摩根大通:維持中國鐵塔“中性”評級 首季業績好壞參半
摩根大通發表研究報吿指,中國鐵塔今年首季業績好壞參半。鐵塔收入增長在可比基礎上有所放緩,但管理層預計,由於鐵塔站點的增加,下半年將有更快增長。由於集團退出低利潤項目及季度收入核算變化,能源業務在首季急劇放緩。首季EBITDA加快增長,淨利潤增長穩定。該行表示,雖然隨着所收購的鐵塔完成折舊週期,集團自2026年起或會獲得80億人民幣以上的折舊費節省,但仍對該股持謹慎態度,因為集團年初至今股價上升7%已反映這個預期,而節省費用或會被2026年後的資產修復費用增加所部分抵銷,加上公司基本面仍然不樂觀,當前沒有強勁的增長動力。該行料集團股價於首季保持平穩,料2024及25年的盈利預測分別為112億及136億元,維持集團“中性”評級,目標價0.95港元。
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