大行評級|摩根大通:預期內地電訊股次季收入疲弱但盈利穩健 首選中國移動
摩根大通發表報吿指出,預期內地電訊股第二季收入疲弱但盈利穩健,而中興通訊與中國鐵塔的收入及盈利或保持穩健。該行將中興H股評級由“減持”上調至“中性”,認為公司的政、企和消費者業務的表現可能勝預期,或抵銷內地基站業務的疲弱,從而推動次季收入及盈利穩定增長。鐵塔方面,該行料其次季業績或保持穩健,管理層對2026年後的財務安排指引料很少,該行維持對其“中性”評級。
該行認為,由於新數碼業務(如雲及數據中心(IDC)業務)承壓,估計內地三大電訊商中國移動、中國電信及聯通的服務收入增長放緩,由首季的按年升5%、4%及3%,放緩至次季的2%、3%與3%。相信電訊商將透過嚴格的成本控制來抵銷收入增長的壓力,該行料中移動與中國聯通的盈利增長將穩定於按年增長5%及10%的水平,但預期中電信純利將由首季的按年增長8%放緩至次季的增長6%。該行重申對內地三大電訊股的“增持”評級,當中首選中國移動,其次為聯通,最後為中國電信。
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