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研報掘金丨中金:中國移動上半年淨利潤良好增長,維持AH股“跑贏行業”評級

中金公司研報指出,中國移動上半年收入略低於我們預期,主要由於個人市場收入同比下滑;由於網運成本控制超預期,上半年淨利潤良好增長。認為全年移動ARPU有望較1H表現修復。公司司積極打造智家應用新增長點,認為家庭市場收入有望繼續實現良好增長。另外,移動雲收入繼續維持較快增速,1H24政企市場收入1,120億元,同比+7.3%。公司管理層表示下半年應收賬款會有所好轉,認為全年應收賬款改善有望促進公司OCF修復。認為全年應收賬款增速或較上半年有所降低,帶動OCF、FCFF表現修復。1H24,資本開支640億元,同比-21.4%,同時指引全年資本開支小於1730億元,資本開支指引好於預期。該行維持A股跑贏行業評級和110.0元目標價,對應17.0/16.2倍2024/25年市盈率,較現價有5.8%的上行空間。港股維持跑贏行業評級和85.0港元目標價,對應11.9/11.3倍2024/25年市盈率,較現價有17.7%的上行空間。

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