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研報掘金|中金:維持中國鐵塔“跑贏行業”評級 去年業績符合預期
格隆匯 03-20 10:03

中金髮表研究報告指,中國鐵塔2024年業績符合預期,收入按年增長4%,純利按年增長10%,EBITDA則增長9%,期內營運商業務表現穩健,兩翼業務則實現快速增長。展望2025年,中金預期中國鐵塔營運商業務收入可持續穩定增長,同時憧憬公司聚焦邊緣算力網絡、AI等重點領域,兩翼業務收入亦有望實現雙位數按年增幅。

該行料其今年經營活動現金流有望修復,資本開支基本持平,重視股東回報提高派息比率。中金將鐵塔2025年收入預測下調2%至1006億元,以反映能源業務收入增長減慢,另外因兩翼業務開支預期提升,將今年度淨利潤預測下調9.5%至118億元,對明年收入及盈利預測則爲1033億及181億元,維持“跑贏行業”評級,(合股後)目標價爲14港元。

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