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大行評級|高盛:維持對三大中資電訊股“買入”評級 保持正面展望

高盛發表報告指,第一季中資電訊股營收和淨利增長較2024年有所放緩,但在該行預期之內。而業績顯示營運現金流大幅下降,主要受到應收帳款顯著增加的影響,這與電信公司業務模式轉向企業業務(雲端/ICT項目)有關。然而,資本支出減少及應付帳款增加預計將抵銷此負面影響,並穩定2025年至2026年的自由現金流。

此外,現金流呈現季節性模式,應收帳款的現金回收主要集中在下半年。整體而言,該行認爲中資電信公司仍具備維持股息增長的能力,對中國移動、中國電信、中國聯通維持“買入”評級,保持正面展望。

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