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《大行》野村上調三大中資電訊股目標價 升聯通(00762.HK)評級至「買入」
野村發表報告指,內地電訊業首季增長放緩,服務收入按年增長0.7%,今年首四個月則按年增長1%,中移動(00941.HK)、中電信(00728.HK)及聯通(00762.HK)分別按年增長1.4%、0.3%及2.1%。 野村認為,核心業務包括流動及寬頻繼續受壓,原因是消費市場飽和及競爭日趨激烈。由於DeepSeek的LLM和其他Gen AI應用速AI雲端應用,IDC等新興業務保持健康增長。 中電信首季IDC收入達95億元人民幣(下同),按年增長10.4%,而中聯通同期IDC收入按年增長8.8%至72億元。展望2025財政年度,該行料資本支出持續下降,以維持現金流及股息上揚。同時升聯通H股評級至「買入」,並上調三大中資電訊股目標價,詳見另表。
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