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《大行》星展銀行升中國電信(00728.HK)目標價至7.1元 維持「買入」評級
阿思達克 06-09 12:45
星展銀行研究報告指,中國電信(00728.HK)是中國第二大營運商,截至2024年12月,擁有3.52億5G用戶,佔市場約30%。公司與中國聯通共建共享一套5G網路,以縮小與中國移動在網路品質和覆蓋範圍上的競爭劣勢。截至2024年12月,有線寬頻用戶數達1.97億,佔市場約32%。 該行表示,工業數位化業務(包括IDC、雲計算等)是中國電信收入成長的關鍵驅動力,按年增6%至1,466億元人民幣,該業務在2024財年佔服務收入的30.4%(2023財年為29.9%),在同行中佔比最高。其中,雲業務和IDC收入分別年增17.1%和7.3%。在雲業務加速成長的推動下,該行預測工業數位化業務將進一步增長5%,達到1,539億元人民幣,佔總收入約31%。該行預期,得益于工業數位化業務貢獻增加,中國電信2025財年收入和盈利將年增3%和8%。 此外,該行預計,中國電信2026財年的派息率上升至75%,支持股息率約5%,預計2024至2027財年盈利複合年均增長率為8%,得益於穩定的業務及降低的折舊和攤銷費用。 因其工業數位化業務快速擴張及約5%的穩健股息率,該行維持對中國電信的「買入」評級,並將目標價從6.1港元上調至7.1港元,相當於於2025財年17倍市盈率,較區域電信同行高15%,因其AI和數據中心收入貢獻約5%,受益於中國全國性的AI發展。
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