研報掘金丨德邦證券:首予中國電信“買入”評級,預計未來公司將具有高成長性
德邦證券研報指出,中國電信傳統業務維持穩健,產業數字化成效卓著。“現金奶牛”收益穩健,數據資源入錶帶來估值提升空間。2024 年公司現金分紅金額達到238 億元,佔合併報表中歸屬於上市公司普通股股東的淨利潤的比率72%。前瞻佈局下一代技術,量子、衛星有望實現高成長。根據主營業務對比,選取中國移動、中國聯通作爲可比公司,可比公司2025-2027年平均PE倍數爲16.32 /15.39/14.62。公司市盈率略高於可比公司平均水平。但是,認爲公司將在衛星互聯網建設過程中充分受益,同時量子通信前瞻佈局有望令公司在未來技術演進過程中獲得一定先發優勢。預計未來公司將具有高成長性。首次覆蓋,給予“買入”評級。
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