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《大行》里昂:成本控制料支持中資電訊股盈利與股息 首選中移動(00941.HK)
里昂發表研報指,中資電訊股將陸續公佈2025年中期業績,預期行業收入增速將放緩至約1%至2%,主要因工業互聯網收入受宏觀疲軟及客戶趨向謹慎所影響。雖然AI熱潮帶動IDC需求,但里昂認爲電訊商的AI雲產品尚未成熟,同時移動服務收入正面臨市場飽和與競爭加劇的壓力,不過預期透過嚴格控制成本,以及資本支出下降,預計淨利潤仍可實現3%至9%增長,股息回報率維持於5%至6%的吸引水平。 里昂預測中國移動(00941.HK)、中國電信(00728.HK)及中國聯通(00762.HK)中期服務收入將增長1.3%、1.1%及2.4%至4,690億、2,490億及1,800億元人民幣,淨利潤預測分別增長3.4%、7%及8.8%,達到829億、233億及150億元人民幣,全年股息回報率預料分別達到6.4%、5%及5.6%。里昂首選爲中移動,看好其較高股息回報,對中移動、中電信及中聯通均給予「跑贏大市」評級,目標價86元、6.2元及9.5元。
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