《大行》中金:中移動(00941.HK)次季淨利潤超預期 股息按年增長
中金發表報告指出,中國移動(00941.HK)第二季度總收入2,800億元,按年下降1%,通信服務收入2,446億元,按年微升0.1%,淨利潤536億元,按年增長6%。總收入略低於市場預期,主要因手機銷售收入下滑幅度超出預期;淨利潤則高於預期,得益於網絡運營成本有效控制及折舊開支降幅超預期。中期股息按年增長至2.75港元,上年同期派2.6港元。
考慮到手機銷售收入下滑加劇,中金下調中移動2025及2026年A和H股經營收入預測1.4%及2%,分別至10,479億元和10,627億元人民幣,但維持淨利潤預測不變,原因包括:1)資本支出下降使折舊與攤銷成本趨於穩定;2)網絡運營成本得到嚴格控制。維持A股「跑贏大市」評級,目標價127元人民幣(對應預測2025/2026年市盈率分別為18.9倍和18倍);H股維持「跑贏大市」評級,目標價90.8港元。
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