《大行》摩通:三大電訊商擁AI提升潛力 首選中國電信(00728.HK)
摩根大通發表研究報告指,中國電訊業營運商的股價在2019年至2024年間表現超過恆指,差距達到雙位數,而本年迄今的表現優於市場。該行指出,前三大電信營運商不僅提供具吸引力的股息收益率,還是具AI增長潛力的成長型公司。
摩通表示,良性競爭、改善投資回報率和資本開支優化,應能帶動2026至27年行業利潤複合年增長率達5%;中國電信營運商對企業數字化有相當大的曝光,而這領域的增長速度遠超傳統電信服務。該行認爲,中國AI和DeepSeek的崛起或會驅動雲計算和人工智能數據中心收入的重新加速,並進一步提升估值,預計中國移動(00941.HK)、中國聯通(00762.HK)、中國電信(00728.HK)目前的股價或再有11至95%的潛在上漲空間。
三大電訊商中,該行首選中國電信,因爲該公司擁有三大營運商中最大的雲端平臺,預計其在中國AI主題下最爲受惠,並迎來估值重估和雲計算業務增長,其後則依次爲中國聯通及中國移動。該行續指,雖然予三大營運商的A股「增持」評級,但更加偏好H股,因爲H股的交易價格比A股有29至35%折讓。
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