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《大行》瑞銀降中通服(00552.HK)評級至「中性」 經營前景存挑戰
瑞銀髮表研究報告指,中國通信服務(00552.HK)上半年業績反映經營前景面臨挑戰,期內利潤率因宏觀逆風及收入結構轉變而下降。電訊商減少開支,但中通服透過拓展非電訊商客戶及成本控制,維持穩定收入及淨利潤。 然而,瑞銀認爲客戶採用人工智能正推動其業務結構從業務外包轉向應用開發,意味着中通服短期利潤率將受壓,由於其業務前景韌性較低且估值偏高,因此將投資評級由「買入」下調至「中性」。瑞銀目前仍偏好中資電訊股及中國鐵塔(00788.HK),上調中通服2025至2027年收入預測1%至2%,以反映非營運商業務增長預期,但將盈利預測下調最多2%。目標價從5元上調至5.3元。
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