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《大行》富瑞降中興(00763.HK)評級至「跑輸大市」 毛利率下滑致次季業績遜預期
阿思達克 09-01 11:57
富瑞發表報告,指中興通訊(00763.HK)過去三個月股價累升約52%,受人工智能及ASIC晶片增長憧憬,但第二季業績遜預期顯示市場過度樂觀。 該行指,人工智能增長可從伺服器收入增長達兩倍見到,但毛利率或為4%至5%,因此收入勝預期下核心經營溢利及淨利潤遜預期。公司可能在美國制裁或面臨制裁風險下,從競爭對手取得伺服器客戶,電訊業務收入持續下跌,毛利率下降推動該行下調對公司盈利預測。 該行指,目前其對中興今明兩年淨利潤預測較市場預測低出分別26%及31%,22倍市盈率估值對比未來三年淨利潤負增長並不吸引,投資評級由「持有」降至「跑輸大市」,H股目標價由18.82元上調至27.27元。
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