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《大行》建銀國際升中興通訊(00763.HK)目標價至40元 看好政企需求
建銀國際發表研報指,中興通訊(00763.HK)中期業績表現強勁,收入增長15%,主要來自政企業務需求向好,以及消費者業務的推動,期內分部收入分別增長110%及8%。但次季毛利率按年收窄8.1個百分點至30.9%,該行預期,利潤率受壓是由於政企業務中利潤貢獻較低的伺服器銷售佔比上升及AI伺服器出貨比例增加所致。 該行認爲,國內互聯網服務供應商的計算需求在今年餘下時間仍將保持強勁,相信中興的組件庫存可支持其持續強勁增長,目前預測中興政企業務全年收入按年增長104%,明年料增長14%,而毛利率年內可能持續受壓,但相信不會進一步惡化。建銀國際維持對中興通訊「跑贏大市」評級,目標價從33元升至40元。
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