《大行》匯豐研究:推出6G至少仍需五年 首選中移動(00941.HK)
匯豐研究發表中資電訊股報告指,中國移動(00941.HK)和中國電信(00728.HK)擁有推動股息增長的多重優勢,包括利潤率擴張、資本支出減少以及派息率上升。儘管該行認爲中國移動在移動服務方面面臨的壓力相較於其他兩家同行更大,但料在家庭寬帶市場可能繼續獲得市場份額。此外,中國移動更具股息吸引力,2025年預計股息率最高,即約6.5%。該行偏好依次爲中移動、中電信、中聯通(00762.HK)及中國電塔(00788.HK)。
報告指,中國電訊企業預計資本支出將持續下降,直至2030年,即是最早可能推出6G的年份。電訊企業估計,6G可能在2030年或更晚推出。該行預計未來四年電訊企業的資本支出將下降,原因包括5G覆蓋資本支出已在2022年達到高峯;6G資本支出週期預計在2030至2031年開始;儘管人工智能採用率提高,雲計算和數據中心的投資仍保持謹慎。
另外,匯豐研究指,中國電訊企業預計2025財年總資本支出將至少按年下降9%,而2025年上半年總資本支出已按年下降17%。中聯通提到,對本地AI晶片的投資將保持謹慎,採購決定將以商業爲導向。
匯豐研究對中資電訊商投資評級及目標價表列如下:
股份 | 投資評級 | 目標價(港元)
中國移動(00941.HK) | 買入 | 108元
中國電信(00728.HK) | 買入 | 7.4元
中國聯通(00762.HK) | 持有 | 9.9元
中國鐵塔(00788.HK) | 持有 | 12.7元
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