交銀國際:維持中興(0763.HK)買入評級 目標價30港元
交銀國際發表報告表示,預計中興通訊(0763.HK)將強勁復甦,雖然毛利率下降的速度比預期快,但隨着5G規模的擴大,以及海外4G收入在下半年開始恢復,相信第二季度可能是毛利率的最低點,維持其買入評級及H股目標價30港元,該行指目前股價對應2021年市盈率為18倍,在A/H股科技行業中相對具吸引力。
報告指,中興通訊今年上半年淨利潤按年增長26%,主要由於收入增長、減值成本降低及融資成本降低,抵銷了因中國5G增長而導致的毛利率下降。在中國5G增長下,由於規模有限和市場份額的競爭,公司第二季度毛利率按年下降10個百分點至28.5%。

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