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富瑞:將中興通訊(0763.HK)上調至持有評級 目標價升至20.66港元
格隆匯 03-17 12:30

富瑞發表研究報吿指,中興通訊(0763.HK)去年下半年業績勝預期,但純利則差於預期,認為其毛利率可能已經觸底,但存在其他不利因素。該行將其評級由遜於大市上調至持有,目標價由16.77港元上調至20.66港元。

該行指,中興去年下半年收入按年升17.6%,但單計第四季只按年升3.4%。當中下半年營運商收入按年升14.5%,主要受中國5G的建設以及疫情後新興市場增長的復甦影響。該行續指,其下半年核心營運利潤按年跌53%,較該行預期低58%,主要由於毛利率較低及營運支出增加。

該行指,中興予今年首季純利中位數預測21億元人民幣,包括一次性税前投資收益7.74億元人民幣,正常化後按年增長85%。該行還認為,中興的地緣政治風險仍然存在,因為中興剛剛被美國聯邦通信委員會正式列為國家安全威脅。

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