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《績後》一文綜合券商於中移動(00941.HK)公布業績後最新目標價及觀點
中移動(00941.HK)公布首季業績,今早高開0.2%後向上,最新報83.15元走高近1.7%,成交額13.67億元。瑞銀指,中移動季績符預期,並處於管理層全年指引軌道。該行認為增值稅調整的影響已充分被投資者認知,且與去年第四季相比,今年首季經營現金流保持穩定,並錄得128%按年增長,主要得益於營運資本改善。該行指,公司管理層指引營收實現穩定健康增長,剔除...
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《績後》一文綜合券商於中移動(00941.HK)公布業績後最新目標價及觀點
Recommend
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33
 
 

中移動(00941.HK)  +1.850 (+2.262%)    Short selling $197.64M; Ratio 13.168%   公布首季業績,今早高開0.2%後向上,最新報83.15元走高近1.7%,成交額13.67億元。瑞銀指,中移動季績符預期,並處於管理層全年指引軌道。該行認為增值稅調整的影響已充分被投資者認知,且與去年第四季相比,今年首季經營現金流保持穩定,並錄得128%按年增長,主要得益於營運資本改善。該行指,公司管理層指引營收實現穩定健康增長,剔除增值稅調整影響後利潤將協同增長。公司今年資本開支指引為1,366億人民幣,按年降9.5%;其中通訊、算力及人工智能相關資本開支增長分別為負20.3%、62.4%及19.8%。管理層亦指引全年派息率將維持穩定至上升。該行予中移動「中性」評級及81港元目標價,該行料中移動今明兩年每股派息各4.8及4.96元人民幣。

公司昨日(20日)收市後公布第一季度業績,營運收入按年升1%至2,664.78億人民幣,其中主營業務收入按年跌1.1%至2,199億元人民幣,其他業務收入按年升12.7%至466億元人民幣。錄得純利按年跌4.2%至293.42億元人民幣,每股盈利1.36元人民幣。季內EBITDA錄得按年跌5%至767億元人民幣;EBITDA率跌1.8個百分點至28.8%。季內移動通信淨增客戶376萬戶,截至3月止移動業務客戶總數近10.09億戶,其中5G網絡客戶總數6.68億戶。季內寬帶網絡淨增客戶390.1萬戶,客戶總數3.33億戶。中移動首季經營活動產生的現金流量淨額714.47億人民幣,較2026年同期按年升1.28倍。

【管理層指引派息率穩定至上升】

花旗指,中移動首季總營收較市場共識高2.5%,但在行業基本面穩固的背景下,服務收入按年微跌1.1%。受研發及網絡相關成本上升,加上銷售及管理費用溫和增長影響,營業費用擴張速度加快,導致季度EBITDA按年下降5%,較市場共識低5.2%,EBITDA利潤率按年收縮1.8個百分點至28.8%,較市場共識低2.3個百分點。純利按年跌4.2%,較市場共識低2.8%,淨利潤率按年跌0.6個百分點至11%。但經營現金流按年大增128.1%,反映強勁現金生成能力及營運資本優化。該行予中移動「買入」評級及105.1港元目標價。

摩根士丹利指出,中移動季度服務收入按年下跌1.1%,較該行預期高0.4%。受產品收入帶動,整體收入按年增長1%。淨利潤按年跌4.2%,較該行預期高4.5%,主要受利息收入及聯營公司利潤等非經營項目帶動。經營利潤按年跌11.6%,較該行預期低3.8%。EBITDA按年跌5%,較該行預期低0.5%。服務收入對應的EBITDA利潤率為34.9%。該行予中移動「與大市同步」評級及目標價80港元。

--------------------------------------------

本網最新綜合3間券商對中移動投資評級及目標價:

券商對中移動投資評級及目標價:

券商│投資評級│目標價
花旗│買入│105.1元
瑞銀│中性│81元
摩根士丹利│與大市同步│80元

券商│觀點
花旗│經營現金流按年升1.28倍,反映強勁現金生成及營運資本優化
瑞銀│季績符預期,增值稅影響符預期
摩根士丹利│季績受非經營收入推動勝預期
(fc/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-21 12:25.)

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