金吾财讯 | 中国联通(00762)绩后股价表现疲软，截至发稿，报9.21港元，跌3.96%，成交额5.53亿港元。消息面上，野村研报指，公司2024年EBITDA利润率年减1.1个百分点至28.7%，可能是受较高的网络营运成本及新兴业务投资所致。而净利润年增10.1%至206亿元人民币，或归因于集团折旧成本的下降。受惠于派息率提升及每股盈利实现两位数增长，中国联通2024年派息率再度提升5个百分点至60%，每股股息增加20%。该行指，2024年资本支出按年减少17%，管理层预测2025年资本支出将再按年减少10%，这可能有助集团实现稳健的现金流增长，预示股息将有更大的上升空间。暂维持目标价6.9港元及评级“中性”。
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