智通财经APP获悉，高盛发布研报称，第一季中资电讯股营收和净利增长较2024年有所放缓，但在该行预期之内。而业绩显示营运现金流大幅下降，主要受到应收账款显著增加的影响，这与电信公司业务模式转向企业业务(云端/ICT项目)有关。然而，资本支出减少及应付账款增加预计将抵销此负面影响，并稳定2025年至2026年的自由现金流。
此外，现金流呈现季节性模式，应收账款的现金回收主要集中在下半年。整体而言，该行认为中资电信公司仍具备维持股息增长的能力，对中国移动(00941) 、中国电信(00728) 、中国联通(00762) 维持“买入”评级，保持正面展望。
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