金吾财讯 | 高盛报告指出，在中国铁塔(00788)公布1H25 业绩：营业收入496.01 亿元，同比+2.8%；归母净利润同比+8.0%至57.57 亿元；EBITDA 同比+3.6%至342.27 亿元。2Q25 收入同比+2.3%至248.30 亿元，归母净利润同比+7.3%至27.33 亿元，EBITDA同比+2.9%至169.32 亿元。该机构对其看法转趋更正面，主要因派息前景改善，以及应收账款结余回稳带动现金流正常化。然而，管理层未有就明年的折旧及利润细节提供指引，部分投资者或视为负面讯号，因市场渴求有更清晰的盈利及股息能见度。该机构估算，明年整体折旧费用将下跌至50亿元。另外，该机构提到，集团上半年派息率按年升5个百分点至45%，每股股息按年增长22%，显示公司增加派息的意愿，相较于之前派息率增速缓慢，反映情况有所恢复。该机构将其目标价由12.6港元上调至13港元，评级“中性”。
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