研报掘金丨中金:中国移动需求旺盛CAPEX同比增长,维持AH股“跑赢行业”评级

格隆汇
Aug 14
中金公司研报指出,中国移动1H26收入符合预期,利润好于预期。1H26基础通信业务承压、算力服务增长明显、智能服务基本稳定。Token 经营、算力业务等新业务契合市场旺盛需求、发展迅速,伴随新业务发展,上半年资本开支同比增长并且结构显著向算力倾斜。认为客户算力需求旺盛,公司资本开支提升及结构变化与业务发展匹配;展望全年,一方面,公司或将进行数据中心、算力资源适度前置投入;一方面,考虑到通信网络资源仍能承载用户流量提升后的网络需求,支持资本开支金额总体可控。公司重视股东回报,净利润下滑压力下,每股股息仍提升。采用SOTP估值法,A股维持“跑赢行业”评级和118元目标价,港股维持“跑赢行业”评级和102港元目标价。

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