中金:维持中国电信“跑赢行业”评级,股息率具吸引力

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【中金:维持中国电信“跑赢行业”评级,股息率具吸引力】中金发表报告指,中国电信上半年收入符合该行预期,净利润超该行预期。报告指,中国电信连接型业务市场普及率达到较高水平,在此背景下,公司用户数略有增长,但客单价具有压力;受增值税税目调整影响,公司基础通信业务承压。公司表示,未来将更加重视存量用户价值保有,用尽量少的投入换取更高价值的增长。智能业务增长较快,AIDC在高速建设中,同时已经开始较明显的拉动收入增长。该行认为公司具备AIDC快速交付能力,资源储备及应标能力快速提升,有能力持续获取重要客户。该行测算,如2026年全年分红比例达到75%、全年净利润同比跌13%,当前中国电信H股股息率、A股股息率分别为5.8%和3.6%,具有吸引力。该行维持2026/2027年盈利预测不变及“跑赢行业”评级,H股目标价6.3港元。

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