大行评级丨花旗:中兴通讯次季收入受惠AI算力需求,目标价微升至25.9港元

格隆汇
Yesterday
花旗发表报告指,中兴通讯第二季收入同比增长12%至430.37亿元,较市场预期高出7%;纯利跌45%至14.42亿元,较市场预期高2%。收入胜预期,受惠于算力及人工智能基础设施业务增长,抵销了国内营运商资本开支持续下跌的影响。毛利率大幅收窄至23.2%(同比跌7.7个百分点,较该行预期低5.1个百分点),因收入组合转向低利润率的算力及服务器硬件,拖累经营溢利同比跌58%,远逊该行预期达58%。该行因应收入组合转向低利润率产品,下调2026及2027年纯利预测19.4%及14.5%,2028年预测大致不变;收入预测则上调2.6%至3%,以反映算力需求强劲。该行将其目标价由25.4港元上调至25.9港元,基于15倍目标市盈率,但估值基础由2026年滚动至2027年,维持“中性”评级。

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