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《績後》一文綜合券商於中移動(00941.HK)公布業績後最新目標價及觀點(更新)
中移動(00941.HK)本周一(20日)收市後公布首季業績,昨日(21日)股價上揚2.3%後,今早(22日)低開0.48%報83.3元,最新報83.45元走低0.3%。中金指中移動首季收入符合該行預期,淨利潤優於預期 公司公布今年首季度收入2,665億人民幣按年升1.0%; 其中主營業務收入 2,199億元人民幣按年下滑1.1%;歸母淨利潤293億元人民幣...
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《績後》一文綜合券商於中移動(00941.HK)公布業績後最新目標價及觀點(更新)
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中移動(00941.HK)  -0.300 (-0.358%)    Short selling $272.72M; Ratio 23.489%   本周一(20日)收市後公布首季業績,昨日(21日)股價上揚2.3%後,今早(22日)低開0.48%報83.3元,最新報83.45元走低0.3%。中金指中移動首季收入符合該行預期,淨利潤優於預期 公司公布今年首季度收入2,665億人民幣按年升1.0%; 其中主營業務收入 2,199億元人民幣按年下滑1.1%;歸母淨利潤293億元人民幣按年下滑4.2%。公司首季度收入符合該行的預期,淨利潤表現超該行預期,主要源自成本費用控制及投資收益增長。首季經營活動淨現金流714億人民幣(今年首季為313億人民幣),超該行預期,主要得益於公司現金流管理嚴格,首季末公司應收賬款較期初增234億人民幣;期末應付賬款較期初增159億元人民幣。該行預期全年自由現金流有望按年快速增長。中金維持中移動「跑贏行業」評級及目標價102元。

公司昨日(20日)收市後公布第一季度業績,營運收入按年升1%至2,664.78億人民幣,其中主營業務收入按年跌1.1%至2,199億元人民幣,其他業務收入按年升12.7%至466億元人民幣。錄得純利按年跌4.2%至293.42億元人民幣,每股盈利1.36元人民幣。季內EBITDA錄得按年跌5%至767億元人民幣;EBITDA率跌1.8個百分點至28.8%。季內移動通信淨增客戶376萬戶,截至3月止移動業務客戶總數近10.09億戶,其中5G網絡客戶總數6.68億戶。季內寬帶網絡淨增客戶390.1萬戶,客戶總數3.33億戶。中移動首季經營活動產生的現金流量淨額714.47億人民幣,較2026年同期按年升1.28倍。

【管理層指引派息率穩定至上升】

花旗指,中移動首季總營收較市場共識高2.5%,但在行業基本面穩固的背景下,服務收入按年微跌1.1%。受研發及網絡相關成本上升,加上銷售及管理費用溫和增長影響,營業費用擴張速度加快,導致季度EBITDA按年下降5%,較市場共識低5.2%,EBITDA利潤率按年收縮1.8個百分點至28.8%,較市場共識低2.3個百分點。純利按年跌4.2%,較市場共識低2.8%,淨利潤率按年跌0.6個百分點至11%。但經營現金流按年大增128.1%,反映強勁現金生成能力及營運資本優化。該行予中移動「買入」評級及105.1港元目標價。

中銀國際表示,中移動首季度盈利下降4.2%至293億人民幣,服務收入按年下降1.1%至2,199億人民幣,主要由於自2026年起增值稅上調的影響。該行認為基本營運保持韌性,增值稅影響已在首季度充分反映,政策壓力或已見底。該行對中移動目標價維持在98.54元不變,管理層指引今年派息比率穩定或上升。該行預計AI雲需求在國產全棧能力支持下,將支撐上半年業務前景。增值稅影響已在首季度充分反映,政策壓力或已見底。該行估計中移動2026年至2028年每股派息各為4.659元、4.792元及5.153元人民幣,預測股息回報各為6.5厘、6.7厘及7.2厘。

華泰證券表示,中移動首季毛利率受增值稅影響略有下降,高效成本管控持續推進盈利能力方面,公司首季毛利率為25.35%,按年下降 1.57個百分點,主要受到增值稅調整的影響。整體而言,公司保持著出色的成本費用管控能力,今年首季網絡營運及支撐成本按年下降 0.87%至751.7億人民幣,折舊攤銷費用按年下降0.49%至476.9億人民幣,體現了公司經營效率的提升。綜合而言,該行看好公司作為全球領先通信營運商的長期盈利能力及競爭力,隨著公司科技轉型的逐步推進,增值稅調整對業績帶來的短期影響有望逐步得到緩解。

--------------------------------------------

本網最新綜合7間券商對中移動投資評級及目標價:

券商對中移動投資評級及目標價:

券商│投資評級│目標價
花旗│買入│105.1元
中金│跑贏行業│118元
中銀國際│買入│98.54元
華泰證券│買入│97.5元
瑞銀│中性│81元
光大證券│買入│81.8元
摩根士丹利│與大市同步│80元

券商│觀點
花旗│經營現金流按年升1.28倍,反映強勁現金生成及營運資本優化
中金│首季經營活動現金流及淨利潤好於該行預期
中銀國際│增值稅影響已反映
華泰證券│通信服務、算力服務、智能服務三大主業平穩發
瑞銀│季績符預期,增值稅影響符預期
光大證券│業績階段性承壓,算力及智能服務有望構建新增長
摩根士丹利│季績受非經營收入推動勝預期
(fc/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-22 16:25.)

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