智通财经APP获悉,里昂发布研报称,预测中国三大电讯商去年下半年业绩疲弱,受工业互联网收入增长从双位数降至单位数影响。该行指出,中国政府及企业在信息技术开支上更为谨慎,电讯商也对云项目更具选择性,以此改善平均收益及现金流。同时,三大电讯商削减资本开支、延长5G基站折旧年期,以提升利润并增加派息。
随着资本开支下降趋势延续,里昂上调了对三大电讯商的目标价。其中,中国移动(00941)依旧是首选,因其去年及今年股息率预计可达6%及7%。而中国电信(00728)、中国联通(00762)在近期人工智能市场上涨期间,今明两年股息率降至5%及6%,且电讯商可能无法立刻从人工智能热潮中受益。
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