中银国际发布研报称,重申中国通信服务(00552)“买入”评级,目标价下调至4.87港元,预计需求的增加将抵消传统电信业务资本开支的下降。公司2024财年下半年盈利同比下降4.4%,低于该行预期,非电信客户和国际市场推动营收增长,而电信相关收入继续受到资本开支减少的压力。
中银国际表示,中国通信服务2025财年自动标识与数据采集(AiDC)订单,以及国际内容应用与增值(ACO)合同的增加可能会推动未来增长。稳定的利润率支撑稳定的自由现金流量改善,这可能支持未来股东回报的增加。
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