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汇丰研究：将中兴通讯目标价由30港元降至24港元 评级买入

HSBC Research: Reduce ZTE's target price from HK$30 to HK$24 to buy

Moomoo 24/7 ·  Dec 14, 2022 02:24

According to a report published by HSBC Global Research, ZTE's third-quarter results were generally in line with the bank's expectations. The market share of the operator network has increased. At the same time, the Group has also recently tightened control over sales and administrative expenses. As a result, the bank raised ZTE's profit forecast for this year and next year by 5% and 1%, which is enough to offset the limited room for growth expected in the net increase of 5G base stations after this year, while lowering revenue forecasts by 1% and 4%. Based on the forecast adjustment of the RMB to HKD exchange rate to 1.13 level, HSBC research lowered its target price to HK$24 and maintained the buying rating. The bank believes that the current price of the Group's H shares is equivalent to 1.1 times the annual forecast market account rate. This is a historically low level, and the valuation is still attractive.


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