CHINA COMMUNICATIONS SERVICES(00552.HK):RESULTS IN LINE WITH EXPECTATIONS; CONTINUE TO ACHIEVE HIGH-QUALITY DEVELOPMENT "ACCUMULATE"
CHINA COMMUNICATIONS SERVICES(00552.HK):RESULTS IN LINE WITH EXPECTATIONS; CONTINUE TO ACHIEVE HIGH-QUALITY DEVELOPMENT "ACCUMULATE"
We maintain the investment rating as "Accumulate" and set TP to HK$4.25. We forecast FY24-FY26 EPS to be RMB0.547/ RMB0.574/ RMB0.600, respectively. Considering the steady improvement of its dividends, and opportunities brought by the massive construction of data centers, we maintain the investment rating as "Accumulate". The corresponding dividend yield will be 6.1%/ 6.7%/ 7.3% in FY24-FY26.
我們將投資評級維持爲 “累積”，並將目標價設定爲4.25港元。我們預測，FY24-FY26 每股收益將分別爲人民幣0.547元/人民幣0.574元/人民幣0.600元。考慮到其股息的穩步提高以及大規模建設數據中心所帶來的機遇，我們將投資評級維持爲 “Acculated”。在 FY24-FY26 中，相應的股息收益率將爲 6.1%/6.7%/7.3%。
China Communications Services' (the "Company") FY23 results were in line with expectations. Operating revenue in 2023 was up by 5.6% yoy to RMB148,615 million and shareholders' net profit up by 6.7% yoy to RMB3,584 million. Gross profit margin increased by 0.2 ppt yoy to 11.6%. Revenue from TIS, BPO and ACO increased yoy by 4.4%/ 1.1%/ 16.8%, respectively. The final dividend payout ratio increased from 40% in 2022 to 42% in 2023, with shareholders' dividend payout up by 12.1% yoy.
中國通信服務（“公司”）23財年業績符合預期。2023年的營業收入同比增長5.6％，達到人民幣1486.15億元，股東淨利潤同比增長6.7％，達到人民幣35.84億元。毛利率同比增長0.2個百分點至11.6％。TIS、BPO和ACO的收入分別同比增長4.4％/1.1％/16.8％。末期股息支付率從2022年的40％增加到2023年的42％，股東的股息支付率同比增長12.1％。
We believe the Company will continue to achieve high-quality development. As the Company continues to strengthen cost control measures and vigorously deploys strategic emerging businesses, its business has achieved high-quality development. Due to the rapid growth of ACO business, as well as effective cost control, we expect shareholders' net profit to achieve a steady yoy growth in coming years, and we expect that the dividend payout ratio to grow every year smoothly given the rising dividend payout ratio and strong free cash flow. Besides, we expect that cloud and AI will both bring huge market space for the digital infrastructure industry. We can see that the Company is continuously enhancing its technology and innovation capabilities to drive the second curve of its business growth.
我們相信公司將繼續實現高質量發展。隨着公司繼續加強成本控制措施和大力部署戰略性新興業務，其業務實現了高質量發展。由於ACO業務的快速增長以及有效的成本控制，我們預計股東的淨利潤將在未來幾年實現穩定的同比增長，鑑於股息支付率的上升和強勁的自由現金流，我們預計股息支付率每年將平穩增長。此外，我們預計雲和人工智能都將爲數字基礎設施行業帶來巨大的市場空間。我們可以看到，該公司正在不斷增強其技術和創新能力，以推動其業務增長的第二條曲線。
Catalysts: Increase in dividend payout ratio; better-than-expected profitability of non-operator market.
催化劑：股息支付率的提高；非運營商市場的盈利能力好於預期。
Risks: Slower-than-expected growth of ACO business; weaker-than-expected demand from non-operator customers.
風險：ACO業務的增長低於預期；非運營商客戶的需求低於預期。
譯文內容由第三人軟體翻譯。