US STOCKS
FUNDS
FX & CRYPTO
SH/SZ-HK
HK STOCKS
 
 
 
 
 
 
Quick
Quote
Detailed
Quote
Latest
Technical
Analysis
Dynamic
Chart
Stock
Trend
Transaction
Block
Trade
Money
Flow
Peers
News
AA
Move
Dividend
Fundamentals
Short
Selling
Warrants
CBBCs
Inline
Warrants
Last  
Range
Updated
News Sharing
For sharing news, please enter the email address of you and the receiver, then press SEND button.*Mandatory Fields
Receiver*
Enter email addresses, separated by semicolon (;). E.g. a@a.com;b@b.com
Your email address*
Content Sharing
《績後》一文綜合券商對中移動(00941.HK)公布業績後最新目標價及觀點
中移動(00941.HK)昨(26日)收市後公布去年業績,今早平開報77.5港元,最新報77.7元微升0.3%,摩根士丹利指,中移去年服務收入按年增長0.5%,基本符合市場預期。EBITDA則按年增長1.8%至1,820億人民幣,略低於預期,但利潤率提升1.2個百分點至34.6%,全年股息每股港幣5.27元,按年增長3.5%,派息率約為75%。展望2026年...
Reset
Send
The window will close in 5 seconds
《績後》一文綜合券商對中移動(00941.HK)公布業績後最新目標價及觀點
Recommend
25
Positive
54
Negative
38
 
 

中移動(00941.HK)  +0.650 (+0.821%)    Short selling $241.30M; Ratio 20.231%   昨(26日)收市後公布去年業績,今早平開報77.5港元,最新報77.7元微升0.3%,摩根士丹利指,中移去年服務收入按年增長0.5%,基本符合市場預期。EBITDA則按年增長1.8%至1,820億人民幣,略低於預期,但利潤率提升1.2個百分點至34.6%,全年股息每股港幣5.27元,按年增長3.5%,派息率約為75%。展望2026年,中國移動表示將致力於保持收入穩定增長,並在不計增值稅影響的情況下實現協調的利潤增長。今年資本開支方面,總額將下降9.5%,其中通信相關投資減少20%,算力投資增長62%,人工智能投資增長20%。公司同時預期自由現金流將快速增長,維持對其「與大市同步」評級及目標價85元,此按現金流折現率作估值,料今年股息回報8.5厘。

公司去年錄純利1,370.95億元人民幣,按年跌0.9%,貼近本網綜合5間券商料純利介乎1,361.38億至1,453億元人民幣預測的下限,中位數1,441.22億元人民幣。每股基本盈利6.35元人民幣。公司宣派末期股息每股2.52港元(對上財年同期派2.49港元),全年股息合計每股5.27港元,按年增長3.5%,對比本網綜合4間券商料全年每股派息介乎4.68元至5.01元人民幣;全年派息率為75%。

期內,營運收入近1.0502萬億人民幣,按年升0.9%,符本網綜合5間券商料介乎1.0416萬億元至1.0653萬億人民幣,中位數1.0504萬億人民幣。主營業務收入為8,955億人民幣,按年增長0.7%;其中,算力服務收入為898億人民幣,按年增長11.1%。通信服務收入7,149億元人民幣,按年下降1%。另外,年內數據中心收入按年增長8.7%,其中AIDC收入按年增長35.4%。得益於智算需求的快速增長,智算服務成為第一引擎,增速達279%,推動雲算服務收入按年增長13.9%。雲盤月活躍客戶達到2.1億戶,雲視頻客戶超過8,670萬戶。

中移動副總經理李慧鏑指,今年資本開支預測為1,366億元人民幣,按年減少9.5%。對於公司最新宣派末期息2.52港元,全年宣派股息5.27港元,按年增長3.5%,全年派息率75%。管理層預計,今年的派息率將穩中有升。

【全年派息增 業績優同業】

里昂發表報告指出,中移動去年業績雖然偏弱,但較同業理想。公司提供7%股息率亦為同業中最高。期內總服務收入及EBIT分別按年增長0.7%及4.4%,達8,955億元及1,489億元。移動業務收入有所下降,但雲業務收入繼續增長,顯示營運開支受到嚴格控制。公司預計今年資本開支將再按年減少9.5%,這將支持未來盈利增長。該行將2026及2027年預測淨利潤下調3%,但維持「跑贏大市」評級及目標價86港元。

里昂指,中移動透過成本和資本開支的嚴格控制,料可支持利潤及派息。公司2025年EBITDA按年增長1.6%至3,390億元人民幣,利潤率為37.8%,按年提升0.3個百分點,主要得益於嚴格的成本控制。網絡成本基本持平。借助人工智能賦能,員工成本僅按年上升1.4%。銷售與市場費用按年增長3%,源於渠道營運和客戶服務的改善。EBIT按年增長更快,達到4.4%,至1,489億元人民幣,利潤率16.6%(按年提升0.6個百分點),主要由於折舊持平。調整後淨利潤按年下降0.9%至1,371億元人民幣,原因是服務套餐收入拆分基準帶來的18億元人民幣稅務影響。資本開支在2025年按年下降8%至1,509億元人民幣,並預計將再下降9.5%至1,366億元人民幣,這將繼續支持利潤增長和股息支付。里昂料中移動2026年至2028年每股派息各為5.4港元、5.8港元及6.1港元,派息比率各為75%、76%及76%。

花旗表示中移動去年收入略低於預期,EBITDA基本符合,但淨利潤不及市場預期。全年資本開支按年下降8.0%至1,509億人民幣,符合公司指引。公司展望2026年資本開支約為1,366億元,按年再降9.5%,其中逾34%將投向算力與智能網絡基礎設施,聚焦新生產力驅動,同時保持資本效率。中移動目標在2026年實現收入與淨利潤的協調增長,並以通信服務、算力服務及智能服務三大核心業務為基礎,推進成為世界級科技服務企業的願景。公司去年派息每股5.27港元,按年增長3.5%,派息率達75%,並指引2026年派息率將穩步提升,持續增強股東回報。該行維持中移動「買入」評級及目標價105.1元。

-------------------------------------------------
下表列出3間券商對中移動(00941.HK)  +0.650 (+0.821%)    Short selling $241.30M; Ratio 20.231%   投資評級及目標價:

券商│投資評級│目標價
花旗│買入│105.1元
里昂│跑贏大市│86元
摩根士丹利│與大市同步│85元

券商│觀點
花旗│公司指引今年派息比率穩步提升,股東回報的持續改善
里昂│去年業績雖然偏弱但優於同業,股息率增長為同業中最高
摩根士丹利│去年服務收入增長符合預期,惟EBITDA增長較市場預期低
(ta/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-01 16:25.)

AASTOCKS新聞

Preferred News
Related Stocks
0/0
 
SITEMAP
Email: support@aastocks.com
AASTOCKS.COM LIMITED (阿斯達克網絡信息有限公司) All rights reserved.
Disclaimer
You expressly agree that the use of this app/website is at your sole risk.

AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd, Nasdaq, Inc., their respective holding companies and/or any subsidiaries of such holding companies, their Sources and/or other third party data provider(s) endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co.Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) make any express or implied offers, representations or warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Information.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) will be liable to any Subscriber or any other party for any interruption, inaccuracy, error, or omission, regardless of cause, in the Information or for any damages (whether direct or indirect, consequential, punitive, or exemplary) resulting from its use by any party.

AASTOCKS.com Limited shall not be liable for any failure or delay in performance of its obligations under this Disclaimer because of circumstances beyond its reasonable control, including but without limitation, acts of God, typhoons, rainstorms, other natural disasters, government restrictions, strikes, wars, virus outbreak, network failures or telecommunications failures.

Morningstar Disclaimer: Copyright © 2020 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The information and contents contained in this app/website are based on the analyses and interpretations of publicly available information obtained from sources believed to be reliable. Such analyses and information have not been independently verified and AASTOCKS.com Limited makes no guarantees to their accuracy, completeness, timeliness or correctness.

The information, financial market data, quotes, charts, statistics, exchange rate, news, research, analysis, buy and sell ratings, Education Center and other information on this app/website should be used as references only at your own discretion. Prior to the execution of a security or any other trade based upon the Information, you are advised to consult independent professional advice to verify pricing information or to obtain more detailed market information. AASTOCKS.com Limited is not soliciting any subscriber or app/website visitor to execute any trade. Any trades executed following the said information, commentaries and/or buy/sell ratings on this app/website are taken at your own risk for your own account.

As a convenience to users, the AASTOCKS.com Limited has added a translation feature developed by Azure OpenAI to assist users in understanding information on this platform in languages other than Chinese. The translated text may lose some of its intended meaning. Some items on the site, including images containing text, videos with captioning, PDF documents, or maps may not be translated, and some features may not work in the translated versions.

The AASTOCKS.com Limited does not guarantee the accuracy of translations, and the translated text should not be considered exact. The text translated is made available on an as is and as available basis without any warranties of any kind. The AASTOCKS.com Limited will not accept any liability for damages or losses of any kind caused by the use of the translation feature.

AASTOCKS.com Limited provides the information and services on an "AS IS" basis. The information and contents on this app/website are subject to change without notice. AASTOCKS.com Limited reserves the right, in its sole discretion but without any obligation, to make improvements to, or correct any error or omissions in any portion of this app/website at any time.

The subscriber or app/website visitor agrees not to reproduce, retransmit, disseminate, distribute, broadcast, publish, circulate, sell or commercially exploit the information and contents on this app/website in any manner without the express written consent of AASTOCKS.com Limited.

Investment involves risk. You may make use of the Education Center of this website for academic reference purposes at your own discretion. AASTOCKS.com Limited cannot and does not give any assurance that the present or future buy/sell commentaries and signals on this app/website will be profitable. AASTOCKS.com Limited cannot guarantee, and the subscriber or app/website visitor should not assume, that the future performance will equal past performance.

AASTOCKS.com Limited may point to other sites that may be of interest to the subscriber or app/website visitor but for which AASTOCKS.com Limited has no responsibility and only provides this as a service to the subscriber or app/website visitor.

AASTOCKS.com Limited does not represent or endorse the accuracy or reliability of any information, advertisements or contents contained on, distributed through, or linked, downloaded or accessed from any of the services on this app/website. AASTOCKS.com Limited cannot and does not guarantee the quality or reliability of any products or information purchased or obtained by you as a result of an advertisement or any other information displayed on this app/website.

AATV is a video platform owned by AASTOCKS.com Limited.

You acknowledge that: (i) AATV is provided for information purposes only and, in particular, is not intended for trading purposes; (ii) AATV does not and none of the information contained in its program constitutes a solicitation, offer, opinion, or recommendation by us to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services whether or not regarding the profitability or suitability of any security or investment; and (iii) AATV is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation.

The financial analysis or opinion expressed in the AATV programs is for reference and discussion only, and does not represent AASTOCKS.com Limited. Investors must make their own investment decisions based on their own investment objectives and financial situation. AASTOCKS.com Limited shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (i) inaccuracies or errors in or omissions from AATV including, but not limited to, quotes and financial data; (ii) delays, errors, or interruptions in the transmission or delivery of AATV; or (iii) loss or damage arising therefrom or occasioned thereby, or by any reason of nonperformance.

AASTOCKS.com Limited reserves the right to change this Disclaimer at any time by posting changes online at this app/website. You are responsible for reviewing regularly information posted therein to obtain timely notice of such changes. Your continued use of this app / website after changes are posted constitutes your acceptance of this Agreement as modified by the posted changes.

The disclaimer herein shall be governed by the law of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and you agree to submit to the exclusive jurisdiction of the Hong Kong courts.

In the event of any discrepancy between the Chinese and English versions, the English version shall prevail.

Last updated on 9 February 2026.