中国铁塔(00788.HK)“两翼”业务将强势增长，“收集”

See the last page for disclaimer Page 1 of 5 Equity Research Equity Research Report 证 券 研 究 报 告 Company Report 股票研究 公司报告 证券研究报告 [Table_Info1] 通信设备行业 Telecommunication Equipment Sector [Table_Info2] 中国铁塔 China Tower (00788 HK) [Table_Title] Company Report: China Tower (00788 HK) 中文版 Gin Yu 余劲同 (86755)2397 6686 公司报告： 中国铁塔 (00788 HK) Chinese version gin.yu@gtjas.com.hk 9 August 2022 [Table_Summary] "Two Wings" Business to Grow Strongly, "Accumulate" “两翼”业务将强势增长，“收集”  We revise up TP from HK$1.02 to HK$1.12 and maintain the Company's investment rating as "Accumulate". We forecast FY22-FY24 EPS to be RMB0.050/ RMB0.059/ RMB0.063, respectively. Considering the continuous transformation of telecoms towers to digital towers, we revise up TP and maintain the investment rating as "Accumulate".  China Tower's 1HFY22 results in line with our expectations. In 1HFY22, revenue increased by 6.6% yoy and shareholders' net profit increased by 22.2% yoy. Revenue from tower business, DAS business, smart tower business and energy business rose by 2.3%/ 32.0%/ 39.4%/ 61.3%, respectively.  We expect tower business to maintain low single-digit percentage growth in 2H22. We expect 5G base station construction volume in both 2022 and 2023 to be about 0.6 million, thus we expect tower business to maintain stable and slight growth. Besides, due to strong demand for in-depth coverage of buildings, subways and high-speed railway tunnels, we expect DAS business to maintain strong growth rate in 2H22.  We expect the growth rate of "Two Wings" business to exceed market expectation. Relying on extensive site resources and strong capabilities, we expect the Company's tower monitoring business and site lease business to further expand to more customers and be more in depth. In addition, smart tower business will continue to transform from simply providing site resources into providing comprehensive information services, which will continue to improve the value per site. Relying on its expanding site resources and huge market demand, we expect energy business to still grow strongly.  Catalyst: Rise in dividend payout ratio.  Risk warning: Slower-than-expected growth of "Two Wings" business; repeated pandemic outbreaks may affect construction progress.  我们将目标价从 1.02 港元上调至 1.12 港元，并维持公司“收集”的投资评级。我们预测2022-2024 财年的每股盈利为人民币 0.050/ 0.059/ 0.063 元。考虑到公司由通信铁塔向数字铁塔的持续转型，我们上调目标价，并维持“收集”的投资评级。  中国铁塔 2022 财年上半年业绩符合我们的预期。2022 财年上半年，收入同比增长 6.6%而股东净利润同比增长 22.2%。塔类业务、室分业务、智联业务和能源业务收入分别同比上升 2.3%/ 32.0%/ 39.4%/ 61.3%。  我们预计 2022 年下半年塔类业务将保持低个位数增长。我们预计 2022 年和 2023 年 5G 基站建设量均约为 60 万个，因此我们预计塔类业务将保持稳定小幅增长。此外，由于对楼宇、地铁和高铁隧道深度覆盖的强烈需求，我们预计室分业务将在 2022 年下半年保持强劲增速。  我们预计“两翼”业务的增速有望超出市场预期。依靠广泛的站址资源和强大的能力，我们预计公司的铁塔视联业务和站址租赁业务将进一步扩展到更多客户和更深层次。此外，智联业务将继续从单纯提供站址资源向提供综合信息服务转变，单站价值量将不断提升。凭借其不断拓展的网点资源和巨大的市场需求，我们预计能源业务仍将保持强劲增长。  催化剂：派息率的上升。  风险提示：“两翼”业务增速慢于预期；疫情反复或影响施工进度。 [Table_Rank] Rating: Accumulate Maintained 评级： 收集 (维持) [Table_