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国盛证券:中国铁塔(00788)Q1业绩超预期,以宏站业务为盾,创新业务为剑

2019-04-17     牛牛财经   来源:
文章摘要:本文来自微信公众号“吉时通信”,作者:宋嘉吉、丁劲。摘要事件:公司发布一季度业绩,实现收入189亿元,同比增长10%;净利润12.8亿,同比增长238%,表现亮眼。假设不考虑采用新的国际财务报告准则,EBITDA率为58.3%,较2018年底提升0.1个百分点,站均租户数….

benwenlaiziweixingongzhonghao“吉jishitongxin”,作zuozhe:宋songjiaji、丁dingjin

zhaiyao

shijian:公gongsifabuyijiduyeji,实shixianshouru189亿yiyuan,同tongbizengchang10%;净jinglirun12.8亿yi,同tongbizengchang238%,表biaoxianliangyan。假jiashebukaolvcaiyongxindeguojicaiwubaogaozhunze,EBITDA率lvwei58.3%,较jiao2018年nianditisheng0.1个gebaifendian,站zhanjunzuhushuwei1.56,较jiao18年nianditisheng0.1。

hongzhanyewuwenjian,受shouyiyu4G扩kuorong+5G建jianshekaiqi,全quannianzengsuyouwangjinyibutisheng。公gongsiQ1塔taleiyewushouruwei179亿yiyuan,同tongbizengchang7%,基jibenfuheyuqi。考kaolvdaozhongguoliantongQ1集jicaide42万wan4G基jizhanshi2月yuefenkaibiao,对duiyuQ1的dezujinshourugongxianjiaoshao。随suizhuo4G扩kuorong+5G建jianshezhubutuijin,全quanniantaleiyewuzengsuyouwangjinyibutigao

kuaxingyeyewuchaoyuqi,成chengweichangqizengchangzhongyaoqudongli。公gongsiQ1跨kuaxingyeyewushouru4.2亿yiyuan,同tongbizengchang273%,较jiaochaoyuqi。此ciqianshichangdanyouhongzhanyewuweilaiyouyajiafengxian,短duanqilaikan,受shouyiyu4G扩kuorong+5G建jianshe,租zuhushuziranshangzhangbaozhenghongzhanyewuzengsuwuyu。长changqilaikan,受shouyiyu5G时shidaiwanwuhuliandexuqiu,公gongsiyituobianbuquanguodechaoqiangzhanzhiziyuanfaliwulianwang,用yongjiaodidebianjichengben,租zujinshourujiunengkuaisuzengchang。随suizhuokuaxingyeyewuzhanbizhujiantisheng,将jiangchengyejizengchangdechangqiqudongli。19Q1跨kuaxingyeyewuzhanbiyitishengzhi5.5%,较jiaoquniantongqizengjia2.5个gebaifendian

zhanjunzuhushuheEBITDA率lvjunlueyoutisheng,盈yinglishuipingbaochiquanqiudiyitidui。为weiliaobimianzhejiutanxiaoganrao,以yiEBITDA率lvhenglianggongsiyinglishuiping。公gongsiQ1可kebikoujingEBITDA率lvwei58.3%,较jiao18年nianditisheng0.1个gebaifendian。另lingyifangmian,因yinweizhanjunshouruhezhanjunzuhushuchengzhengbi,因yincizhanjunzuhushudetishengjiang使shidanzhanyinglinenglibianjizengqiang。因yinweigengduoyong“共gongxiang”去qudaiti“新xinjian”,所suoyigongsiyunyingshangyewudeCapex相xiangduikekong,有yougengduoyuliqukaituoxinyewu

hongzhanyewuweidun,创chuangxinyewuweijian,攻gongshoujianbei,长changqikanhao。因yinweihaiwai5G率lvxianshangyongdaobiguonei5G加jiasu,牌paizhaoluodi+集jicaikaiqiyuqizengqiang,近jinqikanhaoda5G主zhu线xian。长changqilaikan,公gongsihexinyoushiweizhanzhiziyuan,护huchenghegao,新xinyewuxuhang,维weichizhengtiyejiwenjianzengchang。我womenyucegongsi2019-2021年nianEBITDA分fenbiewei461亿yi/518亿yi/596亿yi,维weichimubiaojia2.6港gangyuan/股gu,对duiying19年nianEV/EBITDA为wei10。

fengxiantishi:5G进jindubudayuqi,运yunyingshangyajiafengxian



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