每經AI快訊，中國銀河08月14日發布研報稱：給予通信推薦（維持）評級。

運(yun)(yun)營(ying)商(shang)盈利能力持(chi)(chi)續(xu)(xu)提(ti)升(sheng)，下(xia)半(ban)年(nian)(nian)業務擴(kuo)展(zhan)有(you)(you)望邊(bian)際(ji)改善：營(ying)收(shou)方(fang)面，中國移動營(ying)收(shou)規(gui)模較領先，中國聯通(tong)增速(su)較快，三大(da)運(yun)(yun)營(ying)商(shang)趙良畢(bi)(維(wei)持(chi)(chi))資本(ben)(ben)(ben)開支占(zhan)全年(nian)(nian)預算比(bi)均未(wei)達到(dao)50%，相較2022年(nian)(nian)上半(ban)年(nian)(nian)資本(ben)(ben)(ben)開支占(zhan)比(bi)水平均有(you)(you)下(xia)滑，下(xia)半(ban)年(nian)(nian)業務拓展(zhan)有(you)(you)望加速(su)；資本(ben)(ben)(ben)開支結(jie)(jie)構方(fang)面，三大(da)運(yun)(yun)營(ying)商(shang)資本(ben)(ben)(ben)開支結(jie)(jie)構持(chi)(chi)續(xu)(xu)優化，結(jie)(jie)構逐(zhu)步向云傾(qing)斜。

算(suan)(suan)力網(wang)絡建設(she)趨勢下，云(yun)(yun)(yun)(yun)業(ye)(ye)(ye)務(wu)營(ying)收(shou)(shou)(shou)高(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)，ARPU穩(wen)(wen)步增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長：業(ye)(ye)(ye)務(wu)拆分方面(mian)，三(san)(san)(san)大(da)運營(ying)商(shang)(shang)積(ji)極發展IPTV、互(hu)聯(lian)網(wang)數據(ju)中(zhong)心、大(da)數據(ju)、云(yun)(yun)(yun)(yun)計算(suan)(suan)、物聯(lian)網(wang)等新(xin)興業(ye)(ye)(ye)務(wu)，上半(ban)年共(gong)完成新(xin)興業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)入(ru)(ru)(ru)人(ren)民幣1,880億(yi)(yi)(yi)元(yuan)，同(tong)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)19.2%：中(zhong)國(guo)移(yi)(yi)(yi)(yi)動CHBN戰略(lve)穩(wen)(wen)步推(tui)行，政企市(shi)場及新(xin)興市(shi)場高(gao)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)；中(zhong)國(guo)電信傳統業(ye)(ye)(ye)務(wu)穩(wen)(wen)定(ding)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長，數字轉型持續(xu)推(tui)進，深耕“云(yun)(yun)(yun)(yun)改數轉”戰略(lve)，在產業(ye)(ye)(ye)數字化收(shou)(shou)(shou)入(ru)(ru)(ru)的(de)引領(ling)下，中(zhong)國(guo)電信實現營(ying)收(shou)(shou)(shou)穩(wen)(wen)定(ding)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長；中(zhong)國(guo)聯(lian)通(tong)(tong)產業(ye)(ye)(ye)互(hu)聯(lian)網(wang)業(ye)(ye)(ye)務(wu)高(gao)速(su)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長，1H23公(gong)(gong)司產業(ye)(ye)(ye)互(hu)聯(lian)網(wang)收(shou)(shou)(shou)入(ru)(ru)(ru)占主營(ying)業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)入(ru)(ru)(ru)比(bi)首次超(chao)(chao)過25%。三(san)(san)(san)大(da)運營(ying)商(shang)(shang)發力云(yun)(yun)(yun)(yun)業(ye)(ye)(ye)務(wu)，整體增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)速(su)較高(gao)。1H23移(yi)(yi)(yi)(yi)動云(yun)(yun)(yun)(yun)收(shou)(shou)(shou)入(ru)(ru)(ru)422億(yi)(yi)(yi)元(yuan)，同(tong)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)80.5%，天翼云(yun)(yun)(yun)(yun)收(shou)(shou)(shou)入(ru)(ru)(ru)459億(yi)(yi)(yi)元(yuan)，同(tong)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)63.4%，聯(lian)通(tong)(tong)云(yun)(yun)(yun)(yun)實現收(shou)(shou)(shou)入(ru)(ru)(ru)255億(yi)(yi)(yi)元(yuan)，同(tong)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)36%。行業(ye)(ye)(ye)排名方面(mian)，移(yi)(yi)(yi)(yi)動云(yun)(yun)(yun)(yun)IaaS收(shou)(shou)(shou)入(ru)(ru)(ru)份額排名top3，自有IaaS+PaaS收(shou)(shou)(shou)入(ru)(ru)(ru)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)速(su)超(chao)(chao)100%，天翼云(yun)(yun)(yun)(yun)保持公(gong)(gong)有云(yun)(yun)(yun)(yun)IaaS及公(gong)(gong)有云(yun)(yun)(yun)(yun)行業(ye)(ye)(ye)數據(ju)IaaS+PaaS國(guo)內市(shi)場三(san)(san)(san)強和(he)政務(wu)公(gong)(gong)有云(yun)(yun)(yun)(yun)基礎設(she)施第一、全球運營(ying)商(shang)(shang)云(yun)(yun)(yun)(yun)前列。5G拉動運營(ying)商(shang)(shang)ARPU穩(wen)(wen)定(ding)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長。上半(ban)年三(san)(san)(san)家運營(ying)商(shang)(shang)ARPU值(zhi)同(tong)比(bi)均有增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長，中(zhong)國(guo)移(yi)(yi)(yi)(yi)動ARPU值(zhi)52.4元(yuan)行業(ye)(ye)(ye)領(ling)先，客戶(hu)價值(zhi)和(he)粘性持續(xu)提(ti)高(gao)；中(zhong)國(guo)電信5G套餐用戶(hu)滲透(tou)率達73.4%，移(yi)(yi)(yi)(yi)動用戶(hu)ARPU達46.2元(yuan)，同(tong)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)0.4%，中(zhong)國(guo)聯(lian)通(tong)(tong)以視頻彩(cai)鈴、聯(lian)通(tong)(tong)助理、云(yun)(yun)(yun)(yun)盤為(wei)代(dai)表的(de)個人(ren)數智生活付費(fei)用戶(hu)超(chao)(chao)過8,700萬，收(shou)(shou)(shou)入(ru)(ru)(ru)同(tong)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)90%，帶動移(yi)(yi)(yi)(yi)動ARPU連續(xu)提(ti)升。

重視股(gu)(gu)東(dong)回(hui)(hui)報率(lv)，運營商分紅派(pai)息(xi)率(lv)持續(xu)提升(sheng)：中國(guo)(guo)移動(dong)每股(gu)(gu)中期股(gu)(gu)息(xi)為(wei)2.43港元(yuan)(yuan)，同增10.5%，中國(guo)(guo)電信股(gu)(gu)息(xi)0.1432元(yuan)(yuan)，派(pai)息(xi)率(lv)達65%，中國(guo)(guo)聯通每股(gu)(gu)中期股(gu)(gu)息(xi)人(ren)民幣0.0796元(yuan)(yuan)（含稅），同比(bi)預計提升(sheng)20%，高于每股(gu)(gu)基(ji)本盈利(li)10%+增長，股(gu)(gu)東(dong)回(hui)(hui)報有望(wang)持續(xu)提升(sheng)。

下半年(nian)(nian)運營(ying)商有望延續(xu)上半年(nian)(nian)強勁增勢，云業務(wu)或將持(chi)續(xu)高(gao)增：展(zhan)望2023年(nian)(nian)下半年(nian)(nian)，我(wo)們認(ren)為(wei)中(zhong)國(guo)(guo)移動將持(chi)續(xu)強化(hua)科技創新，做強做優做大，以客戶為(wei)中(zhong)心，提升(sheng)經營(ying)水平，同時加(jia)快(kuai)數字信(xin)(xin)息基礎設施建(jian)設，加(jia)快(kuai)新興業務(wu)發展(zhan)，中(zhong)國(guo)(guo)聯通將保證主(zhu)營(ying)業務(wu)收(shou)入穩定(ding)(ding)增長(chang)，凈資產收(shou)益(yi)率持(chi)續(xu)提升(sheng)，中(zhong)國(guo)(guo)電信(xin)(xin)將強化(hua)提質增效、分類(lei)管理(li)、風(feng)險(xian)防控及精益(yi)管理(li)，三大運營(ying)商云業務(wu)有望延續(xu)高(gao)增態(tai)勢，賦(fu)能營(ying)業質量(liang)穩定(ding)(ding)長(chang)期增長(chang)，建(jian)議(yi)關注中(zhong)國(guo)(guo)移動、中(zhong)國(guo)(guo)聯通、中(zhong)國(guo)(guo)電信(xin)(xin)。

風(feng)險(xian)提示：云業務增(zeng)長不及預(yu)期風(feng)險(xian)，網絡安全風(feng)險(xian)，用戶數量下降風(feng)險(xian)等。

每經頭條(tiao)（nbdtoutiao）——

(記者 王瀚黎)

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