Core Viewpoint - China Communication Services (00552) reported a net profit increase of 0.2% year-on-year to 2.13 billion RMB for the first half of the year, meeting expectations, while total revenue grew by 3.4% year-on-year to 76.94 billion RMB, exceeding forecasts [1] Financial Performance - The gross margin decreased by 0.6 percentage points to 10.3%, primarily due to clients' ongoing efforts to reduce costs in key capital investment projects [1] - The target price has been raised to 5.15 HKD, and the profit forecasts for 2025 to 2027 have been adjusted, maintaining a "Buy" rating [1] Business Segments - Non-telecom and international business revenue increased by 12.6% year-on-year, benefiting from strong demand for digital infrastructure construction [1] - It is anticipated that capital expenditures from telecom operators will significantly accelerate in the second half of the year, driven by the rapid production ramp-up of several local GPU manufacturers in China [1]
中银国际：升中国通信服务(00552)目标价至5.15港元 重申评级“买入”