德国电信（DTEGn.DE）正在为埃隆·马斯克的SpaceX进入美国移动通信市场做准备，首席执行官蒂姆·赫特格斯周四表示，投资者已经在定价中计入了现有无线运营商长期盈利能力下降的预期。
Telekom (DTEGn.DE) is preparing for the arrival of Elon Musk's SpaceX in the U.S. mobile market, with Chief Executive Tim Hoettges saying on Thursday investors were already pricing in lower long-term profitability for established wireless operators.
赫特格斯表示，德国电信必须假定SpaceX（SPCX.O）进入美国移动通信市场将成为现实，尽管建设一张覆盖全国的网络需要大量投资和时间。“我们必须假定它会到来，”他对记者说。
Hoettges said Deutsche Telekom had to assume SpaceX's (SPCX.O) entry into the U.S. mobile market would materialise, even though building a nationwide network would require significant investment and time. "We have to assume that it is coming," he told reporters.
SpaceX进军移动通信领域可能对德国电信构成重大威胁，后者的主要盈利增长来源是T-Mobile US（TMUS.O）。
SpaceX's push into mobile communications could pose a significant threat to Deutsche Telekom, whose main source of earnings growth is T-Mobile US (TMUS.O).
赫特格斯表示，行业估值下降反映出市场预期：新进入者将侵蚀盈利能力并加剧竞争。
Hoettges said declining sector valuations reflected expectations that a new entrant would erode profitability and intensify competition.
“如果你看看威瑞森、AT&T和德国电信在过去六个月里失去的估值倍数，市场的预期很简单，就是市场上的这三家竞争者将无法持续创造与以往相同的盈利能力，”他说。他还说，投资者还预期新对手将抢占市场份额并加大定价压力。
"If you look at the multiples that Verizon, AT&T and Deutsche Telekom have lost over the last six months, the expectation is simply that the three competitors in the market will be able to generate less profitability on a sustainable basis," he said. Investors also expected a new rival to gain market share and increase pricing pressure, he added.
赫特格斯表示，SpaceX可能会采取与传统电信运营商不同的商业模式，但仅靠卫星服务无法取代地面移动网络，尤其是在城市和室内覆盖方面。
Hoettges said SpaceX could pursue a different business model from traditional telecom operators, but satellite services alone could not replace terrestrial mobile networks, particularly in cities and for indoor coverage.
尽管T-Mobile是星链的首个手机直连卫星合作伙伴，赫特格斯表示德国电信希望有替代方案，不希望卫星服务出现垄断。
Although T-Mobile was Starlink's first direct-to-cell partner, Hoettges said Deutsche Telekom wanted alternatives and did not want a monopoly in satellite services.
这家德国电信运营商周四公布的第三季度业绩超出预期，上调了2026年展望，并表示计划在2027年回购最多20亿欧元（22.5亿美元）的股票。
The German telecom operator reported on Thursday third-quarter earnings above expectations, raised its 2026 outlook and said it planned a share buyback of up to €2 billion ($2.25 billion) in 2027.