联合研究丨港股公司深度丨中国通信服务（0552.HK） [Table_Title] 稳中有进，向新而行 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% 报告要点 [Table_Summary] 得益于运营商和非运营商集客回款质量较好，且公司将大量低毛利承包业务分包，公司在手现 金充裕，自由现金流稳中有升。近年来，公司每股派息逐年提升，派息率保持稳中有升，2024 年派息率为 42%，派息率提升弹性较大。公司依托运营商持续稳固业绩基本盘，乘算力建设的 东风，在战略新兴及 ACO 业务的不断发力，扣非增速近三年保持约双位数增长，结合公司稳 中向好的派息比例，当前估值具备吸引力。 分析师及联系人 [Table_Author] 张弛 于海宁 张智杰 SAC：S0490520080022 SAC：S0490517110002 SAC：S0490522060005 SFC：BUT917 SFC：BUX641 温筱婷 袁志芃 龚子逸 SAC：S0490524100002 请阅读最后评级说明和重要声明 2 / 26 research.95579.com 2 中国通信 ...

向 而行 質 新 以 謀遠 二零二四年年報 10 大事記 13 財務重點 16 董事長報告書 25 業務概覽 61 董事會報告書 85 監事會報告書 86 企業管治報告 168 投資者關係 181 獨立核數師報告 187 合併損益表 189 合併財務狀況表 191 合併權益變動表 192 合併現金流量表 267 財務概要 目錄 14 公司簡介及企業信息 44 管理層對財務狀況和經營成果的討論與分析 54 董事、監事及高級管理人員簡歷 104 環境、社會及管治報告 188 合併損益及其他綜合收益表 194 合併財務報表附註 封面以公司標誌為主軸，並以立體方塊來突出 公司所攻堅的新領域，通過加強科技創新，加 快業務佈局，扎實推進高質量發展，保障企業 行穩致遠 INNOVATION 高質量發展 聚焦新一輪科技革命和產業變革深入發展催生的新產業、 新模式、新動能，推進企業轉型，扎實推進高質量發展 INTEGRATION 生態協同 展現公司業務融合，區域融合的一體化服務能力，與國內外企業生態協 同，為千行百業提供融雲、融人工智能、融安全、融平台的一體化全過 程服務 INTELLIGENCE 聚焦前沿技術攻關，發力5G- ...

2025 年 4 月 9 日 公司研究 传统业务高质量发展，战新业务和海外市场成为发展驱动力 ——中国通信服务（0552.HK）2024 年度业绩点评 要点 事件：公司发布2024年全年业绩，2024年实现收入1500亿人民币，同比增长 0.9%，系应用、内容及其他服务(ACO)和战略新兴业务驱动。2024年毛利润 175.96亿元，同比增长2.0%，毛利率为11.7%，同比增长0.1pct，连续三年 保持上升态势，系公司强化成本管控叠加高毛利业务收入贡献提升，预期盈利 水平将稳健持续增长。2024年实现归母净利润36.07亿元，同比增长0.6%， 对应净利润率2.4%，同比持平。现金流表现良好，自由现金流同比提升20.4% 达52.14亿元，目前公司一年以内应收账款占90%，风险可控，将持续做好现 金流收支管理。公司注重股东回报，近10年股息分红水平稳中有升，2024年 末期股息每股人民币0.2187元，分红比例为42%，同比持平。 运营商市场稳中有升，集客市场略降，海外市场快速增长：1）2024年运营商 市场收入836亿元，同比增长2.3%，其中ACO增长达9.4%；公司在市场整体 CAPEX投资规模下降 ...

智通财经APP获悉，中金发布研报称，考虑到中国通信服务(00552)加强项目质量管控，下游客户运营商 资本开支下降超预期，该行下调2025年的净利润预测6.1%至36.83亿元，首次引入2026年的净利润预测 37.62亿元。公司当前股价对应2025/2026年7.7倍/7.4倍市盈率。该行称，考虑到公司把握AI发展机遇， 战新业务新签合同增长较快，维持跑赢行业评级和5.10港元目标价，对应9.0倍2025年市盈率和8.7倍 2026年市盈率。 中金主要观点如下： 优化用工结构、加强成本管控，毛利率持续三年提升 2024年经营成本同比+0.8%，毛利率同比提升0.1ppt至11.7%，公司持续优化用工结构、加强管控材料成 本、降低毛利较低的商品分销业务占比，集客市场毛利率保持稳定、运营商市场毛利持续提升。全年研 发费用55.7亿元，同比+0.3%，聚焦战略性新兴领域。2024年公司ROE同比-0.4ppt至8.2%。 经营活动净现金流表现优秀，分红比例42%同比持平 2024年公司经营活动现金流净额同比增长16.1%至62.21亿元;自由现金流同比+20.1%至52.1亿元。公司 着重长账龄应收账款催收工作， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 中 國 通 信 服 務 股 份 有 限 公 司 CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED 於中華人民共和國註冊成立之股份有限公司） （股份編號：552） 截至二零二四年十二月三十一日止之年度業績公佈 要點 – 1 – （ . 本 集 團 積 極 應 對 複 雜 形 勢 ， 抓 住 算 力 基 礎 設 施 建 設 、 社 會 數 字 化 、 智 能 化 及 綠 色 轉 型機遇，扎實推動高質量發展，經營業績穩中有進，效益指標穩健向好： Ø 經營收入達到人民幣150,000百萬元，增長0.9%。 Ø 淨利潤為人民幣3,607百萬元，增長0.6%。 Ø 毛利率為11.7%，上升0.1個百分點，連續三年穩步提升。 Ø 自由現金流達人民幣5,214百萬元，增長20.4%。 . 本 集 團在國 內 電 信 運 營 商 市 場 實 現 收 入 穩 中 有 升 、 ...

Financial Performance - Operating revenue for the first half of 2024 reached RMB 74,412 million, a year-on-year increase of 1.7%, with service revenue growing by 3.0%[6] - Net profit attributable to shareholders was RMB 2,125 million, reflecting a 4.4% increase, outpacing revenue growth by 2.7 percentage points[9] - Gross profit margin improved to 10.9%, up 0.2 percentage points compared to the previous year[11] - Basic earnings per share increased to RMB 0.307, a 4.4% rise from the previous year[11] - The company's net profit attributable to shareholders was RMB 2,125 million, representing a 4.4% increase from RMB 2,034 million in the first half of 2023[36] - Gross profit for the first half of 2024 was RMB 8,116 million, up 3.6% from RMB 7,834 million in the same period of 2023, with a gross margin of 10.9%[34] - The total comprehensive income for the period was RMB 2,685,917 thousand, an increase of 7.6% from RMB 2,495,205 thousand in 2023[40] - For the six months ended June 30, 2024, the company reported a total comprehensive income of RMB 2,612,916 thousand, compared to RMB 2,417,251 thousand for the same period in 2023, representing an increase of approximately 8.1%[44] Revenue Breakdown - Revenue from non-telecom operator group customers was RMB 32,409 million, marking a 2.5% year-on-year growth and driving overall customer revenue increase[16] - Revenue from overseas markets reached RMB 1,979 million, showing a significant growth of 26.0% year-on-year[16] - The telecommunications infrastructure service revenue was RMB 37,666 million, remaining stable compared to the previous year, accounting for 50.6% of total operating revenue[12] - Revenue from the domestic telecommunications operator market was RMB 40,024 million, a slight increase of 0.1%; revenue from the domestic non-operator market rose by 2.5% to RMB 32,409 million; and overseas market revenue surged by 26.0% to RMB 1,979 million[31] - Revenue from telecommunications infrastructure services was RMB 37,666,188 thousand, showing a marginal decrease from RMB 37,687,865 thousand in the previous year[52] - The revenue from logistics services increased to RMB 2,074,889 thousand in the first half of 2024, compared to RMB 1,963,350 thousand in the same period of 2023, marking an increase of approximately 5.7%[86] Contract and Project Growth - The company signed new contracts with a growth rate exceeding 40%, reflecting strong demand in strategic emerging industries[9] - New contracts in strategic emerging industries grew by over 40% year-on-year, accounting for more than 35% of total new contracts signed in the first half of the year[17] - In the digital infrastructure sector, new contracts increased by over 35% year-on-year, with successful projects in finance, energy, and manufacturing[18] - The smart city sector saw new contracts grow by over 40% year-on-year, winning multiple large EPC projects in digital government and smart transportation[19] - New contracts in the green low-carbon sector surged by over 60% year-on-year, with green low-carbon projects making up more than half of the strategic emerging industry projects[20] - The emergency safety sector experienced a year-on-year growth of over 40% in new contracts, focusing on information security and emergency management products[21] Research and Development - R&D investment reached RMB 2,314 million, an increase of 11.1% year-on-year, with over 3,600 authorized patents and 9,700 software copyrights obtained[22] - Software development and system support revenue grew by 11.4% year-on-year, contributing 24% to overall revenue growth[22] Cash Flow and Investments - Free cash flow was negative at RMB (2,165) million, compared to RMB (1,122) million in the previous year, indicating increased capital expenditures[6] - The company’s investment activities resulted in a net cash outflow of RMB 6,454,076 thousand for the six months ended June 30, 2024, compared to RMB 899,030 thousand in the previous year, indicating a substantial increase in investment expenditures[45] - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 2,406,974 thousand, up from RMB 1,165,995 thousand in the prior year, indicating a significant increase of approximately 106.5%[45] Assets and Liabilities - As of June 30, 2024, total assets were RMB 128,202 million, an increase of RMB 6,412 million from RMB 121,790 million at the end of 2023[38] - The debt-to-asset ratio stood at 65.0%, slightly up from the previous year-end[38] - Total liabilities as of June 30, 2024, were RMB 83,353,762 thousand, up from RMB 78,122,049 thousand, reflecting a growth of 6.5%[42] - The company's cash and cash equivalents decreased to RMB 13,807,171 thousand from RMB 22,914,865 thousand, a decline of 39.7%[41] - The total accounts receivable and notes receivable, net of credit loss provisions, increased to RMB 27,487,284 thousand as of June 30, 2024, from RMB 23,921,258 thousand as of December 31, 2023, marking a growth of about 14.7%[66] Corporate Governance and Compliance - The board believes that the company has complied with all corporate governance codes as of June 30, 2024[98] - The company is actively seeking suitable female director candidates to meet gender diversity requirements on the board[98] - The audit committee has reviewed the accounting standards and practices adopted by the group, discussing risk management and internal controls[39] Market Position and Strategy - The company ranked 1,429 in the 2024 Forbes Global 2000 list, reflecting its strong market position[25] - The company aims to enhance core competitiveness and achieve high-quality growth by focusing on technological innovation and strategic emerging industries[26] - The company is focused on expanding its digital solutions and integrated smart solutions in the telecommunications sector, aiming to enhance its market position and service offerings[46] - The company plans to continue expanding its telecommunications infrastructure services to capitalize on the growing demand in the market[86] - The company is focusing on enhancing its IT application services to improve revenue stability and growth in the future[86]

业绩稳健向好，新签合同提升明显 中国通信服务（0552.HK）/通信 证券研究报告/公司点评 2024 年 8 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|--------|----------------------------------------------|------------------------|--------------------------|--------------------------|----------------|----------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 3.99 港 元 | | [Table_Finance1] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：陈宁玉 | | ...

2024 年 9 月 4 日 公司研究 业绩稳中有升，盈利持续向好，战略新兴业务新签合同提升明显 ——中国通信服务（0552.HK）2024 年度中期业绩点评 要点 事件：公司发布2024年度中期业绩，1H24实现收入744亿人民币，同比增长 1.7%，系集客市场和ACO业务驱动。1H24毛利润81亿元，同比增长3.6%， 毛利率为10.9%，同比增长0.2pct，延续近年向好态势，系公司强化成本管控 叠加高毛利率业务收入贡献提升。1H24实现归母净利润21亿元，同比增长 4.4%，对应净利润率2.9%，同比提升0.1pct。1H24应收账款591亿元，同比 增长10.5%，增加的一半以上来自于资信背景良好的客户，风险较低，系上游 客户在宏观压力环境下，项目的验收及审计等周期有所延长。 运营商市场积极响应新需求，非运营商集客市场毛利率明显改善：1）1H24 运营商市场收入400亿元，同比增长0.1%，其中公司积极响应运营商在AI算力 建设、产业数字化等转型新需求，TIS业务稳中有升；智慧城市、数字基建、 绿色低碳等战略新兴业务快速发展，1H24新签合同同比增长34%+。2）1H24 非运营商集客市场收入324 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 中國通信服務股份有限公 司 CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED （於中華人民共和國註冊成立之股份有限公司） （股份編 號：552） 截至二零二四年六月三十日止六個月之中期業績公佈 要 點 – 1 – 1 服務收入=經營收入–商品分銷收入–系統集成中的IT設備配售收入 2 淨利潤指本公司股東應佔利潤。 3 此處為年化所有者權益回報率。 – 2 – （一）優勢業務引領，三大業務板塊穩健發展 本 集 團 抓 住 算 力 網 絡 建 設、數 字 化 轉 型 和 綠 色 轉 型 等 機 遇，有 效 應 對 外 部 環 境 變 化，經營業績實現穩健增長，效益指標持續提升： • 經營收入為人民幣74,412百萬元，增長1.7%，其中服務收入增長3.0%。 • 淨利潤為人民幣2,125百萬元，增長4.4%，比經營收入增速高出2.7個百分點。 • 毛利率為1 ...

中国通信服务(0552.HK)/通信 证券研究报告/公司深度报告 2024 年 7 月 11 日 2[Table_Industry] 算网基建龙头,重视回报 提升 派息率 [Table_ 评级:买入(首次) Invest] [Table_Finance1] 公司盈利预测及估值 | | | | | | | | |------------------------------------------|------------------------------------------------|----------------------|--------------------------------|---------------------------------|-----------------------|------------------------------| | 市场价格:4.43 港元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | [Table_ 分析师:陈宁玉 Authors] | 营业收入(百万元) 增长率 yoy% | 141,20 ...