Investment Rating - The report maintains a "Buy" rating for the company, with projected net profits for 2024-2026 being 1,393.22 billion, 1,472.90 billion, and 1,559.07 billion respectively, corresponding to EPS of 6.50, 6.87, and 7.27, and PE ratios of 16.00, 15.14, and 14.30 [3][54]. Core Insights - The company reported a revenue of 5,467 billion for H1 2024, representing a 3.0% year-on-year growth, with a net profit of 802 billion, up 5.3% [2][43]. - The growth in mobile business users continues, with a total of 1 billion mobile customers and 514 million 5G network customers, indicating a 51.4% penetration rate [8][39]. - The company is actively pursuing digital transformation and AI initiatives, which are expected to enhance its growth potential and operational efficiency [52][85]. Financial Performance Summary - Revenue for 2023A is projected at 1,009,309 million, with a growth rate of 7.69%, while 2024E is expected to be 1,050,186 million with a growth rate of 4.05% [4]. - The EBITDA for H1 2024 was reported at 1,823 billion, accounting for 39.3% of the main business revenue [2][43]. - The company’s net profit for 2024E is forecasted at 1,393.22 billion, with a profit growth rate of 5.73% [4]. Business Segment Analysis - The personal market revenue reached 2,552 billion, with a slight decline of 1.6%, while the enterprise market revenue grew by 7.3% to 1,120 billion [44][78]. - The mobile cloud revenue increased by 19.3% to 504 billion, indicating strong growth in cloud services [44][26]. - The emerging market revenue also saw a growth of 13.2%, reaching 266 billion, driven by digital transformation initiatives [44][39]. Capital Expenditure and Cash Flow - The company’s capital expenditure for H1 2024 was 640 billion, with a free cash flow of 674 billion, and plans to keep full-year capital expenditure within 1,730 billion [48][48]. - The dividend per share for H1 2024 was set at 2.60 HKD, reflecting a 7.0% increase, with an aim to further enhance shareholder returns [52][16].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved stable revenue and profit growth in the first half of 2024, with a significant decline in capital expenditures [10] - The company reported a total operating income of 1,009,309 million yuan for 2023, with projected growth rates of 7.7% in 2024, 8.1% in 2025, and 8.6% in 2026 [3] - The net profit attributable to shareholders is expected to grow from 131,766 million yuan in 2023 to 168,469 million yuan by 2026, reflecting a compound annual growth rate of approximately 10.7% [3] - The company plans to distribute a mid-term dividend of 2.60 HKD per share, a 7.0% increase year-on-year [10] Financial Performance Summary - **Revenue**: - 2023: 1,009,309 million yuan - 2024E: 1,091,556 million yuan (growth rate: 8.1%) - 2025E: 1,185,555 million yuan (growth rate: 8.6%) - 2026E: 1,288,752 million yuan (growth rate: 8.7%) [2][3] - **Net Profit**: - 2023: 131,766 million yuan - 2024E: 140,594 million yuan (growth rate: 6.7%) - 2025E: 152,226 million yuan (growth rate: 8.3%) - 2026E: 168,469 million yuan (growth rate: 10.7%) [2][3] - **Earnings Per Share (EPS)**: - 2023: 6.14 yuan - 2024E: 6.55 yuan - 2025E: 7.10 yuan - 2026E: 7.85 yuan [3] - **Valuation Ratios**: - Price-to-Earnings (PE) ratio is projected to decrease from 17 in 2023 to 13 in 2026 - Price-to-Book (PB) ratio is projected to decrease from 1.7 in 2023 to 1.4 in 2026 [3]

Investment Rating - The report upgrades the investment rating for China Mobile (600941) to "Buy" [6][10]. Core Views - The company reported a steady growth in its half-year results for 2024, with operating revenue reaching 546.744 billion yuan, a year-on-year increase of 3.02%. The main business revenue was 463.589 billion yuan, up 2.50% year-on-year. The net profit attributable to shareholders was 80.201 billion yuan, growing by 5.29% year-on-year [6][10]. - The 5G user penetration rate has surpassed 50%, with mobile users exceeding 1 billion. The company continues to lead in the "dual-gigabit" network and is advancing the commercial deployment of 5G-A [6][10]. - The mobile cloud business is experiencing rapid growth, contributing to the overall increase in profitability and dividend payout rates [6][10]. Financial Summary - For the first half of 2024, the operating cash flow was 131.377 billion yuan, a decrease of 18.16% year-on-year [10]. - The company expects operating revenues for 2024-2026 to be 1,069.780 billion yuan, 1,131.238 billion yuan, and 1,190.076 billion yuan, with year-on-year growth rates of 5.99%, 5.74%, and 5.20% respectively. The net profit attributable to shareholders is projected to be 140.425 billion yuan, 149.840 billion yuan, and 159.038 billion yuan for the same period, with growth rates of 6.57%, 6.70%, and 6.14% respectively [10][24]. - The earnings per share (EPS) are expected to be 6.55 yuan, 6.99 yuan, and 7.41 yuan for 2024, 2025, and 2026 respectively [10][24]. Market Position and Strategy - The company has achieved a significant milestone with over 1 billion mobile customers, including 514 million 5G network customers, reflecting a net increase of 49 million in the first half of 2024 [10]. - The enterprise market revenue reached 112 billion yuan, growing by 7.3% year-on-year, with a customer base of 30.38 million, adding 2.01 million customers [10]. - The company maintains a leading position in the public bidding market with an 18.4% share, an increase of 4.1 percentage points from 2023 [10].

公司研究 整体收入稳定增长。个人市场方面，收入 2,552 亿元，同比下降 1.6%；移动客 户突破 10 亿户，净增 926 万户；移动 ARPU 51.0 元，同比下降 1.4 元。家庭市 场方面，收入 698 亿元，同比增长 7.5%；家庭宽带 2.72 亿户，净增 848 万户； 宽带 ARPU 43.4 元，同比增长 0.2%。政企市场方面，收入 1,120 亿元，同比增 长 7.3%；政企客户数达到 3,038 万家，净增 201 万家。新兴市场方面，收入 266 亿元，同比增长 13.2%。 ——中国移动（600941.SH、0941.HK）2024 年中报点评 事件：公司发布 2024 年中报，上半年实现营业收入 5,467 亿元，同比增长 3.0%， 其中主营业务收入达到人民币 4,636 亿元，同比增长 2.5%。归属于母公司股东 的净利润为 802 亿元，同比增长 5.3%；EBITDA 为 1,823 亿元，同比下降 0.7%。 中期派息每股 2.60 港元，同比增长 7.0%，计划全年以现金方式分配的利润占当 年股东应占利润的比例较 2023 年进一步提升。 维持 A/H"买入"评级 ...

经营发展稳中有进，下半年收入增速较上半年有望改善 请务必阅读正文之后的信息披露和免责申明 1 股价走势 作者 1 《中国移动-季报点评:全面推进数智 化转型、高质量发展，收入利润稳步增 长》 2024-04-23 2 《中国移动-年报点评报告:营收破万 亿利润再创历史新高，持续提高股东回 报》 2024-03-24 3 《中国移动-季报点评:经营业绩表现 良好，推进高质量发展》 2023-10-21 -20% -15% -10% -5% 0% 5% 10% 15% 2023-08 2023-12 2024-04 中国移动 沪深300 | --- | --- | --- | --- | --- | --- | |-----------------------------|------------|--------------|--------------|--------------|--------------| | | | | | | | | 营业收入 ( 百万元 ) | 937,259.00 | 1,009,309.00 | 1,053,334.64 | 1,096,986.01 | 1,141,141. ...

公司点评 | 中国移动 公司发布 2024 年半年度报告，2024 年半年度实现营业收入 5467.44 亿元， 同比增长 3%；实现归母净利润 802.01 亿元，同比增长 5.3%。EBITDA 实 现 1823 亿元，占主营业务收入比为 39.3%，EBITDA 率为 33.3%。公司 2024 年中期派息每股 2.6 港元，同比增长 7%。 CHBN 四轮协同促进，收入结构持续优化。2024 年上半年，个人市场收入 达到 2551.8 亿元，同比下降 1.6%；家庭市场收入达到 698.4 亿元，同比增 长 7.5%；政企市场收入达 1119.7 亿元，同比增长 7.3%；新兴市场收入达 266.1 亿元，同比增长 13.2%。CHBN 中，HBN 收入占比达到 45%，同比 提升 2.3pct。 投资建议：预计公司 2024-2026 年归母净利润分别为 1415/1503/1585 亿元， 对应 PE 分别为 16/15/14 倍，维持"买入"评级。 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|--- ...

中国移动（600941.SH） 业绩符合预期，分红稳步上升 事件：公司发布 2024 年半年报，公司 2024 年上半年实现营业收入 5467 亿 元，同比增长 3.0%，其中主营业务收入 4636 亿元，同比增长 2.5%，EBITDA 1823 亿元，同比下降 0.6%；EBITDA 率为 33.3%。公司归母净利润为人民 币 802 亿元，同比增长 5.3%。公司宣布 2024 年中期港股股息 2.60 港币， 同比增长 7.0%。 无线业务略有下滑，家宽业务增长稳健。2024 年上半年，公司无线业务收 入达到人民币 2551 亿元，同比下降 1.6%；移动客户首次突破 10 亿，净增 926 万户，其中 5G 网络客户达到 5.14 亿户，同比净增 0.49 亿户，规模保 持行业领先。公司单客户价值行业领先，移动 ARPU 为人民币 51.0 元。家 庭市场 2024 年上半年收入 698.4 亿元，同比增长 7.5%；家庭宽带客户达 到 2.72 亿户，净增 848 万户，家宽客户规模持行业领先，公司家庭客户综 合 ARPU 达人民币 43.4 元，同比增长 0.1 元。 数字化业务持续深耕，量质并 ...

Investment Rating - The report assigns a **Buy-A/Buy-H** rating to China Mobile (600941 SH/00941 HK) [3] - The current price is **102 00 RMB/71 30 HKD**, with a target price of **127 95 RMB/78 34 HKD** [3] Core Views - China Mobile reported **H1 2024 revenue of 5467 billion RMB (YoY +3 0%)**, with operating revenue of **4636 billion RMB (YoY +2 5%)** and net profit attributable to shareholders of **802 billion RMB (YoY +5 3%)** [4] - The net profit margin improved to **14 7% (YoY +0 3pct)**, with Q2 net profit margin reaching **17 9% (YoY +0 7pct)** [4] - Digital transformation revenue grew **11 0% YoY to 1471 billion RMB**, accounting for **31 7% of operating revenue (YoY +2 4pct)** [5] - 5G customer penetration increased to **51 4%**, with **5 14 billion 5G customers (YoY +10 5%)** [5] - Home market revenue grew **7 5% YoY to 698 billion RMB**, with **3 09 billion broadband customers (YoY +8 0%)** and ARPU of **43 4 RMB (YoY +0 2%)** [5] - Enterprise market revenue increased **7 3% YoY to 1120 billion RMB**, with **18 4% market share in public bidding** and mobile cloud revenue growing **19 3% YoY to 504 billion RMB** [5] - ROE improved to **12 0% (YoY +0 2pct)**, while operating cash flow decreased **18 2% YoY to 1314 billion RMB** due to increased receivables and faster payments to support the supply chain [5] Financial Forecasts - Net profit attributable to shareholders is projected to be **1391/1466/1540 billion RMB for 2024/2025/2026** [6] - Revenue growth is expected to be **3 1%/3 4%/3 6% for 2024/2025/2026**, with net profit growth of **5 6%/5 4%/5 0%** [10] - EPS is forecasted to be **6 48/6 84/7 18 RMB for 2024/2025/2026**, with ROE stable at **10 1%/10 4%/10 6%** [10] Market Performance - China Mobile's stock performance has outperformed the CSI 300 index, with a **22% increase** compared to the index's **14% increase** over the past year [8]

大模型场景拓展成效显现，盈利指标持续优化 移动 ARPU小幅下滑。公司 2024 年 H1 移动端 ARPU 为 51.0 元，同比小幅 下滑 2.7%。移动客户总数突破 10 亿户，其中 5G 网络客户数达到 5.14 亿户， 渗透率提升至 51.41%，5G ARPU 同比下滑 5.42%。家庭端，中国移动 2024 年上半年家庭市场收入为 698.35 亿元，同比增长 7.5%。家庭综合 ARPU 为 43.4 元，同比增长 0.2%。 中国移动（600941.SH） 事件：中国移动发布 2024 年半年报。2024 年上半年，公司实现营业收入 5467.44 亿元，同比增长 3.0%；归母净利润 802.01 亿元，同比增长 5.3%。 政企业务量质并进。2024 年上半年，公司实现政企市场收入 1119.69 亿元， 同比增长 7.3%，收入占比提升至 24.2%。其中，公司在全行业公开招标市 场中标份额为 18.4%，环比提升 4.1pp，居行业领先地位。移动云收入 504 亿元，同比增长 19.3%。其中，IaaS+PaaS 收入增速位居头部云厂商第一。 大模型场景拓展成效显现。上半年，公司发布 ...

Investment Rating - The report maintains a "Recommend" rating for China Mobile (600941) [19] Core Views - China Mobile achieved steady growth in revenue and profit in H1 2024, with revenue reaching RMB 5467.44 billion, up 3.02% YoY, and net profit attributable to shareholders reaching RMB 802.01 billion, up 5.29% YoY [19] - The company's profitability improved, with a gross profit margin of 30.81% in H1 2024, up 2.00 percentage points YoY, and a net profit margin of 14.68%, up 0.31 percentage points YoY [19] - The "second curve" of digital transformation revenue showed strong growth momentum, with mobile cloud revenue reaching RMB 50.4 billion, up 19.3% YoY, and IaaS+PaaS revenue maintaining a top-five market share [19] - Capital expenditure continued to decline, with H1 2024 capex at RMB 64 billion, accounting for 37% of the full-year plan, which is expected to enhance earnings performance [19] - The company increased its mid-year dividend to HKD 2.60 per share, up 7.0% YoY, and plans to raise the cash dividend payout ratio to over 75% of net profit within three years [19] Financial Performance - In H1 2024, China Mobile's revenue grew 3.02% YoY to RMB 5467.44 billion, with net profit attributable to shareholders increasing 5.29% YoY to RMB 802.01 billion [19] - The company's gross profit margin improved to 30.81%, up 2.00 percentage points YoY, while the net profit margin rose slightly to 14.68%, up 0.31 percentage points YoY [19] - For 2024-2026, the report forecasts net profit attributable to shareholders of RMB 1400.59 billion, RMB 1491.47 billion, and RMB 1582.88 billion, respectively, with EPS of RMB 6.53, RMB 6.95, and RMB 7.38 [19] Market Segments - Personal market revenue declined 1.6% YoY to RMB 255.2 billion, with mobile customers exceeding 1 billion and 5G penetration reaching 51.4% [19] - Home market revenue grew 7.5% YoY to RMB 69.8 billion, with home broadband customers reaching 272 million and gigabit broadband penetration rising to 33.5% [19] - Enterprise market revenue increased 7.3% YoY to RMB 112 billion, with enterprise customers reaching 30.38 million [19] - Emerging market revenue rose 13.2% YoY to RMB 26.6 billion, driven by strong growth in digital transformation services [19] Valuation and Forecasts - The report forecasts 2024-2026 revenue of RMB 1067.68 billion, RMB 1131.68 billion, and RMB 1197.65 billion, with YoY growth rates of 5.8%, 6.0%, and 5.8%, respectively [19] - Net profit attributable to shareholders is expected to grow at a CAGR of 6.3% from 2024 to 2026, reaching RMB 1582.88 billion by 2026 [19] - The P/E ratio is projected to decline from 16x in 2024 to 14x in 2026, while the P/B ratio is expected to remain stable at around 1.6x [19]