Group 1: New Quality Productivity Development - The government work report has identified the cultivation and development of new quality productivity as one of the top ten tasks for this year, emphasizing its importance for high-quality development [2][3] - New quality productivity is characterized by innovation-driven growth, with a focus on significantly enhancing total factor productivity [3] - The application of digital intelligence technologies, particularly AI, plays a crucial role in the development of new quality productivity [3][4] Group 2: Strategic Initiatives and Infrastructure - China Mobile is focusing on building a new type of information infrastructure centered around 5G, computing networks, and capability platforms [4] - The company has launched the "BASIC6" innovation plan to integrate technology innovation with industrial chain layouts [4] - The internal implementation of AI+ initiatives has led to the deployment of 28,000 digital employees, enhancing operational efficiency [4] Group 3: Computing Network Development - China Mobile proposed the concept of "computing network" three years ago, which has now gained consensus across various sectors [5][6] - The company aims to provide integrated services that combine computing and networking, making computing services as accessible as tap water [5] - The "Computing Network Brain" project is being developed to achieve intelligent scheduling and task allocation across the country [6] Group 4: Artificial Intelligence Strategy - The company has initiated the AI+ strategy, positioning AI development as a major strategic focus [7][8] - A dedicated team of nearly 1,500 is working on AI research, with over 450 AI applications already in place [7] - The company plans to enhance its AI infrastructure and develop a comprehensive model system across various industries [7][8] Group 5: Capital Expenditure and Financial Management - The total capital expenditure for this year is planned at CNY 173 billion, a 4% decrease from last year, with a significant increase in computing-related investments to CNY 47.5 billion [8][9] - The peak investment period for 5G has passed, and future capital expenditures will focus more on computing [8] - The company has committed to a cash dividend policy, aiming to distribute over 75% of the annual profit to shareholders within three years starting from 2024 [10][11]

Group 1: Financial Performance and Growth Outlook - The company aims for good revenue and profit growth in 2024, continuing the trend from previous years [2] - The government work report emphasizes the importance of "AI+" actions, which presents significant growth opportunities for the company [3] - The company expects the government sector to remain a key driver of revenue growth, with a focus on productization and market expansion [2] Group 2: Artificial Intelligence and Technological Advancements - The company has a dedicated AI research team of approximately 1,500 people and has developed over 450 AI applications [3] - The company is building a new intelligent computing infrastructure, with a current scale of 10.1 EFLOPS (FP16) and plans for further growth [3] - The company is implementing an "AI+" initiative to enhance internal operations and external services [4] Group 3: Data Asset Development and Utilization - The company has accumulated 6.5 PB of data daily through its data platform, which is crucial for AI training [6] - The company is promoting data circulation and security through innovative technologies like privacy computing and blockchain [6] - The company plans to disclose data asset information in its financial reports this year [6] Group 4: Capital Expenditure and Infrastructure Development - The intelligent computing scale is projected to reach 17 EFLOPS (FP16) in 2024, accounting for approximately 40% of the company's total computing power [7] - The company is actively planning the construction of large intelligent computing clusters to support AI model training [7] - Overall capital expenditure is expected to remain stable with a gradual decrease in the capital expenditure-to-revenue ratio [8] Group 5: Research and Development Investment - The company invested a total of 34.062 billion yuan in R&D in 2023, with over 80% allocated to expense-based R&D [9] - R&D focuses on strategic new industries and aims to transform scientific problems into technological capabilities [9] - The company is committed to building large scientific devices to support its innovation efforts [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company achieved good growth in Q1 2024, with revenue of 263.7 billion yuan, a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 29.6 billion yuan, up 5.5% year-on-year [3][6]. - The company has a clear guidance for good growth in revenue and profit for the year, with an increasing trend in dividend payout ratio [8][23]. - The company’s traditional business has solidified its growth foundation, with strong user growth in March and a stable increase in ARPU [22]. Summary by Sections Financial Performance - In Q1 2024, the company reported operating revenue of 263.7 billion yuan, a 5.2% increase year-on-year, and communication service revenue of 219.3 billion yuan, up 4.5% year-on-year [6][8]. - The operating expenses increased by 4.8% year-on-year, while excluding terminal sales costs, the operating expenses grew by 3.9% [7]. - The company’s net profit for 2024 is projected to be 140.5 billion yuan, 148.1 billion yuan, and 155.8 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 6.6%, 5.4%, and 5.2% [8]. Business Segments - The company’s DICT business continues to grow well, contributing positively to overall performance [22]. - In March, the company added 4.56 million mobile users and 2.7 million fixed-line users, indicating strong growth [22]. - The ARPU for mobile services in Q1 2024 was 47.9 yuan, remaining stable year-on-year, while the comprehensive ARPU for home customers increased by 1.8% to 39.9 yuan [22]. Capital Expenditure and Dividend Policy - The company is entering a downward cycle in capital expenditure, with a forecast of 173 billion yuan for 2024, a decrease of 4% year-on-year [23]. - The company has committed to increasing its dividend payout ratio to over 75% within three years starting from 2024, with a current payout ratio of 71% [23].

Investment Rating - The report assigns a "Buy" rating for both A-shares and H-shares of China Mobile, with a target price of 127.95 CNY for A-shares and 78.34 HKD for H-shares [13]. Core Insights - In Q1 2024, China Mobile reported a revenue of 263.7 billion CNY (YoY +5.2%), with a main business revenue of 219.3 billion CNY (YoY +4.5%) and a net profit attributable to shareholders of 29.6 billion CNY (YoY +5.5%), maintaining a net profit margin of 11.2% [3]. - The company is advancing its digital transformation and high-quality development, showing a positive operational trend. Key market segments include: 1. **Personal Market**: Focus on "connection + application + rights" integration, with 5G network customers reaching 488 million (YoY +34.4%) and a penetration rate of 49.0% [3]. 2. **Home Market**: Development of a "full gigabit + cloud life" smart home ecosystem, with wired broadband customers at 305 million (YoY +8.5%) and a comprehensive ARPU of 39.9 CNY (YoY +1.8%) [3]. 3. **Government and Enterprise Market**: Expansion of "network + cloud + DICT" services, with good growth in DICT revenue and a focus on standardizing and productizing solutions [3]. - The company is committed to enhancing its core competitiveness and aims to build a world-class information service technology innovation company. A significant procurement announcement for AI servers and related products was made, indicating a strong commitment to the AI and computing power sectors [3]. Financial Forecasts - Revenue projections for China Mobile from 2024 to 2026 are 1,085.5 billion CNY, 1,162.8 billion CNY, and 1,239.4 billion CNY, respectively. Net profit forecasts are 139.1 billion CNY, 146.3 billion CNY, and 153.0 billion CNY, with corresponding EPS of 6.50 CNY, 6.84 CNY, and 7.15 CNY [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, predicting a significant price increase relative to the industry index over the next six months [5][34]. Core Insights - The company has demonstrated stable revenue growth, with a focus on digital transformation and AI investments yielding positive results. Revenue projections for 2024-2026 are estimated at 1,119.32 billion, 1,236.85 billion, and 1,354.35 billion respectively, with net profits expected to reach 143.66 billion, 159.56 billion, and 178.99 billion [5][19]. - The company’s digital business is showing good growth, particularly in the government and enterprise market, where it is expanding its "network + cloud + DICT" strategy and enhancing industry-specific solutions [20]. Financial Summary - The company reported a revenue of 1,009.31 billion in 2023, with a year-on-year growth rate of 7.7%. The net profit for the same year was 131.77 billion, reflecting a growth of 5.0% [5][19]. - Key financial metrics for 2024E include an EPS of 6.71, a P/E ratio of 15.5, and a projected ROE of 9.9% [5][19]. - The company’s mobile ARPU remains stable at 47.9 yuan, with a total mobile customer base of 996 million, including 465 million 5G customers [5][19].

CHINA MOBILE LIMITED 中國移動有限公司 （根據公司條例在香港註冊成立之有限公司） 股份代號：941（港幣櫃台）及 80941（人民幣櫃台） 董事名單與其角色和職能 中國移動有限公司董事會（「董事會」）成 員 載 列 如 下： 執行董事 楊杰先生 （執 行 董 事 兼 董 事 長） 何飈先生 （執 行 董 事 兼 首 席 執 行 官） 李丕征先生 （執 行 董 事） 李榮華先生 （執 行 董 事 兼 財 務 總 監） 楊强博士（主 席） 姚建華先生 李嘉士先生 梁高美懿女士 姚建華先生 楊强博士 李嘉士先生 梁高美懿女士 – 1 – 董 事 會 設 有 四 個 董 事 委 員 會。董 事 委 員 會 的 組 成 如 下： 審核委員會 姚建華先生（主 席） 楊强博士 李嘉士先生 梁高美懿女士 薪酬委員會 姚建華先生（主 席） 楊强博士 李嘉士先生 梁高美懿女士 提名委員會 獨立非執行董事 可持續發展委員會 梁高美懿女士（主 席） 李榮華先生 李嘉士先生 香 港，2024年4月26日 – 2 – ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国移动有限公司（以下简称"本公司"）于 2024 年 4 月 23 日向全体董事 发出了召开 2024 年第五次董事会的会议通知及议案，并于 2024 年 4 月 26 日以 书面决议方式召开了会议，本次会议应参与表决董事 7 人，实际参与表决董事 7 人。会议以 7 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于董事委 任的议案》。经本公司提名委员会提议，董事会审议及批准，何飚先生已获委任 为本公司的执行董事兼首席执行官，自 2024 年 4 月 26 日起生效，何飚先生的简 历请见本公告附件。 股票代码：600941 股票简称：中国移动 公告编号：2024-016 中国移动有限公司 关于委任执行董事兼首席执行官的公告 何飚先生的服务合约并无特定服务年期。根据《中国移动有限公司之组织章 程细则》第 113 条，何飚先生的任期将持续至本公司将于 2024 年 5 月 22 日（星 期三）召开的股东周年大会为止，其届时可膺选连任。经本公司薪酬委员会提议， 董事会审议及批准 ...

Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook with expected relative benchmark index gains of over 5% [4][13] Core Views - The company's 24Q1 performance met expectations, with a 5.2% YoY increase in revenue to RMB 263.7 billion and an 8.4% YoY increase in non-GAAP net profit to RMB 26.1 billion [7] - The company is focusing on digital transformation and high-quality development, with stable growth expected in both revenue and profit for 2024 [7] - The company is increasing investment in AI computing centers, with AI server procurement exceeding that of competitors China Unicom and China Telecom [7] - Mobile and fixed-line user numbers showed growth in 24Q1, with mobile ARPU increasing to RMB 47.9 per user, up 6.7% from 23Q4 [7] Financial Performance - Revenue is projected to grow from RMB 1,009.3 billion in 2023A to RMB 1,288.8 billion in 2026E, with a CAGR of 8.7% [2][20] - Net profit attributable to parent company is expected to increase from RMB 131.8 billion in 2023A to RMB 167.7 billion in 2026E, with a CAGR of 10.0% [2][20] - EPS is forecasted to rise from RMB 6.16 in 2023A to RMB 7.84 in 2026E [2][20] - ROE is expected to improve from 10.09% in 2023A to 11.57% in 2026E [2] Valuation Metrics - The company's PE ratio is projected to decline from 17x in 2023A to 13x in 2026E, indicating improving valuation attractiveness [2][20] - PB ratio is expected to decrease from 1.7x in 2023A to 1.5x in 2026E [2][20] - EV/EBITDA is forecasted to drop from 6.09x in 2023A to 5.23x in 2026E [2] Operational Highlights - Mobile internet traffic increased by 3.3% YoY in 24Q1, with mobile internet DOU reaching 14.9GB [7] - DICT business revenue showed strong growth in 24Q1, driven by the company's focus on digital and intelligent services [7] - Capital expenditure is expected to decrease from RMB 180.3 billion in 2023 to RMB 173.0 billion in 2024, with a shift towards AI computing investments [7] Industry Trends - The company is leading in AI server procurement, with a total of 10,508 AI servers purchased for 2023-2025, surpassing competitors [7] - The company's 5G user base reached 799 million in 24Q1, with a 0.5% increase from 23Q4 [7] - Fixed-line broadband users grew to 305 million in 24Q1, up 2.3% from 23Q4 [7]

zhanglin20@xyzq.com.cn S0190520070002 代小笛 daixiaodi@xyzq.com.cn S0190521090001 仇新宇 qiuxinyu@xyzq.com.cn S0190523070005 朱锟旭 zhukunxu@xyzq.com.cn S0190524040001 主要财务指标 司总 评 ＃相关rel报ate告dReport＃ 《【兴证通信】中国移动 2023 年报点评：CHBN 全向稳健增 长 ， 持 续 提 升 分 红 回 报 》 2024-3-23 《【兴证通信】中国移动三季报 点评：数字化转型加速发展，持 续回购彰显信心》2023-10-22 《【兴证通信】中国移动半年报 点评：数字化第二增长曲线加速 发力，持续引领 AI 算力建设》 2023-08-14 投资要点 ＃sum事ma件ry：＃ 公司发布 2024 年一季报。2024Q1，公司实现营业收入 2637.07 亿元， 同比+5.17%；归母净利润 296.09 亿元，同比+5.49%；扣非归母净利润 261.00 亿元，同比+8.40%。 点评：1、CHBN 多元化稳定增长，用户规模持续提升 ...

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