证券研究报告 | --- | --- | |----------------------------|----------------------| | | | | 基本数据 | | | 总股本/流通股本 (百万股) | 21,399.48/20,496. 71 | | 流通 A 股市值(百万元 ) | 80,512.64 | | 每股净资产 (元) | 62.50 | | 资产负债率 (%) | 32.76 | | 一年内最高 /最低( 元 ) | 109.59/87.35 | 作者 联系人：李宸 邮箱：lichyj@glsc.com.cn 中国移动(600941) 事件： ➢ 融合拓展个人市场，5G 网络渗透率接近 50% ➢ 深耕智慧家庭领域，推动家庭数智化转型 2024Q1，公司毛利率为 26.17%，同比提升 1.71pct，净利率为 11.24%，同 比提升 0.04pct。三费费用率略有上升，管理费用率、财务费用率分别同比 下降 0.15/0.09pct，销售费用率同比上升 0.42pct。 | --- | --- | --- | --- | --- | --- | |------------- ...

一季度归母净利润增长 5.5%，业务发展良好 | --- | --- | --- | --- | --- | --- | |----------------------------------------|---------|-----------|-----------|----------------------------------|-----------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 937,259 | 1,009,309 | 1,079,599 | 1,145,517 | 1,208,567 | | (+/-%) | 10.5% | 7.7% | 7.0% | 6.1% | 5.5% | | 归母净利润(百万元) | 125459 | 131766 | 140861 | 148268 | 156195 | | (+/-%) | 8.2% | 5.0% | 6.9% | 5.3% | 5.3% | | 每股收益（元） | 6.13 | 6.16 | 6.58 | 6.93 | 7.30 | | E ...

特别声明 在法律许可的情况下，天风证券可能会持有本报告中提及公司所发行的证券并进行交易，也可能为这些公司提供或争取提供投 资银行、财务顾问和金融产品等各种金融服务。因此，投资者应当考虑到天风证券及/或其相关人员可能存在影响本报告观点客 观性的潜在利益冲突，投资者请勿将本报告视为投资或其他决定的唯一参考依据。 | --- | --- | --- | --- | |--------------|-------------------------------------------------------|----------|-----------------------------| | 投资评级声明 | 类别 说明 评级 | | 体系 | | | | 买入 | 预期股价相对收益 20% 以上 | | | 自报告日后的 6 个月内，相对同期沪 | 增持 | 预期股价相对收益 10%-20% | | 股票投资评级 | 深 300 指数的涨跌幅 | 持有 | 预期股价相对收益 -10%-10% | | | | 卖出 | 预期股价相对收益 -10% 以下 | | | | 强于大市 | 预期行业指数涨幅 5% 以上 | ...

证 券 研 究 报 告 业绩实现良好增长，规模根基和价值基础进 一步夯实 4 月 22 日，中国移动发布《2024 年一季报》，2024Q1 公司营业收入为 2637.07 亿元，同比增长 5.17%，归母净利润为 296.09 亿元，同比增长 5.49%。 评论： | --- | --- | --- | --- | --- | |----------------------------------|-----------|-------------------|-----------------------------|-----------| | | 2023A | 2024E | 2025E | 2026E | | 营业总收入 ( 百万 ) | 1,009,309 | 1,067,679 | 1,131,682 | 1,197,653 | | 同比增速 (%) | 7.7% | 5.8% | 6.0% | 5.8% | | 归母净利润 ( 百万 ) | 131,766 | 140,059 | 149,147 | 158,288 | | 同比增速 (%) | 5.0% | 6.3% | 6.5% | 6. ...

Financial Performance - Net profit attributable to parent company shareholders in Q1 2024 was RMB 29.6 billion, a year-on-year increase of 5.5%, with a net profit margin of 11.2%[5] - EBITDA in Q1 2024 was RMB 78 billion, a year-on-year decrease of 2.3%, accounting for 35.6% of main business revenue[5] - The company's total revenue for the first quarter of 2024 reached RMB 263.7 billion, a 5.2% increase year-over-year[55] - Main business revenue for the first quarter of 2024 was RMB 219.3 billion, up 4.5% compared to the same period last year[55] - Other business revenue for the first quarter of 2024 was RMB 44.4 billion, an 8.6% increase year-over-year[55] - Net profit attributable to the parent company's shareholders for the first quarter of 2024 was RMB 29.6 billion, a 5.5% increase year-over-year[55] - EBITDA for Q1 2024 was RMB 78 billion, a decrease of 2.3% compared to RMB 79.9 billion in Q1 2023[56] - Basic and diluted earnings per share for Q1 2024 were RMB 1.38, an increase of 5.3% compared to RMB 1.31 in Q1 2023[56] - Comprehensive income for Q1 2024 was RMB 30.545 billion, compared to RMB 27.363 billion in Q1 2023[72] Cash Flow - Cash flow from operating activities in Q1 2024 was RMB 56.904 billion, compared to RMB 75.205 billion in the same period last year[17] - Cash flow from investing activities in Q1 2024 was negative RMB 20.491 billion, compared to negative RMB 33.721 billion in the same period last year[17] - Cash flow from financing activities in Q1 2024 was negative RMB 12.064 billion, compared to negative RMB 14.719 billion in the same period last year[17] Mobile Business - Total mobile customers reached 996 million, with 5G package customers at 799 million and 5G network customers at 488 million[20] - Mobile ARPU increased to RMB 47.9 per month, up from RMB 44.9 in the previous year[20] - Net increase in mobile customers was 4.63 million, compared to 970,000 in the previous year[20] - Total mobile phone internet traffic reached 38.9 billion GB, with average monthly data usage per user (DOU) at 14.9 GB[20] - The company's mobile customer base reached 996 million as of March 31, 2024, with 5G package customers totaling 799 million[51] - Mobile ARPU for the first quarter of 2024 was RMB 47.9[51] Broadband Business - The company's net increase in wired broadband customers was 6.83 million in the first quarter of 2024[51] - The company's total broadband customers reached 305 million by March 31, 2024, with a net increase of 6.83 million in the quarter[69] - Family broadband customers reached 269 million by March 31, 2024, with a net increase of 5.28 million in the quarter[69] - The comprehensive ARPU for family customers in Q1 2024 was RMB 39.9, an increase of 1.8% year-over-year[69] Assets and Liabilities - The company's total assets as of March 31, 2024, were RMB 1,995.6 billion, a 2.0% increase from the end of 2023[55] - Total liabilities as of March 31, 2024, were RMB 653.771 billion, compared to RMB 646.672 billion as of December 31, 2023[71] - Total equity as of March 31, 2024, was RMB 1,341.83 billion, compared to RMB 1,310.685 billion as of December 31, 2023[71] Shareholders and Non-Recurring Items - The company's total number of registered shareholders was 76,729 as of the reporting period, including 69,181 A-share holders and 7,548 H-share holders[44] - Non-recurring gains and losses attributable to parent company shareholders in Q1 2024 were RMB 3.513 billion[31] Strategic Development - The company aims to enhance core functions, improve core competitiveness, and accelerate the development of strategic emerging industries[61] DICT Business - DICT business revenue maintained strong growth in the first quarter of 2024[35]

中国移动有限公司（以下简称"本公司"或"公司"）公布 2024 年 3 月的客 户数据，详情如下： | 单位：万户 | 2024 | 年 3 月 | | | --- | --- | --- | --- | | 移动业务 | | | | | 客户总数 | | | 99,562.5 | | 本月净增客户数 | | | 455.9 | | 本年累计净增客户数 | | | 462.5 | | 套餐客户数 5G | | | 79,853.6 | | 有线宽带业务 | | | | | 客户总数 | | | 30,507.6 | | 本月净增客户数 | | | 270.3 | | 本年累计净增客户数 | | | 683.0 | 本公司谨此提醒投资者，上述客户数据为内部统计数据，并不代表公司对未 来经营情况的任何明示或默示的预测或保证，投资者应注意不恰当依赖或使用上 述数据可能造成的投资风险。 特此公告。 中国移动有限公司 2024年4月22日 股票代码：600941 股票简称：中国移动 公告编号：2024-015 中国移动有限公司 2024年3月客户数据公告 1 ...

4月18日，北上资金净卖出A股52.85亿元，为连续第三日净卖出。其中，沪股通净卖出15.33亿元，深股通净卖出37.52亿元。 前十大成交股中，净卖出额居前三的中信银行、中际旭创、农业银行，分别遭净卖出3.76亿元、2.09亿元、1.88亿元。 贵州茅台、中国平安、平安银行分别获净买入4.2亿元、1.99亿元、1.59亿元。 ...

当前，数字中国建设正迎来高质量发展关键期，战略驱动，政策利好，新技术持续革新，新成果不断涌 现，数字技术正加速融入千行百业，以数字化驱动生产生活和治理方式的变革，成为大势所趋。在这一 背景下，文旅行业也正经历着前所未有的数字化创新浪潮，数字技术的应用不仅深刻影响着行业的发展 方向，也为传统文化的传承与创新提供了新的可能。 近日，由中国移动咪咕公司、大足石刻研究院、海马云联合打造的数字文旅标杆产品《云游·大足石 刻》开放测试。该产品基于世界文化遗产大足石刻文史内核，通过对大足石刻景区(宝顶山、北山、南 山、石门山、石篆山)进行大规模数字采集与实景建模，借助实时云渲染、数字孪生、数字人等前沿技 术，将大足石刻这一中国古代石刻艺术的瑰宝1比1复刻至云端数字世界。用户通过消费级终端设备，便 能享受到一场沉浸式的历史对话体验，仿佛穿越千年，与历史进行零距离接触。 同时，《云游·大足石刻》还将登录谷歌、steam等全球应用商店，将中国优秀的自然人文景观及深厚的 历史文化内涵呈现给全世界。 ...

请务必阅读正文之后的信息披露和重要声明 司总评报 | --- | --- | |------------------------------|--------------------------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024/3/21 | | 收盘价（元） | 102.68 | | 总股本（百万股） | 21,396.85 | | 流通股本（百万股） | 21,252.71 | | 净资产（百万元） | 1,306,432.00 | | 总资产（百万元） | 1,957,357.00 | | 每股净资产（元） | 61.06 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |-----------------------------------------|---------|---------|---------|---------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 202 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2024年3月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國移動有限公司 | | | 呈交日期: | 2024年4月8日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 7 頁 v 1.0.2 FF301 II. 已發行股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 00941 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | 上月底結存 | | | 20,494,084,855 | | | | | 增加 / 減少 (-) | | | 2,624,560 | | | | | 本月底結存 | | | 20 ...