Investment Rating - The report maintains a "Recommended" rating for the company, despite adjusting the net profit forecast for the years 2024-2025 to 1400.59 billion, 1491.47 billion, and 1582.88 billion respectively, with corresponding EPS of 6.55, 6.97, and 7.40 [1][5]. Core Insights - The company achieved a revenue of 10093 billion, a year-on-year increase of 7.7%, and a net profit of 1317.66 billion, up 5% year-on-year, showcasing its strong market position as the world's leading operator [1][5]. - Digital transformation revenue reached 2538 billion, growing by 22.2%, indicating robust growth in new business segments [1]. - The company plans to increase its dividend payout ratio to over 75% of the annual profit within three years, reflecting a commitment to shareholder returns [1]. Financial Performance - The company's revenue structure is improving, with HBN revenue now accounting for 43.2% of total revenue, and C-end revenue slightly increasing by 0.3% to 4902 billion [1]. - The mobile user base grew to 991 million, with a 5G penetration rate of 46.9%, up 13.3 percentage points year-on-year [1]. - Capital expenditure for 2023 was 1803 billion, with a planned reduction to 1730 billion for 2024, indicating a strategic focus on efficiency [1]. Future Projections - The company forecasts a revenue growth rate of 5.8% for 2024, with net profit expected to grow by 5.0% [17]. - The projected EPS for 2024 is 6.55, with a P/E ratio of 16, indicating a stable valuation outlook [17]. - The report anticipates continued growth in digital services, with industry cloud revenue reaching 708 billion [1].

2024 年 03 月 24 日 中国移动(600941.SH) 2024 年 3 月 21 日，公司发布 2023 年年度报告。2023 年公司实现 营业收入10093.09亿元，同比增长7.7%；实现归母净利润1317.66 亿元，同比增长 5.0%；实现扣非归母净利润 1179.80 亿元，同比 增长 2.2%。 分业务看： 2023 年，个人市场收入达到 4902 亿元，同比增长 0.3%；移动客 户 9.91 亿户，净增 1,599 万户。其中 5G 套餐客户达到 7.95 亿户，净增 1.80 亿户。移动 ARPU 稳健增长，为人民币 49.3 元，同比增长 0.6%。 2023 年，家庭市场收入达到 1319 亿元，同比增长 13.1%；家庭 宽带客户达到 2.64 亿户，净增 2,012 万户，净增规模连续多年 领跑行业。家庭客户综合 ARPU 同比增长 2.4%，达到人民币 43.1 元。 2023 年，政企市场收入达到 1,921 亿元，同比增长 14.2%。政 企客户数达到 2,837 万家，净增 517 万家。，2023 年公开招标 市场中标份额达到 14.3%，同比提升 3.0pp， ...

| --- | --- | --- | --- | |------------------------------------------------------------------------------------------|----------|---------------|------------------------------------| | 投资建议评级标准 | | 评级 \n推荐 | 说明 \n相对基准指数涨幅 15% 以上 | | 以报告发布日后的 12 个月内公司股价（或行业 | | 谨慎推荐 | 相对基准指数涨幅 5%～15% 之间 | | 指数）相对同期基准指数的涨跌幅为基准。其 | 公司评级 | 中性 | 相对基准指数涨幅 -5%～5% 之间 | | 中：A 股以沪深 300 指数为基准；新三板以三 板成指或三板做市指数为基准；港股以恒生指 | | 回避 | 相对基准指数跌幅 5%以上 | | 数为基准；美股以纳斯达克综合指数或标普 | | 推荐 | 相对基准指数涨幅 5%以上 | | 500 指数为基准。 | 行业评级 | 中性 | 相对基准指数涨幅 -5%～5% 之间 ...

http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 数据来源：聚源、华金证券研究所 风险提示：产业互联网业务发展不及预期；5G 业务发展不及预期；共享共建不及 预期等。 http://www.huajinsc.cn/ 2 / 5 请务必阅读正文之后的免责条款部分 华 发 集 团 旗 下 企 业 投资建议：中国移动作为国内用户规模最大的电信运营商，着力构建高质量信息服 务供给体系，四大市场表现优异，新领域、新赛道布局成效初显，行业领先地位巩 固。考虑公司 5G 渗透率较高、未来业务布局调整等因素，我们调整盈利预测，预 计公司 2024-2026 年收入 10850.07/11609.58/12399.03（2024-2025 年原值为 11354.78/12469.30）亿元，同比增长 7.5%/7.0%/6.8%，归母净利润分别为 1416.36/1518.47/1624.95（2024-2025 年原值为 1469.21/1584.74）亿元，同比增 长 7.5%/7.2%/7.0%，对应 EPS 为 6.62/7.10/7.59 元，PE 为 15.5/14.5/ ...

Financial Performance - China Mobile's total revenue for 2023 reached RMB 1,009.3 billion, marking a significant growth compared to the previous year[9]. - The company's operating revenue for 2023 reached RMB 1,009,309 million, representing a 7.7% increase from RMB 937,259 million in 2022[18]. - Main business revenue was RMB 863,514 million, up 6.3% from RMB 812,058 million in the previous year[18]. - Net profit attributable to shareholders was RMB 131,766 million, a 5.0% increase compared to RMB 125,459 million in 2022[18]. - The net cash flow from operating activities was RMB 303,780 million, reflecting an 8.2% growth from RMB 280,750 million in 2022[18]. - Total assets increased to RMB 1,957,357 million, a 3.0% rise from RMB 1,900,238 million in 2022[18]. - EBITDA for 2023 was RMB 341,478 million, showing a 3.7% increase from RMB 329,176 million in 2022[19]. - The EBITDA margin decreased to 33.8%, down from 35.1% in the previous year, indicating a decline of 1.3 percentage points[19]. - Basic earnings per share rose to RMB 6.16, a 4.8% increase from RMB 5.88 in 2022[19]. - The weighted average return on equity was 10.2%, slightly up from 10.1% in 2022[19]. Customer Base and Market Growth - The company reported a mobile customer base of 991 million and a fixed broadband customer base of 298 million as of December 31, 2023[9]. - The total number of connections increased to 3.35 billion, with a net addition of 410 million connections[33]. - In the personal market, revenue reached RMB 490.2 billion, a slight increase of 0.3%, with mobile customers totaling 991 million, netting an increase of 15.99 million[36]. - The number of 5G package customers reached 795 million, with a net addition of 180 million customers[36]. - The revenue from the home market reached RMB 131.9 billion in 2023, a year-on-year increase of 13.1%[37]. - The number of home broadband customers reached 264 million, with a net increase of 20.12 million, leading the industry for several consecutive years[37]. - The enterprise market revenue reached RMB 192.1 billion in 2023, growing by 14.2% year-on-year, with a net increase of 5.17 million enterprise customers[38]. - The revenue from mobile cloud services reached RMB 83.3 billion, a significant increase of 65.6% year-on-year[38]. - The revenue from emerging markets reached RMB 49.3 billion, growing by 28.2% year-on-year, with international business revenue at RMB 20.7 billion, up 24.2%[40]. Dividend and Shareholder Returns - The proposed dividend for the year is HKD 4.83 per share, representing a 9.5% increase from 2022, with a payout ratio of 71%[4]. - The company plans to increase the dividend payout ratio to over 75% of the profit attributable to shareholders within three years, with a proposed final dividend of HKD 2.40 per share[34]. - For the fiscal year 2023, the final dividend per share is HKD 2.4002, and the total dividend per share is HKD 4.830, compared to HKD 4.410 in 2022, reflecting an increase in shareholder returns[135]. Innovation and Digital Transformation - The company is focusing on building a new information service system centered around 5G, computing networks, and capability platforms to meet the digital needs of society[10]. - Digital transformation revenue grew by 22.2% to RMB 253.8 billion, accounting for 29.4% of core business revenue[33]. - The digital transformation revenue contributed 89.7% to the growth of main business revenue, accounting for 29.4% of total revenue[41]. - The company is focusing on the "AI+" strategy to leverage artificial intelligence for transforming its information services and creating new growth opportunities[60]. - The company has set a vision to become a world-class information service technology innovation company, emphasizing the integration of 5G and AI technologies[60]. Sustainability and Corporate Governance - The company reported a 13.0% decrease in energy consumption per unit of telecom business and a 13.1% reduction in carbon emissions per unit of telecom business in 2023[54]. - The company has supported carbon reduction efforts, contributing approximately 310 million tons of carbon reduction across society[54]. - The company has established a sustainable development office to lead the management and disclosure of important sustainability issues[118]. - The company has published its sustainability report for 18 consecutive years, exceeding the requirements of the Hong Kong Stock Exchange's ESG reporting guidelines[123]. - The company aims to enhance its green development initiatives, achieving a 9% year-on-year increase in energy efficiency for new 5G base stations[112]. Employee and Talent Management - As of December 31, 2023, the company employed a total of 450,000 staff members[9]. - The company employed 451,830 employees by the end of 2023, with 236,487 being female employees, reflecting a commitment to diversity and non-discrimination in hiring practices[168]. - The company aims to strengthen its talent pool by integrating into national talent programs and enhancing the quality of its workforce, with over 5,000 provincial-level experts and more than 10,000 outstanding engineers selected in key fields[189]. - The company is focused on optimizing its compensation structure to drive performance growth, implementing various incentive policies to enhance productivity and innovation[190]. Risk Management and Internal Controls - The company has implemented a comprehensive policy system and internal control mechanisms to mitigate various risks[121]. - The company conducts annual evaluations of its risk management and internal control systems through its audit committee[127]. - The internal audit department conducts independent audits of business activities, reporting quarterly to the audit committee and ensuring management's commitment to addressing audit findings[175]. - The company has maintained effective internal controls over financial reporting and non-financial reporting, with no significant deficiencies identified as of December 31, 2023[182]. Investor Relations and Communication - The company held 38 investor conferences and 204 daily investor meetings in 2023, engaging over 2,500 investors to enhance communication and transparency[136]. - The company is committed to enhancing investor relations and maintaining active communication with stakeholders through various channels[136]. - The board has authorized a general mandate to repurchase up to 10% of the existing issued Hong Kong shares, with a 99.8487% approval rate[142].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1,009.3 billion RMB for 2023, representing a year-on-year growth of 7.7%, and a net profit attributable to shareholders of 131.8 billion RMB, up 5.0% year-on-year. EBITDA reached 341.5 billion RMB, reflecting a growth of 3.7% [2] - The company is experiencing comprehensive growth in its core business, with capital expenditures continuing to decline. The capital expenditure for the reporting period was 180.3 billion RMB, accounting for 20.9% of revenue, a decrease of 1.9 percentage points [2] - Digital transformation is identified as the primary growth engine, with digitalization revenue reaching 253.8 billion RMB, a year-on-year increase of 22.2%, contributing 89.7% to the main business revenue [2] - The company aims to enhance shareholder returns, with a dividend payout ratio of 71% in 2023, expected to increase to over 75% of the profit attributable to shareholders by 2024 [2] Summary by Sections Revenue and Profitability - The company achieved a total revenue of 1,009.3 billion RMB in 2023, with a growth rate of 7.7%. The net profit attributable to shareholders was 131.8 billion RMB, with a growth rate of 5.0% [2][22] - The EBITDA for the year was 341.5 billion RMB, reflecting a growth of 3.7% [2] Market Segmentation - In the personal market, revenue was 490.2 billion RMB, a slight increase of 0.2%. The total number of mobile customers reached 991 million, with 5G customers accounting for 80% [2] - The family market transitioned towards HDICT, generating revenue of 131.9 billion RMB, a growth of 13.1% [2] - The government and enterprise market strengthened its cloud and DICT integration, achieving revenue of 192.1 billion RMB, up 14.2% [2] Digital Transformation - The company’s digital transformation revenue reached 253.8 billion RMB, contributing 29.4% to the main business revenue. The industry digitalization DICT revenue grew by 23.8% to 107.0 billion RMB [2] - Mobile cloud revenue surged by 65.6% to 83.3 billion RMB, placing the company among the top five in the IaaS+PaaS sector [2] Future Outlook - The company forecasts net profits of 142.4 billion RMB, 155.2 billion RMB, and 170.3 billion RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 15, 14, and 13 [2]

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Big data AI Security Integration Platform Computility network 6G 2023 可持续发展报告 中国移动有限公司 2023 关于本报告 关于本报告 本报告是中国移动有限公司发布的第 18 份可持续发展报告，重点披露公司经济、社会、环境和治理等可持续发展相关信息。本报告 为年度报告，如无特别说明，时间跨度为 2023 年 1 月 1 日至 2023 年 12 月 31 日。上份报告的发布时间是 2023 年 3 月。 ※ 报告形式 报告语言：本报告同时发布中、英文版本，所有披露内容以 中文报告为准，英文报告为翻译稿。 报告版本：本报告包括印刷版及网络版，网络版报告可通过 www.chinamobileltd.com 浏览下载。 ※ 报告编写标准 报告编写力求符合业界通行的可持续发展信息披露相关标 准，同时立足行业背景，突出企业特色。2023 年重点参考的相 关标准包含以下内容。 ※ 报告范围 如无特别说明，本报告所有案例与数据均来源于中国移动有 限公司及下属公司。有关公司治理结构、组织架构、所有权与法 律形式、服务的市场、组织规模等详细信息，敬请参阅《 ...

相关事项的独立意见 根据《上海证券交易所股票上市规则》《中国移动有限公司之组织章程细则》等有 关规定，作为中国移动有限公司（以下简称"公司"）的独立非执行董事，我们本着审 慎负责的态度，就公司 2024 年第三次董事会审议的相关事项发表独立意见如下： 一、《关于调整 2024 年度关连（联）交易上限的议案》的独立意见 中国移动有限公司 独立非执行董事关于 2024 年第三次董事会 经审核，本次调整相关日常关联交易预计金额上限基于公司经营活动需要，有助于 公司业务开展，符合公司及股东的整体利益；相关关联交易不影响公司独立性，公司主 要业务未因相关关联交易而对关联人形成依赖。同意该议案。 姚建华、杨强、李嘉士、梁高美懿 2024 年 3 月 21 日 1 中国移动有限公司独立非执行董事 ...

中国国际金融股份有限公司、中信证券股份有限公司（以下简称"联席保荐 机构"）作为中国移动有限公司（以下简称"中国移动"或"公司"）首次公开 发行人民币普通股（A 股）股票并上市的联席保荐机构及持续督导机构，根据《证 券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求（2022 年修订）》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 11 号 ——持续督导》等相关规定的要求，对中国移动 2023 年度募集资金的存放和使 用情况进行了专项核查，核查情况如下： 一、募集资金基本情况 根据公司 2021 年 5 月 17 日召开的董事会决议、2021 年 6 月 9 日召开的股 东特别大会决议，并经中国证券监督管理委员会《关于核准中国移动有限公司首 次公开发行股票的批复》（证监许可〔2021〕3902 号）核准，公司首次公开发行 人民币普通股（A 股）股票的每股发行价为人民币 57.58 元，初始发行数量为 845,700,000 股（行使超额配售选择权之前），行使超额配售选择权后最终发行数 量为 902,767, ...