CHINA MOBILE(600941) 民生证券·2024-08-11 11:30Investment 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]