CHINA MOBILE(600941) 中国银河·2024-08-11 14:00Investment 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].