CHINA MOBILE(600941) 国联证券·2024-10-22 12:11Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 791.458 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 2.05% - The net profit attributable to the parent company was 110.881 billion yuan, up 5.09% year-on-year, while the net profit excluding non-recurring items was 100.5 billion yuan, an increase of 3.61% year-on-year - The company is accelerating the promotion of 5G universalization, with 5G network customers reaching 539 million, a year-on-year increase of 26.82% [2][6] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 244.714 billion yuan, a slight decrease of 0.05% year-on-year and a 13.54% decrease quarter-on-quarter - The net profit for Q3 was 30.680 billion yuan, up 4.59% year-on-year but down 39.36% quarter-on-quarter - The net profit excluding non-recurring items for Q3 was 27.462 billion yuan, a year-on-year increase of 1.03% and a quarter-on-quarter decrease of 41.49% [6] Business Development - In the personal market, the company is enhancing market segmentation and deepening traffic operations, with a total mobile customer base of 1.004 billion, a year-on-year growth of 1.41% - The average revenue per user (ARPU) for mobile services decreased by 3.32% to 49.5 yuan - In the family market, the company is actively developing new growth points such as FTTR and HDICT, with a total of 314 million broadband customers, a year-on-year increase of 6.44% [6][7] Future Projections - The company expects revenues for 2024, 2025, and 2026 to be 1,064.218 billion yuan, 1,122.586 billion yuan, and 1,189.776 billion yuan, respectively, with year-on-year growth rates of 5.44%, 5.48%, and 5.99% - The net profit attributable to the parent company is projected to be 140.079 billion yuan, 148.668 billion yuan, and 157.886 billion yuan for the same years, with growth rates of 6.31%, 6.13%, and 6.20% respectively [6][7]