中国移动（600941）：业绩稳定增长，强化AI布局

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a revenue of 1,040.8 billion yuan in 2024, representing a year-on-year growth of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [1] - The company continues to strengthen its AI layout and has seen stable growth in its C-end business, with personal market revenue reaching 483.7 billion yuan and mobile customers exceeding 1 billion [1][2] - The enterprise business also showed significant growth, with revenue increasing by 8.8% to 209.1 billion yuan and the number of enterprise customers reaching 32.59 million [2] Summary by Sections Financial Performance - In 2024, the company reported an EBITDA of 333.7 billion yuan, a decrease of 2.3% year-on-year, and a net cash flow from operating activities of 315.7 billion yuan, up 3.9% [1] - The fourth quarter of 2024 saw revenues of 249.3 billion yuan, a 6.7% increase year-on-year, and a net profit of 27.5 billion yuan, up 4.7% [1] C-end Business - The company’s C-end business revenue reached 483.7 billion yuan, with a mobile ARPU of 48.5 yuan, maintaining industry leadership [1] - The number of 5G network customers reached 552 million, with a penetration rate of 55.0% [1] Enterprise Business - The enterprise market revenue was 209.1 billion yuan, with a customer base of 32.59 million, reflecting a net increase of 4.22 million customers [2] - The company is focusing on integrated development of "network + cloud + DICT" and enhancing its "AI + DICT" capabilities [2] Capital Expenditure and Shareholder Returns - The total capital expenditure (Capex) for 2024 was 164.0 billion yuan, a decrease of 9.0% year-on-year, with plans for 2025 set at 151.2 billion yuan [2] - The company announced a dividend of 5.09 HKD per share for 2024, a 5.4% increase, with a payout ratio of 73% [2] Future Projections - Revenue projections for 2025-2027 are 1,070.8 billion yuan, 1,098.1 billion yuan, and 1,125.9 billion yuan, with expected growth rates of 2.9%, 2.6%, and 2.5% respectively [3] - Net profit forecasts for the same period are 145.0 billion yuan, 151.2 billion yuan, and 156.5 billion yuan, with growth rates of 4.8%, 4.3%, and 3.5% respectively [3]