中国移动：业绩稳定增长，强化AI布局-20250327

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 is focusing on enhancing its AI capabilities and expanding its integrated "network + cloud + DICT" solutions, which has led to significant growth in the government and enterprise market [2] - The company plans to increase its dividend payout ratio to over 75% in the coming three years, reflecting its commitment to shareholder returns [2] Financial Performance - In 2024, the company reported an EBITDA of 333.7 billion yuan, a decrease of 2.3% year-on-year, while operating cash flow increased by 3.9% to 315.7 billion yuan [1] - The company’s capital expenditure (Capex) for 2024 was 164.0 billion yuan, down 9.0% year-on-year, with a planned Capex of 151.2 billion yuan for 2025, a decrease of 7.8% [2] - The company’s 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] Market Segments - The consumer market revenue reached 483.7 billion yuan in 2024, with a mobile customer base exceeding 1 billion, including 552 million 5G customers, achieving a penetration rate of 55.0% [1] - The government and enterprise market revenue grew by 8.8% year-on-year to 209.1 billion yuan, with a customer base of 32.59 million [2]