CHINA MOBILE(600941) 浙商证券·2025-04-23 05:15Investment Rating - The investment rating for China Mobile is "Buy" [7] Core Views - The company achieved steady revenue growth in Q1 2025, with total revenue of 263.8 billion yuan, a year-on-year increase of 0.02%. The main business revenue reached 222.4 billion yuan, up 1.4% year-on-year, and the net profit attributable to shareholders was 30.6 billion yuan, growing by 3.5% year-on-year. The company aims for a trend of low growth in the first half of the year and higher growth in the second half [1][4] - The mobile user base stood at 1.003 billion, with a net decrease of 940,000 users compared to the end of 2024. The 5G user base reached 578 million, with a penetration rate of approximately 57.6%. The average revenue per user (ARPU) for mobile services was 46.9 yuan, down 2.1% year-on-year [2] - The company is actively promoting AI+DICT projects and expanding its market share in the enterprise sector, while also enhancing its presence in emerging markets [2] Financial Summary - For the forecast period from 2025 to 2027, the expected revenue growth rates are 3.3%, 3.2%, and 3.1%, respectively. The net profit growth rates are projected at 5.1%, 5.0%, and 5.0% [4][6] - The company's operating expenses decreased by 1.22% year-on-year, with a notable reduction in sales expenses by 3.61% [3] - The net cash flow from operating activities was 31.3 billion yuan, a decrease of 45.0% year-on-year, primarily due to accelerated payments to private and small enterprises [3]