CHINA MOBILE(600941) 国金证券·2024-03-21 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1,009.3 billion RMB for 2023, representing a year-on-year growth of 7.7%, and a net profit attributable to shareholders of 131.8 billion RMB, up 5.0% year-on-year. EBITDA reached 341.5 billion RMB, reflecting a growth of 3.7% [2] - The company is experiencing comprehensive growth in its core business, with capital expenditures continuing to decline. The capital expenditure for the reporting period was 180.3 billion RMB, accounting for 20.9% of revenue, a decrease of 1.9 percentage points [2] - Digital transformation is identified as the primary growth engine, with digitalization revenue reaching 253.8 billion RMB, a year-on-year increase of 22.2%, contributing 89.7% to the main business revenue [2] - The company aims to enhance shareholder returns, with a dividend payout ratio of 71% in 2023, expected to increase to over 75% of the profit attributable to shareholders by 2024 [2] Summary by Sections Revenue and Profitability - The company achieved a total revenue of 1,009.3 billion RMB in 2023, with a growth rate of 7.7%. The net profit attributable to shareholders was 131.8 billion RMB, with a growth rate of 5.0% [2][22] - The EBITDA for the year was 341.5 billion RMB, reflecting a growth of 3.7% [2] Market Segmentation - In the personal market, revenue was 490.2 billion RMB, a slight increase of 0.2%. The total number of mobile customers reached 991 million, with 5G customers accounting for 80% [2] - The family market transitioned towards HDICT, generating revenue of 131.9 billion RMB, a growth of 13.1% [2] - The government and enterprise market strengthened its cloud and DICT integration, achieving revenue of 192.1 billion RMB, up 14.2% [2] Digital Transformation - The company’s digital transformation revenue reached 253.8 billion RMB, contributing 29.4% to the main business revenue. The industry digitalization DICT revenue grew by 23.8% to 107.0 billion RMB [2] - Mobile cloud revenue surged by 65.6% to 83.3 billion RMB, placing the company among the top five in the IaaS+PaaS sector [2] Future Outlook - The company forecasts net profits of 142.4 billion RMB, 155.2 billion RMB, and 170.3 billion RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 15, 14, and 13 [2]