价值经营显成效，营收规模破万亿

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 118.08 yuan, based on a 2024 PE ratio of 18 times [3][4]. Core Insights - The company achieved a revenue of 1,009.31 billion yuan in 2023, representing a year-on-year growth of 7.69%. The main business revenue was 863.51 billion yuan, up 6.34% year-on-year, while the net profit attributable to shareholders was 131.77 billion yuan, an increase of 5.03% [1][3]. - The company continues to strengthen its leading advantages, maintaining the largest user base, revenue scale, and network scale globally. Digital transformation revenue reached 253.8 billion yuan, growing by 22.2% year-on-year, accounting for 29.4% of main business revenue, an increase of 3.8 percentage points [2][3]. - The company is focusing on high-quality development and digital transformation, with capital expenditures totaling approximately 180.3 billion yuan in 2023 and a budget of about 173 billion yuan for 2024 [2][3]. Financial Performance Summary - The company forecasts revenues of 1,069.78 billion yuan, 1,131.24 billion yuan, and 1,190.08 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5.99%, 5.74%, and 5.20% [3][14]. - The net profit attributable to shareholders is projected to be 140.43 billion yuan, 149.84 billion yuan, and 159.04 billion yuan for the same years, with growth rates of 6.57%, 6.70%, and 6.14% [3][14]. - Earnings per share (EPS) are expected to be 6.56 yuan, 7.00 yuan, and 7.43 yuan for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 6.47% [3][14]. Business Segment Performance - The company's wireless internet revenue was 394.80 billion yuan, a slight decrease of 0.29% year-on-year, while wired broadband revenue reached 118.77 billion yuan, growing by 13.08% [11]. - Application and information service revenue amounted to 221.64 billion yuan, increasing by 21.47% year-on-year, and other business revenue, driven by terminal sales, grew by 16.45% to 145.80 billion yuan [11][12]. Strategic Goals - The company aims to accelerate its "AI+" initiatives in 2024, targeting a net increase of 80 million 5G network customers and 18 million family broadband customers, with stable growth in average revenue per user (ARPU) [13].