CHINA MOBILE(600941) 华创证券·2024-03-24 16:00Investment Rating - The report maintains a "Recommended" rating for the company, despite adjusting the net profit forecast for the years 2024-2025 to 1400.59 billion, 1491.47 billion, and 1582.88 billion respectively, with corresponding EPS of 6.55, 6.97, and 7.40 [1][5]. Core Insights - The company achieved a revenue of 10093 billion, a year-on-year increase of 7.7%, and a net profit of 1317.66 billion, up 5% year-on-year, showcasing its strong market position as the world's leading operator [1][5]. - Digital transformation revenue reached 2538 billion, growing by 22.2%, indicating robust growth in new business segments [1]. - The company plans to increase its dividend payout ratio to over 75% of the annual profit within three years, reflecting a commitment to shareholder returns [1]. Financial Performance - The company's revenue structure is improving, with HBN revenue now accounting for 43.2% of total revenue, and C-end revenue slightly increasing by 0.3% to 4902 billion [1]. - The mobile user base grew to 991 million, with a 5G penetration rate of 46.9%, up 13.3 percentage points year-on-year [1]. - Capital expenditure for 2023 was 1803 billion, with a planned reduction to 1730 billion for 2024, indicating a strategic focus on efficiency [1]. Future Projections - The company forecasts a revenue growth rate of 5.8% for 2024, with net profit expected to grow by 5.0% [17]. - The projected EPS for 2024 is 6.55, with a P/E ratio of 16, indicating a stable valuation outlook [17]. - The report anticipates continued growth in digital services, with industry cloud revenue reaching 708 billion [1].