CHINA MOBILE(600941)2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for China Mobile (600941.SH) [3][4][20] Core Insights - In 2023, China Mobile achieved a revenue of 1,009.3 billion yuan, representing a year-on-year growth of 7.7%, and a net profit of 131.8 billion yuan, up 5.0% year-on-year [7][21] - The company plans to gradually increase its dividend payout ratio to over 75% within three years, with a proposed dividend of 4.83 HKD per share for 2023, a 9.5% increase from 2022 [19][21] - The digital transformation revenue reached 253.8 billion yuan, growing by 22.2% year-on-year, contributing to 29.4% of total service revenue [21][26] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are 1,409 billion yuan, 1,483 billion yuan, and 1,562 billion yuan respectively, with corresponding net profits of 140.9 billion yuan, 148.3 billion yuan, and 156.2 billion yuan [4][32] - The projected earnings per share (EPS) for 2024-2026 are 6.58 yuan, 6.93 yuan, and 7.30 yuan respectively, with a price-to-earnings (PE) ratio of 16, 15, and 14 [4][20] - The return on equity (ROE) is expected to improve from 10.1% in 2023 to 11.0% by 2026 [2][34] Market Performance - The report indicates that the current A-share price corresponds to a PE ratio of 16 for 2024, while the H-share price corresponds to a PE of 11 for the same year [4][20] - The company has a market capitalization of approximately 222.53 billion yuan [20]