业绩稳定增长，AI投入成效显现

Investment Rating - The report maintains a "Buy" rating for the company, predicting a significant price increase relative to the industry index over the next six months [5][34]. Core Insights - The company has demonstrated stable revenue growth, with a focus on digital transformation and AI investments yielding positive results. Revenue projections for 2024-2026 are estimated at 1,119.32 billion, 1,236.85 billion, and 1,354.35 billion respectively, with net profits expected to reach 143.66 billion, 159.56 billion, and 178.99 billion [5][19]. - The company’s digital business is showing good growth, particularly in the government and enterprise market, where it is expanding its "network + cloud + DICT" strategy and enhancing industry-specific solutions [20]. Financial Summary - The company reported a revenue of 1,009.31 billion in 2023, with a year-on-year growth rate of 7.7%. The net profit for the same year was 131.77 billion, reflecting a growth of 5.0% [5][19]. - Key financial metrics for 2024E include an EPS of 6.71, a P/E ratio of 15.5, and a projected ROE of 9.9% [5][19]. - The company’s mobile ARPU remains stable at 47.9 yuan, with a total mobile customer base of 996 million, including 465 million 5G customers [5][19].