业绩稳健增长，算力布局坚定

Investment Rating - The report assigns a "Buy" rating for both A-shares and H-shares of China Mobile, with a target price of 127.95 CNY for A-shares and 78.34 HKD for H-shares [13]. Core Insights - In Q1 2024, China Mobile reported a revenue of 263.7 billion CNY (YoY +5.2%), with a main business revenue of 219.3 billion CNY (YoY +4.5%) and a net profit attributable to shareholders of 29.6 billion CNY (YoY +5.5%), maintaining a net profit margin of 11.2% [3]. - The company is advancing its digital transformation and high-quality development, showing a positive operational trend. Key market segments include: 1. Personal Market: Focus on "connection + application + rights" integration, with 5G network customers reaching 488 million (YoY +34.4%) and a penetration rate of 49.0% [3]. 2. Home Market: Development of a "full gigabit + cloud life" smart home ecosystem, with wired broadband customers at 305 million (YoY +8.5%) and a comprehensive ARPU of 39.9 CNY (YoY +1.8%) [3]. 3. Government and Enterprise Market: Expansion of "network + cloud + DICT" services, with good growth in DICT revenue and a focus on standardizing and productizing solutions [3]. - The company is committed to enhancing its core competitiveness and aims to build a world-class information service technology innovation company. A significant procurement announcement for AI servers and related products was made, indicating a strong commitment to the AI and computing power sectors [3]. Financial Forecasts - Revenue projections for China Mobile from 2024 to 2026 are 1,085.5 billion CNY, 1,162.8 billion CNY, and 1,239.4 billion CNY, respectively. Net profit forecasts are 139.1 billion CNY, 146.3 billion CNY, and 153.0 billion CNY, with corresponding EPS of 6.50 CNY, 6.84 CNY, and 7.15 CNY [3][4].