中国移动2024一季报点评：业绩实现良好增长，坚持稳中求进

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company achieved good growth in Q1 2024, with revenue of 263.7 billion yuan, a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 29.6 billion yuan, up 5.5% year-on-year [3][6]. - The company has a clear guidance for good growth in revenue and profit for the year, with an increasing trend in dividend payout ratio [8][23]. - The company’s traditional business has solidified its growth foundation, with strong user growth in March and a stable increase in ARPU [22]. Summary by Sections Financial Performance - In Q1 2024, the company reported operating revenue of 263.7 billion yuan, a 5.2% increase year-on-year, and communication service revenue of 219.3 billion yuan, up 4.5% year-on-year [6][8]. - The operating expenses increased by 4.8% year-on-year, while excluding terminal sales costs, the operating expenses grew by 3.9% [7]. - The company’s net profit for 2024 is projected to be 140.5 billion yuan, 148.1 billion yuan, and 155.8 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 6.6%, 5.4%, and 5.2% [8]. Business Segments - The company’s DICT business continues to grow well, contributing positively to overall performance [22]. - In March, the company added 4.56 million mobile users and 2.7 million fixed-line users, indicating strong growth [22]. - The ARPU for mobile services in Q1 2024 was 47.9 yuan, remaining stable year-on-year, while the comprehensive ARPU for home customers increased by 1.8% to 39.9 yuan [22]. Capital Expenditure and Dividend Policy - The company is entering a downward cycle in capital expenditure, with a forecast of 173 billion yuan for 2024, a decrease of 4% year-on-year [23]. - The company has committed to increasing its dividend payout ratio to over 75% within three years starting from 2024, with a current payout ratio of 71% [23].