营收利润创新高，派息率持续提升

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The company achieved a record high in revenue and profit in 2023, with operating income reaching 1,009.3 billion yuan, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 131.8 billion yuan, up 5.0% [12] - The company is experiencing steady growth in its personal market, with the HBN revenue proportion increasing to 43.2%, a rise of 3.4 percentage points year-on-year [13] - The company plans to increase its dividend payout ratio to over 75% in the next three years, with capital expenditures expected to be around 173 billion yuan in 2024 [14] Financial Performance Summary - In 2023, the company reported an EBITDA of 341.5 billion yuan, a 3.7% increase year-on-year [12] - The first quarter of 2024 showed a revenue of 263.7 billion yuan, a 5.2% increase year-on-year, with a net profit of 29.6 billion yuan, up 5.5% [12] - The projected net profits for 2024, 2025, and 2026 are 141.35 billion yuan, 153.01 billion yuan, and 165.18 billion yuan, respectively, with growth rates of 7.27%, 8.25%, and 7.95% [19] Market Position and Strategy - The company has a strong position in the mobile cloud service sector, with revenue reaching 83.3 billion yuan, a significant year-on-year growth of 65.6% [13] - The company is actively investing in computing power-related projects, with planned investments of 47.5 billion yuan, a 21.5% increase year-on-year [14] - The company’s mobile ARPU (Average Revenue Per User) is stable at 49.3 yuan, reflecting a 0.6% year-on-year growth [13]