定位"新一代综合智慧服务商"，持续深化创新转型。中国通信服务是全球最大的通信基础设施建设者和 全球领先的信息通信支撑一体化服务提供商，提供涵盖规划设计、工程建设、信息化技术与产品、运维 运营等一体化服务，致力于成为新一代信息通信、通智超算等新基建总包总集一体化服务商。 推荐逻辑1：运营商持股，分红稳步提升。公司是由中国电信控股、中国移动和中国联通参股的国有大 型企业，受国资委相关市值管理考核。公司高度重视股东回报，实施"持续增长、稳步提升"股息政策， 近五年分红比例由36%提升至42%，持续回馈股东。截至2024 年底，公司现金及存款达381.1 亿元 （注：当前市值仅约310 亿港元），同比增长7.5%；2024 年，公司净营业周期为-20.3 天，同比扩大 68.7%，资金管理能力和企业运营效率不断提升。 机构：招商证券 研究员：梁程加/李哲瀚 推荐逻辑2：战略新兴领域布局成果斐然，已成为主要增长引擎。公司深耕数字基建、绿色低碳、智慧 城市、应急安全等四大战略新兴领域。2024 年，公司总新签合同额为2,110 亿元，其中战略新兴业务新 签合同额超780 亿元，同比增长30%，占总新签合同额的37%，同比 ...

证券研究报告 | 公司深度报告 2025 年 06 月 03 日 中国通信服务（00552.HK） 中国综合智慧服务龙头，AI 大模型浪潮点燃增长新引擎 TMT 及中小盘/通信 ❑ 风险提示：电信业资本开支下降风险、营运资金需求增加的风险、国际业务 运营及有关风险、算力资本支出不及预期风险、战略新兴产业发展风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 149139 | 150536 | 154438 | 159884 | 166007 | | 同比增长 | 6% | 1% | 3% | 4% | 4% | | 营业利润(百万元) | 2849 | 3057 | 3244 | 3382 | 3553 | | 同比增长 | 16% | 7% | 6% | 4% | 5% | | 归母净利润(百万元) | 3584 | 3607 | 3731 | 3901 | 4105 | | 同比增长 | 7% | 1% | 3% | 5% | 5% | ...

证券研究报告 | 公司深度报告 2025 年 06 月 03 日 中国通信服务（00552.HK） 中国综合智慧服务龙头，AI 大模型浪潮点燃增长新引擎 TMT 及中小盘/通信 ❑ 风险提示：电信业资本开支下降风险、营运资金需求增加的风险、国际业务 运营及有关风险、算力资本支出不及预期风险、战略新兴产业发展风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 149139 | 150536 | 154438 | 159884 | 166007 | | 同比增长 | 6% | 1% | 3% | 4% | 4% | | 营业利润(百万元) | 2849 | 3057 | 3244 | 3382 | 3553 | | 同比增长 | 16% | 7% | 6% | 4% | 5% | | 归母净利润(百万元) | 3584 | 3607 | 3731 | 3901 | 4105 | | 同比增长 | 7% | 1% | 3% | 5% | 5% | ...

联合研究丨港股公司深度丨中国通信服务（0552.HK） [Table_Title] 稳中有进，向新而行 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% 报告要点 [Table_Summary] 得益于运营商和非运营商集客回款质量较好，且公司将大量低毛利承包业务分包，公司在手现 金充裕，自由现金流稳中有升。近年来，公司每股派息逐年提升，派息率保持稳中有升，2024 年派息率为 42%，派息率提升弹性较大。公司依托运营商持续稳固业绩基本盘，乘算力建设的 东风，在战略新兴及 ACO 业务的不断发力，扣非增速近三年保持约双位数增长，结合公司稳 中向好的派息比例，当前估值具备吸引力。 分析师及联系人 [Table_Author] 张弛 于海宁 张智杰 SAC：S0490520080022 SAC：S0490517110002 SAC：S0490522060005 SFC：BUT917 SFC：BUX641 温筱婷 袁志芃 龚子逸 SAC：S0490524100002 请阅读最后评级说明和重要声明 2 / 26 research.95579.com 2 中国通信 ...

Financial Performance - Operating revenue for 2024 is projected to be RMB 150 billion, a 0.9% increase from RMB 148.615 billion in 2023[41] - Profit attributable to shareholders is expected to reach RMB 3.607 billion, reflecting a 0.6% growth from RMB 3.584 billion in the previous year[41] - Free cash flow is anticipated to increase by 20.4% to RMB 5.214 billion, up from RMB 4.333 billion in 2023[41] - Basic earnings per share are forecasted to be RMB 0.521, a slight increase of 0.6% from RMB 0.518 in 2023[41] - The company achieved operating revenue of RMB 150 billion, a year-on-year increase of 0.9%[56] - Net profit amounted to RMB 3.607 billion, showing a year-on-year increase of 0.6%[56] - Free cash flow improved to RMB 5.214 billion, indicating good growth[56] - Return on equity (ROE) stood at 8.2%[56] - The board proposed a final dividend of RMB 0.2187 per share, with a payout ratio of 42%[56] - The free cash flow for the year was RMB 5,214 million, with a healthy profit cash ratio of 172.5%[144] - The company's net profit attributable to shareholders in 2024 was RMB 3,607 million, a 0.6% increase from RMB 3,584 million in 2023, with basic earnings per share of RMB 0.521[172] Revenue Breakdown - Service revenue reached RMB 146.212 billion, reflecting a year-on-year growth of 1.9%[56] - Telecommunications infrastructure service revenue reached RMB 75,172 million, a year-on-year decrease of 1.3%, accounting for 50.1% of total operating revenue[57] - Revenue from overseas customers in telecommunications infrastructure services grew by 17.5% year-on-year[57] - Business process outsourcing service revenue was RMB 43,459 million, down 0.2% year-on-year, representing 29.0% of total operating revenue[57] - Revenue from applications, content, and other services increased by 8.4% year-on-year to RMB 31,369 million, surpassing 20% of total operating revenue at 20.9%[57] - Revenue from domestic telecommunications operators reached RMB 83,603 million, a year-on-year increase of 2.3%[59] - Revenue from the domestic non-telecom operator market was RMB 62,169 million, down 2.0% year-on-year[59] - Overseas market revenue grew by 22.3% year-on-year, reaching RMB 4,228 million[59] Strategic Initiatives - The company plans to enhance its focus on cutting-edge technologies such as 5G-A, blockchain, and artificial intelligence[8] - The acquisition of a 49% stake in the China-UK submarine system company has been completed, making it a wholly-owned subsidiary[36] - The company aims to strengthen its integration capabilities across various sectors, providing comprehensive services in cloud, AI, and security[7] - The establishment of a wholly-owned subsidiary for smart property development is part of the company's strategy for market expansion[34] - The company is focusing on digital infrastructure, green low-carbon solutions, and smart city services, aligning with national strategies[84][85] - The company is actively participating in national data center construction projects, contributing to the "East Data West Computing" initiative[84] - The company is actively pursuing opportunities for mergers and acquisitions to enhance its competitive position in the market[192][193][194][195][196][197][198][199] Awards and Recognition - The company has been recognized as one of the top four software and information technology service companies in China for three consecutive years[30] - The company has been recognized with over 30 significant technology awards at national and provincial levels in recent years[49] - The company ranked 1,429th in the 2024 Forbes Global 2000, improving by 70 places from the previous year[48] - The company received multiple accolades for corporate governance and ESG performance, including recognition in the 2024 Forbes Global 2000 list[75] Research and Development - Research and development investment exceeded RMB 5.5 billion in 2024, focusing on strategic emerging industries[110] - The company has developed over 40 self-controlled cybersecurity products and a one-stop overall solution, responding to the data security needs of various industries[65] - The company has launched nearly 100 key industry products focusing on smart photovoltaic, smart buildings, and smart sports, addressing customer needs for intelligence and safety[67] Operational Efficiency - The company has implemented over 12 comprehensive solutions across more than 50% of provinces in the country, significantly enhancing operational efficiency[67] - The company's total assets as of the end of 2024 were RMB 136,618 million, an increase of RMB 14,828 million from RMB 121,790 million at the end of 2023[178] - The total liabilities at the end of 2024 were RMB 90,004 million, an increase of RMB 11,882 million from RMB 78,122 million at the end of 2023, with a debt-to-asset ratio of 65.9%, up 1.8 percentage points[178] Corporate Governance - The company has a strong management team with over 20 years of experience in the telecommunications industry, including expertise in finance, auditing, and corporate governance[192][193][194][195][196][197][198][199] - The company has a diverse board of directors with extensive backgrounds in law, finance, and corporate management, ensuring robust governance practices[191][192][193] - The company is committed to maintaining high standards of corporate governance and compliance, as evidenced by the qualifications of its board members and management[191][192][193]

2025 年 4 月 9 日 公司研究 传统业务高质量发展，战新业务和海外市场成为发展驱动力 ——中国通信服务（0552.HK）2024 年度业绩点评 要点 事件：公司发布2024年全年业绩，2024年实现收入1500亿人民币，同比增长 0.9%，系应用、内容及其他服务(ACO)和战略新兴业务驱动。2024年毛利润 175.96亿元，同比增长2.0%，毛利率为11.7%，同比增长0.1pct，连续三年 保持上升态势，系公司强化成本管控叠加高毛利业务收入贡献提升，预期盈利 水平将稳健持续增长。2024年实现归母净利润36.07亿元，同比增长0.6%， 对应净利润率2.4%，同比持平。现金流表现良好，自由现金流同比提升20.4% 达52.14亿元，目前公司一年以内应收账款占90%，风险可控，将持续做好现 金流收支管理。公司注重股东回报，近10年股息分红水平稳中有升，2024年 末期股息每股人民币0.2187元，分红比例为42%，同比持平。 运营商市场稳中有升，集客市场略降，海外市场快速增长：1）2024年运营商 市场收入836亿元，同比增长2.3%，其中ACO增长达9.4%；公司在市场整体 CAPEX投资规模下降 ...

智通财经APP获悉，中金发布研报称，考虑到中国通信服务(00552)加强项目质量管控，下游客户运营商 资本开支下降超预期，该行下调2025年的净利润预测6.1%至36.83亿元，首次引入2026年的净利润预测 37.62亿元。公司当前股价对应2025/2026年7.7倍/7.4倍市盈率。该行称，考虑到公司把握AI发展机遇， 战新业务新签合同增长较快，维持跑赢行业评级和5.10港元目标价，对应9.0倍2025年市盈率和8.7倍 2026年市盈率。 中金主要观点如下： 优化用工结构、加强成本管控，毛利率持续三年提升 2024年经营成本同比+0.8%，毛利率同比提升0.1ppt至11.7%，公司持续优化用工结构、加强管控材料成 本、降低毛利较低的商品分销业务占比，集客市场毛利率保持稳定、运营商市场毛利持续提升。全年研 发费用55.7亿元，同比+0.3%，聚焦战略性新兴领域。2024年公司ROE同比-0.4ppt至8.2%。 经营活动净现金流表现优秀，分红比例42%同比持平 2024年公司经营活动现金流净额同比增长16.1%至62.21亿元;自由现金流同比+20.1%至52.1亿元。公司 着重长账龄应收账款催收工作， ...

Financial Performance - The company's operating revenue reached RMB 150,000 million, an increase of 0.9% year-on-year[5]. - Net profit amounted to RMB 3,607 million, reflecting a year-on-year growth of 0.6%[5]. - Gross profit margin was 11.7%, up by 0.1 percentage points, marking three consecutive years of steady improvement[5]. - Free cash flow increased by 20.4% to RMB 5,214 million[5]. - Operating revenue for the year ended December 31, 2024, was RMB 150,000,103 thousand, a slight increase from RMB 148,614,676 thousand in 2023, representing a growth of approximately 0.26%[33]. - Gross profit for 2024 was RMB 17,596,221 thousand, compared to RMB 17,257,250 thousand in 2023, indicating a growth of about 1.97%[33]. - Net profit attributable to shareholders for 2024 was RMB 3,606,861 thousand, up from RMB 3,584,391 thousand in 2023, reflecting an increase of approximately 0.62%[33]. - Basic/diluted earnings per share for 2024 was RMB 0.521, compared to RMB 0.518 in 2023, showing a growth of about 0.58%[33]. - The company reported a total comprehensive income of RMB 4,510,635 thousand for 2024, compared to RMB 3,831,304 thousand in 2023, marking an increase of approximately 17.7%[34]. Revenue Breakdown - Revenue from domestic telecom operators grew by 2.3% to RMB 83,603 million despite a general decline in CAPEX investment[10]. - Revenue from overseas markets surged by 22.3% to RMB 4,228 million, driven by the "Belt and Road" initiative[12]. - Revenue from application, content, and other services grew by 8.4% to RMB 31,369 million, accounting for 20.9% of total operating revenue[9]. - Revenue from telecommunications infrastructure services was RMB 75,172,237 thousand in 2024, slightly down from RMB 76,136,756 thousand in 2023, a decrease of approximately 1.27%[42]. - Revenue from application, content, and other services increased to RMB 31,368,848 thousand in 2024 from RMB 28,927,306 thousand in 2023, reflecting a growth of about 8.43%[42]. - Revenue from domestic non-operator customer market was RMB 62,169 million, a year-on-year decrease of 2.0%[62]. - Revenue from business process outsourcing services was RMB 43,459 million, remaining stable compared to RMB 43,551 million in 2023[66]. Contracts and Projects - New contract value in strategic emerging industries increased by over 30%[5]. - The company has signed new contracts in strategic emerging businesses, with a total new contract amount increasing by over 30% year-on-year, accounting for 37% of total new contracts, which is an increase of approximately 7 percentage points from the previous year[14]. - In the digital infrastructure sector, the company undertook around 20 large-scale projects with new contract amounts growing over 30% in this area[15]. - In the green low-carbon sector, the new contract amount increased by over 25%, focusing on energy, industrial manufacturing, and transportation[16]. - The smart city sector saw new contract amounts grow by over 40%, emphasizing urban renewal and digital transformation across various industries[17]. - In the emergency safety sector, the new contract amount increased by over 30%, with a focus on public safety governance and network information security capabilities[18]. Research and Development - The company has developed over 40 products worth millions, with 12 comprehensive solutions implemented in over 50% of provinces nationwide, enhancing operational efficiency[20]. - The company holds over 3,900 authorized patents and more than 10,500 software copyrights, maintaining a strong position in the software and information technology services sector[20]. - The company is actively involved in the development of key technologies in 5G-A, blockchain, and artificial intelligence, aiming to create innovative products and platforms[20]. - Research and development expenses for 2024 were RMB 5,568 million, a slight increase of 0.3% from RMB 5,552 million in 2023, representing 3.7% of operating revenue[78]. Corporate Governance and Recognition - The group has received multiple awards for its corporate governance, including "Best CEO" and "Best CFO" in the "2024 Annual Asia Best Managed Companies" awards[28]. - The group ranked 1,429th in the "2024 Forbes Global 2000" list, indicating its recognition in the capital market[28]. - The group has been included in the "Hang Seng Sustainable Development Corporate Benchmark Index" for three consecutive years, reflecting its strong performance in sustainable development[24]. Sustainability and Social Responsibility - The group is committed to green low-carbon development and has developed a green low-carbon plan in response to the national "dual carbon" strategy[24]. - The group is actively participating in rural revitalization and improving livelihoods through projects in digital rural development and smart agriculture[27]. - The group aims to enhance core competitiveness by leveraging new technologies such as big data, cloud computing, artificial intelligence, and quantum communication, focusing on high-quality product and service delivery[22]. - The group has invested approximately 150,000 person-times in disaster relief communication support throughout the year, ensuring communication during major disasters[25]. Financial Position and Cash Flow - Total assets as of December 31, 2024, amounted to RMB 136,617,576 thousand, an increase from RMB 121,789,750 thousand in 2023, representing a growth of approximately 12.16%[35]. - Total liabilities increased to RMB 90,004,424 thousand in 2024 from RMB 78,122,049 thousand in 2023, indicating a rise of about 15.67%[36]. - The company's cash and cash equivalents decreased to RMB 19,638,036 thousand in 2024 from RMB 22,914,865 thousand in 2023, a decline of about 14.9%[35]. - The net cash outflow for 2024 was RMB 3,286 million, a decrease of RMB 4,124 million compared to a net inflow of RMB 838 million in 2023[84]. - Cash generated from operating activities in 2024 was RMB 6,221 million, an increase of RMB 865 million from RMB 5,356 million in 2023[85]. Dividend and Shareholder Information - The board proposed a final dividend of RMB 0.2187 per share, with a payout ratio of 42%[7]. - The dividend will be paid to shareholders listed on the H-share register as of July 7, 2025, with a suspension of share transfer registration from July 2 to July 7, 2025[99]. - The company will withhold a 10% income tax for overseas individual shareholders from Hong Kong or Macau when distributing dividends[101]. - For overseas non-resident corporate shareholders, a 10% corporate income tax will be withheld on dividends distributed[102]. - The annual report for the year ending December 31, 2024, will be sent to shareholders and published on the Hong Kong Stock Exchange website and the company's website[104].

Financial Performance - Operating revenue for the first half of 2024 reached RMB 74,412 million, a year-on-year increase of 1.7%, with service revenue growing by 3.0%[6] - Net profit attributable to shareholders was RMB 2,125 million, reflecting a 4.4% increase, outpacing revenue growth by 2.7 percentage points[9] - Gross profit margin improved to 10.9%, up 0.2 percentage points compared to the previous year[11] - Basic earnings per share increased to RMB 0.307, a 4.4% rise from the previous year[11] - The company's net profit attributable to shareholders was RMB 2,125 million, representing a 4.4% increase from RMB 2,034 million in the first half of 2023[36] - Gross profit for the first half of 2024 was RMB 8,116 million, up 3.6% from RMB 7,834 million in the same period of 2023, with a gross margin of 10.9%[34] - The total comprehensive income for the period was RMB 2,685,917 thousand, an increase of 7.6% from RMB 2,495,205 thousand in 2023[40] - For the six months ended June 30, 2024, the company reported a total comprehensive income of RMB 2,612,916 thousand, compared to RMB 2,417,251 thousand for the same period in 2023, representing an increase of approximately 8.1%[44] Revenue Breakdown - Revenue from non-telecom operator group customers was RMB 32,409 million, marking a 2.5% year-on-year growth and driving overall customer revenue increase[16] - Revenue from overseas markets reached RMB 1,979 million, showing a significant growth of 26.0% year-on-year[16] - The telecommunications infrastructure service revenue was RMB 37,666 million, remaining stable compared to the previous year, accounting for 50.6% of total operating revenue[12] - Revenue from the domestic telecommunications operator market was RMB 40,024 million, a slight increase of 0.1%; revenue from the domestic non-operator market rose by 2.5% to RMB 32,409 million; and overseas market revenue surged by 26.0% to RMB 1,979 million[31] - Revenue from telecommunications infrastructure services was RMB 37,666,188 thousand, showing a marginal decrease from RMB 37,687,865 thousand in the previous year[52] - The revenue from logistics services increased to RMB 2,074,889 thousand in the first half of 2024, compared to RMB 1,963,350 thousand in the same period of 2023, marking an increase of approximately 5.7%[86] Contract and Project Growth - The company signed new contracts with a growth rate exceeding 40%, reflecting strong demand in strategic emerging industries[9] - New contracts in strategic emerging industries grew by over 40% year-on-year, accounting for more than 35% of total new contracts signed in the first half of the year[17] - In the digital infrastructure sector, new contracts increased by over 35% year-on-year, with successful projects in finance, energy, and manufacturing[18] - The smart city sector saw new contracts grow by over 40% year-on-year, winning multiple large EPC projects in digital government and smart transportation[19] - New contracts in the green low-carbon sector surged by over 60% year-on-year, with green low-carbon projects making up more than half of the strategic emerging industry projects[20] - The emergency safety sector experienced a year-on-year growth of over 40% in new contracts, focusing on information security and emergency management products[21] Research and Development - R&D investment reached RMB 2,314 million, an increase of 11.1% year-on-year, with over 3,600 authorized patents and 9,700 software copyrights obtained[22] - Software development and system support revenue grew by 11.4% year-on-year, contributing 24% to overall revenue growth[22] Cash Flow and Investments - Free cash flow was negative at RMB (2,165) million, compared to RMB (1,122) million in the previous year, indicating increased capital expenditures[6] - The company’s investment activities resulted in a net cash outflow of RMB 6,454,076 thousand for the six months ended June 30, 2024, compared to RMB 899,030 thousand in the previous year, indicating a substantial increase in investment expenditures[45] - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 2,406,974 thousand, up from RMB 1,165,995 thousand in the prior year, indicating a significant increase of approximately 106.5%[45] Assets and Liabilities - As of June 30, 2024, total assets were RMB 128,202 million, an increase of RMB 6,412 million from RMB 121,790 million at the end of 2023[38] - The debt-to-asset ratio stood at 65.0%, slightly up from the previous year-end[38] - Total liabilities as of June 30, 2024, were RMB 83,353,762 thousand, up from RMB 78,122,049 thousand, reflecting a growth of 6.5%[42] - The company's cash and cash equivalents decreased to RMB 13,807,171 thousand from RMB 22,914,865 thousand, a decline of 39.7%[41] - The total accounts receivable and notes receivable, net of credit loss provisions, increased to RMB 27,487,284 thousand as of June 30, 2024, from RMB 23,921,258 thousand as of December 31, 2023, marking a growth of about 14.7%[66] Corporate Governance and Compliance - The board believes that the company has complied with all corporate governance codes as of June 30, 2024[98] - The company is actively seeking suitable female director candidates to meet gender diversity requirements on the board[98] - The audit committee has reviewed the accounting standards and practices adopted by the group, discussing risk management and internal controls[39] Market Position and Strategy - The company ranked 1,429 in the 2024 Forbes Global 2000 list, reflecting its strong market position[25] - The company aims to enhance core competitiveness and achieve high-quality growth by focusing on technological innovation and strategic emerging industries[26] - The company is focused on expanding its digital solutions and integrated smart solutions in the telecommunications sector, aiming to enhance its market position and service offerings[46] - The company plans to continue expanding its telecommunications infrastructure services to capitalize on the growing demand in the market[86] - The company is focusing on enhancing its IT application services to improve revenue stability and growth in the future[86]

业绩稳健向好，新签合同提升明显 中国通信服务（0552.HK）/通信 证券研究报告/公司点评 2024 年 8 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|--------|----------------------------------------------|------------------------|--------------------------|--------------------------|----------------|----------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 3.99 港 元 | | [Table_Finance1] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：陈宁玉 | | ...