2024 年 9 月 4 日 公司研究 业绩稳中有升，盈利持续向好，战略新兴业务新签合同提升明显 ——中国通信服务（0552.HK）2024 年度中期业绩点评 要点 事件：公司发布2024年度中期业绩，1H24实现收入744亿人民币，同比增长 1.7%，系集客市场和ACO业务驱动。1H24毛利润81亿元，同比增长3.6%， 毛利率为10.9%，同比增长0.2pct，延续近年向好态势，系公司强化成本管控 叠加高毛利率业务收入贡献提升。1H24实现归母净利润21亿元，同比增长 4.4%，对应净利润率2.9%，同比提升0.1pct。1H24应收账款591亿元，同比 增长10.5%，增加的一半以上来自于资信背景良好的客户，风险较低，系上游 客户在宏观压力环境下，项目的验收及审计等周期有所延长。 运营商市场积极响应新需求，非运营商集客市场毛利率明显改善：1）1H24 运营商市场收入400亿元，同比增长0.1%，其中公司积极响应运营商在AI算力 建设、产业数字化等转型新需求，TIS业务稳中有升；智慧城市、数字基建、 绿色低碳等战略新兴业务快速发展，1H24新签合同同比增长34%+。2）1H24 非运营商集客市场收入324 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 中國通信服務股份有限公 司 CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED （於中華人民共和國註冊成立之股份有限公司） （股份編 號：552） 截至二零二四年六月三十日止六個月之中期業績公佈 要 點 – 1 – 1 服務收入=經營收入–商品分銷收入–系統集成中的IT設備配售收入 2 淨利潤指本公司股東應佔利潤。 3 此處為年化所有者權益回報率。 – 2 – （一）優勢業務引領，三大業務板塊穩健發展 本 集 團 抓 住 算 力 網 絡 建 設、數 字 化 轉 型 和 綠 色 轉 型 等 機 遇，有 效 應 對 外 部 環 境 變 化，經營業績實現穩健增長，效益指標持續提升： • 經營收入為人民幣74,412百萬元，增長1.7%，其中服務收入增長3.0%。 • 淨利潤為人民幣2,125百萬元，增長4.4%，比經營收入增速高出2.7個百分點。 • 毛利率為1 ...

中国通信服务(0552.HK)/通信 证券研究报告/公司深度报告 2024 年 7 月 11 日 2[Table_Industry] 算网基建龙头,重视回报 提升 派息率 [Table_ 评级:买入(首次) Invest] [Table_Finance1] 公司盈利预测及估值 | | | | | | | | |------------------------------------------|------------------------------------------------|----------------------|--------------------------------|---------------------------------|-----------------------|------------------------------| | 市场价格:4.43 港元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | [Table_ 分析师:陈宁玉 Authors] | 营业收入(百万元) 增长率 yoy% | 141,20 ...

二零二三年年報 公司大事記 公司大事記 隨著數字中國建設全面推進，行業信息化、智能化市場規模增長強勁，本集團立足 「新一代綜合智慧服務商」定位，以科技創新為引領，深耕數字基建、綠色低碳、 智慧城市、應急安全等戰略性新興產業領域，積極培育新增長動能。 隨著數字中國建設全面推進，行業信息化、智能化市場規模增長強勁，本集團立足 「新一代綜合智慧服務商」定位，以科技創新為引領，深耕數字基建、綠色低碳、 智慧城市、應急安全等戰略性新興產業領域，積極培育新增長動能。 目錄 | 03 | 大事記 | | --- | --- | | 06 | 財務重點 | | 07 | 公司簡介及企業信息 | | 09 | 董事長報告書 | | 16 | 業務概覽 | | 33 | 管理層對財務狀況和經營成果的討論與分析 | | 43 | 董事、監事及高級管理人員簡歷 | | 50 | 董事會報告書 | | 73 | 監事會報告書 | | 74 | 企業管治報告 | | 91 | 環境、社會及管治報告 | | 147 | 投資者關係 | | 159 | 獨立核數師報告 | | 165 | 合併損益表 | | 166 | 合併損益及其他綜合收 ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 中国通信服务20240417_原文 2024年04月18日18:17 发言人 00:00 大家下午好，今天下午我们非常荣幸的邀请到了中国通信服务口干部的钟总和梁总两位领导来 为我们各位投资人去介绍一下我们二三年整体的一个业绩情况，然后来回答各位投资人的问题。 周总好，梁你好，可以听到吗？应该的，谢谢。好好好好，那要不先请钟总和梁总简要的介 绍一下咱们公司2023年的一个业绩情况，然后再咱们再进行问答。好的，我们先请我们的投 管部的经理梁以前梁小姐这边介绍一下公司的一些基本情况。谢谢，是客人，谢谢。 发言人 00:40 客人，现在由我来先介绍介绍一下我们公司的基本的情况。如果你们有我们的业绩的材料的话 可以同步的翻一翻。就是我目前开始的就是在第16 页，在我们二三年的业绩的材料。 发言人 01:00 我们中国通服的定位是新一代综合智慧服务商，提供综合一体化智慧解决方案，就是 TIS、CPO 还有 ACO 的服务。TIS 就是电信基建服务，就是包括设计施工还有监理的服务。在二三年占我 们收入是 51%，增长 4.4%。 发言人 01:23 电信基建服务基就是 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 中國通信服務股份有限公司 CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED 董事長報告書 尊 敬 的 各 位 股 東： （於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司） 二 零 二 三 年，國 家 加 快 推 進 數 字 中 國 及 新 型 工 業 化 建 設，新 一 輪 科 技 革 命 和 產 業 革 命 深 入 發 展，數 字 化、智 能 化 進 程 不 斷 加 速。本 集 團 立 足「新 一 代 綜 合 智 慧 服 務 商」定 位， 以 科 技 創 新 為 引 領，深 耕 戰 略 性 新 興 產 業 領 域，打 造 核 心 能 力，提 升 ...

Financial Performance - Operating revenue reached RMB 73,170 million, an increase of 5.7% year-on-year[6] - Net profit attributable to shareholders was RMB 2,034 million, up 7.3% compared to the previous year[6] - Gross profit margin improved to 10.7%, an increase of 0.2 percentage points[6] - Basic earnings per share were RMB 0.294, reflecting a 7.3% increase year-on-year[6] - The annualized return on equity (ROE) was 10.0%, up 0.2 percentage points from the previous year[6] - The profit attributable to shareholders for the first half of 2023 was RMB 2,034 million, a growth of 7.3% from RMB 1,895 million in the first half of 2022[42] - The total comprehensive income for the first half of 2023 was RMB 2,495 million, an increase from RMB 2,096 million in the first half of 2022[56] - The company's operating revenue for the first half of 2023 reached RMB 73,170 million, a 5.7% increase from RMB 69,254 million in the same period of 2022[34] Revenue Sources - Revenue from domestic telecom operators grew by 7.5%, contributing significantly to overall revenue[9] - Revenue from the domestic non-operator customer market increased by 3.6%, reflecting ongoing optimization of business structure[6] - Revenue from overseas markets reached RMB 1,570 million, a year-on-year increase of 1.2%[13] - Revenue from telecommunications infrastructure services was RMB 37,688 million, growing by 7.5% year-on-year[35] - Revenue from application, content, and other services was RMB 13,753 million, with an 8.6% year-on-year increase; software development and system support services revenue grew by 31.5% to RMB 2,613 million[35] - Revenue from telecommunications infrastructure services provided to joint ventures increased to RMB 2,074,011 thousand, a 18.4% rise from RMB 1,751,740 thousand in H1 2022[123] Cost and Expenses - The company achieved a 5.4% increase in operating costs, totaling RMB 65,336 million, while direct employee costs decreased by 3.9% to RMB 3,871 million[39] - The group's selling, general and administrative expenses for the first half of 2023 were RMB 6,353 million, a 7.3% increase from RMB 5,920 million in the first half of 2022, representing 8.7% of operating revenue, up 0.2 percentage points year-on-year[41] - The company's operating costs for the six months ended June 30, 2023, totaled RMB 65,335,907 thousand, an increase from RMB 61,959,855 thousand in the previous year, representing a growth of approximately 5.7%[79] Cash Flow and Financial Position - Free cash flow improved, indicating better cash management and operational efficiency[6] - The group's net cash outflow for the first half of 2023 was RMB 2,323 million, an improvement from RMB 3,170 million in the same period of 2022, due to enhanced working capital management[44] - As of June 30, 2023, total assets amounted to RMB 119,040 million, an increase of RMB 8,771 million from RMB 110,269 million at the end of 2022, while total liabilities rose by RMB 7,685 million to RMB 76,330 million[45] - The asset-liability ratio stood at 64.1%, slightly up from the end of 2022[45] - The company's current liabilities increased to RMB 74,205,950 thousand from RMB 66,596,457 thousand, representing a rise of about 11.0%[60] - The company's cash and cash equivalents decreased to RMB 19,766,956 thousand from RMB 22,087,661 thousand, a decline of about 10.5%[58] Strategic Initiatives - The company has established a digital infrastructure research institute to focus on data center and computing network development, successfully undertaking multiple projects worth over 100 million yuan[16] - The company is actively involved in the green low-carbon sector, integrating technologies such as 5G and AI to provide intelligent and low-carbon services, and has formed strategic partnerships with 25 research institutions and universities[17] - The company aims to enhance operational efficiency through digital transformation, promoting the use of digital tools to reduce operational costs and improve customer experience[24] - The company is advancing reforms to optimize its operational management system, including the restructuring of its subsidiary into a joint-stock company[25] - The company is committed to supporting national carbon neutrality goals by focusing on power infrastructure and carbon management services[17] Research and Development - The company has increased R&D investment to strengthen its core capabilities, focusing on digital application development and key technologies such as IoT and blockchain[20] - The company has been recognized as a key player in the emergency safety sector, enhancing R&D efforts and promoting core products nationwide[19] Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations, ensuring transparency and accountability in its operations[131] - The company continues to operate under the economic system dominated by government-related enterprises, ensuring compliance with government pricing standards for telecom services[127] Market Position - The company ranked 98th in the 2023 "Fortune" list of China's top 500 listed companies and 1,499th in the 2023 "Forbes" Global 2000 list[28] - The company is a leading service provider in China, offering integrated smart solutions in the fields of information and digitalization, including telecommunications infrastructure services and IT management[65] Risks and Forward-Looking Statements - The company warns that forward-looking statements are subject to various risks and uncertainties, including macroeconomic changes and regulatory environment shifts[141] - The interim report emphasizes the goal of achieving high-quality development and forging a new growth curve[145]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 中 國 通 信 服 務 股 份 有 限 公 司 CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED （於中華人民共和國註冊成立之股份有限公司） （股份編號：552） 截至二零二三年六月三十日止六個月之中期業績公佈 要點 . 本集團穩步推進戰略實施，業務發展穩中趨好，延續高質量經營業績，其中毛利 率、淨利潤率和ROE等經營效益指標持續提升，自由現金流有所改善。 — 經營收入達到人民幣73,170百萬元，增長5.7%。 — 淨利潤達到人民幣2,034百萬元，增長7.3%。 — 毛利率為10.7%，提升0.2個百分點；淨利潤率為2.8%，提升0.1個百分點；年化 ...

Financial Performance - Revenue growth of 5.0% and net profit growth of 6.4% for 2022, indicating strong financial performance [8] - Operating revenue for 2022 reached RMB 140,746 million, representing a 5.0% increase from RMB 133,991 million in 2021 [13] - Profit attributable to shareholders for 2022 was RMB 3,358 million, up 6.4% from RMB 3,157 million in 2021 [13] - Free cash flow for 2022 was RMB 4,353 million, reflecting a 7.2% increase compared to RMB 4,060 million in 2021 [13] - Basic earnings per share for 2022 were RMB 0.485, a 6.4% rise from RMB 0.456 in 2021 [13] - Total dividend per share for 2022 was RMB 0.1939, marking a 12.0% increase from RMB 0.1732 in 2021 [13] - The return on equity (ROE) was 8.5%, an increase of 0.1 percentage points year-on-year [23] - The company reported a decrease in operational costs by L%, contributing to improved profit margins [9] Revenue Breakdown - Revenue from telecommunications infrastructure services was RMB 72,907 million, accounting for 51.8% of total revenue, with a year-on-year growth of 1.4% [24] - Business process outsourcing services generated RMB 43,072 million, representing 30.6% of total revenue, with a year-on-year increase of 6.0% [24] - Revenue from application, content, and other services grew by 15.3% year-on-year to RMB 24,767 million, making it the largest driver of revenue growth [24] - Revenue from domestic non-telecom operator customers was RMB 60,583 million, representing a year-on-year growth of 5.5% [28] - Revenue from domestic telecom operator market reached RMB 77,165 million, with a year-on-year increase of 4.6%, becoming a key driver for overall revenue growth [29] - The overseas market revenue reached RMB 2,998 million, showing a year-on-year growth of 9.3% [29] Strategic Focus and Initiatives - The company aims to leverage digital economy opportunities to enhance core competitiveness and develop a second growth curve [5] - Focus on strategic emerging industries such as digital infrastructure, smart cities, and green low-carbon initiatives [5] - Continuous internal digital transformation is being implemented to improve operational efficiency [1] - The company is committed to high-quality development and creating new growth curves through integrated smart solutions [1] - The group is focusing on digital infrastructure construction, targeting key areas such as data centers, 5G, and industrial internet [32] - The group aims to enhance its smart city service capabilities, aligning with national strategies for urbanization and community development [33] Research and Development - The group's R&D expenditure was RMB 4,952 million, reflecting a year-on-year increase of 17.0% [30] - The company invested approximately RMB 50 billion in R&D in 2022, with cumulative R&D investment since the 13th Five-Year Plan reaching RMB 250 billion [65] - The company continues to invest in R&D to support digital transformation opportunities and enhance system integration and software development capabilities [79] Awards and Recognition - The company ranked fourth in the "2022 Top 100 Software and Information Technology Service Competitiveness" for the second consecutive year [20] - The company was recognized with multiple awards in 2022, including "Best CEO" and "Best CFO" in the Asia region [19] - The group received a total of 28 provincial and ministerial-level awards for its technological achievements throughout the year [30] Market Expansion and Customer Base - The first major customer group now consists of non-telecom operators, indicating a shift in customer base [11] - The company has expanded its services globally, covering dozens of countries and regions [17] - The company is expanding its overseas market presence, particularly in the Middle East and Southeast Asia, focusing on digital infrastructure and data center projects [54] Governance and Management - The company’s management team includes experienced professionals with over 30 years in the telecommunications industry [110][115] - The financial management team has over 20 years of experience in telecommunications and finance, ensuring robust financial oversight [113] - The company’s board of directors is responsible for formulating the dividend distribution plan, which will be executed following relevant legal and regulatory procedures [136] Related Party Transactions - The company has established seven continuous connected transaction agreements with China Telecom to manage related transactions, which were approved by independent shareholders [171] - The company ensures that the terms offered to China Telecom Group are not less favorable than those provided to independent third parties for similar services [177] - The agreements with China Telecom are expected to provide a stable revenue source, benefiting the company's future growth and development [173] Financial Commitments and Liabilities - Total contractual commitments as of December 31, 2022, amount to RMB 1,235,997,000, with RMB 1,023,431,000 due in 2023 [107] - Short-term borrowings total RMB 752,001,000, while long-term loans amount to RMB 129,120,000, with scheduled repayments of RMB 20,058,000 in 2023 [107] - The company has committed capital expenditures of RMB 217,583,000 that are contracted but not yet executed [107] Risks and Challenges - The company faces risks related to China's economic, political, and social conditions, which could significantly impact its business performance and financial condition [200] - The company anticipates potential economic downturns or disasters that could affect its operations and financial performance [200]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 中 國 通 信 服 務 股 份 有 限 公 司 CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED （於中華人民共和國註冊成立之股份有限公司） （股份編號：552） 截至二零二二年十二月三十一日止之年度業績公佈 要點 . 本集團攻堅克難，整體業績再創新高，主要的經營業績、效益和股東回報指標全面 向好，實現高質量發展。 . 經營收入達到人民幣140,746百萬元，增長5.0%。 . 淨利潤達到人民幣3,358百萬元，增長6.4%，實現了淨利潤增速快於經營收入增 速的良好勢頭。 . 毛利率為11.4%，提升0.4個百分點，扭轉了近十多年以來的下降趨勢，實現企穩 ...