Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Telecom, with a target price of 7.34 CNY per share for A-shares and 4.98 HKD per share for H-shares [2][6]. Core Views - China Telecom reported a revenue of 266 billion CNY for the first half of 2024, representing a year-over-year increase of 2.8%. Service revenue reached 246.2 billion CNY, up 4.3% YoY, while net profit attributable to shareholders was 21.8 billion CNY, reflecting an 8.2% YoY growth. The company maintained a dividend payout ratio of 70% [1][6]. - The mobile communication service revenue grew against the trend, with a revenue of 105.2 billion CNY, up 3.6% YoY. The value-added services and applications segment saw a significant increase of 17.1% YoY, generating 18.1 billion CNY. The penetration rate of 5G users increased by 14.3 percentage points YoY, and the average revenue per user (ARPU) for mobile users rose to 46.3 CNY [1][6]. - The company is focusing on upgrading its digital information infrastructure, with capital expenditures amounting to 47.2 billion CNY in the first half of 2024, which is 49.2% of the annual guidance. Investments in industrial digitalization reached 16.1 billion CNY, accounting for 34% of total capital expenditures [1][6]. - The report forecasts net profits for the years 2024 to 2026 to be 33.0 billion CNY, 35.5 billion CNY, and 38.1 billion CNY, respectively, with corresponding earnings per share (EPS) of 0.36 CNY, 0.39 CNY, and 0.42 CNY [1][6]. Summary by Sections Financial Performance - Revenue for H1 2024: 266 billion CNY (YoY +2.8%) - Service Revenue: 246.2 billion CNY (YoY +4.3%) - Net Profit: 21.8 billion CNY (YoY +8.2%) - Capital Expenditure: 47.2 billion CNY (YoY +13.5%) [1][6]. Business Segments - Mobile Communication Revenue: 105.2 billion CNY (YoY +3.6%) - Value-added Services Revenue: 18.1 billion CNY (YoY +17.1%) - Fixed-line Smart Home Revenue: 64 billion CNY (YoY +3.2%) - Cloud Services Revenue: 55.2 billion CNY (YoY +20.4%) [1][6]. Investment Outlook - Expected Net Profit: 33.0 billion CNY in 2024, 35.5 billion CNY in 2025, 38.1 billion CNY in 2026 - Target Price: 7.34 CNY for A-shares, 4.98 HKD for H-shares - Maintained "Buy" rating for both A and H shares [2][6].

Investment Rating - The report maintains a "Buy" rating for China Telecom with a target price of HKD 6.0, indicating a potential upside of 31% from the current price of HKD 4.6 [2][3]. Core Insights - China Telecom's service revenue growth exceeded expectations, achieving RMB 268 billion in revenue for H1 2024, a year-on-year increase of 2.8%, with service revenue at RMB 246.2 billion, up 4.3% year-on-year [2]. - The company emphasizes shareholder returns, maintaining a dividend payout ratio of 70%, with plans to increase this to over 75% within three years [2]. - The mobile ARPU (Average Revenue Per User) showed steady growth, reaching RMB 46.3, a slight increase of 0.2% year-on-year, while broadband ARPU was RMB 48.3, also up 0.2% year-on-year [2]. - The company is focusing on digital transformation, with digital revenue accounting for 30% of service revenue, and cloud services revenue growing by 20.4% year-on-year [2]. - Capital expenditures are projected to be around RMB 96 billion for the year, with a capital expenditure to revenue ratio expected to remain below 20% [2]. Summary by Sections Financial Performance - For H1 2024, EBITDA was RMB 76.8 billion, reflecting a year-on-year increase of 4.7%, and net profit reached RMB 21.8 billion, up 8.2% year-on-year [2]. - The company forecasts revenue growth rates of 4.4%, 4.2%, and 3.9% for 2024, 2025, and 2026 respectively, with net profit growth rates of 9.0%, 8.8%, and 8.2% for the same years [3]. Market Position - China Telecom continues to lead in mobile and broadband ARPU growth compared to industry peers, indicating a strong competitive position [2]. - The company is actively expanding its 5G network, with over 1.31 million 5G base stations built, ensuring coverage in towns and above nationwide [2]. Future Outlook - The report expresses optimism about China Telecom's role in national digital infrastructure development and its potential for future growth, particularly in cloud computing and AI applications [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [2][3]. Core Views - The company reported a steady revenue growth of 2.82% year-on-year to RMB 265.973 billion in 1H24, with service revenue increasing by 4.3% to RMB 246.235 billion, surpassing the industry average of 3.2% [3]. - The net profit attributable to shareholders reached RMB 21.812 billion, reflecting an 8.23% year-on-year growth, indicating a consistent upward trend in profitability [3]. - The company plans to distribute an interim dividend of RMB 0.1671 per share, enhancing shareholder returns [3]. - The projected net profit for 2024-2026 is RMB 337 billion, RMB 373 billion, and RMB 411 billion, respectively, with a target price of RMB 7.47 for A-shares and HKD 5.61 for H-shares based on a 1.5x and 1.03x 2024 PB valuation, respectively [3][6]. Summary by Sections Financial Performance - In 1H24, mobile communication revenue grew by 3.6% to RMB 1,052.17 billion, with an ARPU of RMB 46.3, slightly up from RMB 46.2 in 1H23 [4]. - The penetration rate of 5G users reached 54.5%, and value-added service revenue increased by 17% to RMB 181 billion [4]. - Fixed-line and smart home services revenue rose by 3.2% to RMB 639.93 billion, with broadband ARPU at RMB 48.3 [4]. Profitability and Efficiency - The net profit margin improved by 0.46 percentage points to 8.26%, and ROE increased by 0.2 percentage points to 4.8% due to enhanced operational efficiency through AI applications [5]. - The company maintained effective investment strategies, with depreciation and amortization expenses rising by 3.5% to RMB 49.5 billion [5]. Growth Potential - The company is positioned as a key player in domestic digital infrastructure, with a strong outlook for growth in the digitalization sector [6]. - The projected revenue for 2024-2026 is RMB 544 billion, RMB 576 billion, and RMB 604 billion, respectively, indicating a robust growth trajectory [12].

Investment Rating - The investment rating for the company is upgraded to "Buy" [5][7] Core Insights - The company reported a revenue of 265.973 billion yuan for the first half of 2024, representing a year-on-year growth of 2.82%. The net profit attributable to shareholders was 21.812 billion yuan, up 8.23% year-on-year, while the net profit excluding non-recurring items was 21.681 billion yuan, reflecting a growth of 6.00% [2][7] - The company's profitability has improved, with a net profit margin increasing by 0.46 percentage points year-on-year. The capital expenditure structure has been optimized, and the computing power scale continues to enhance. Tianyi Cloud has maintained rapid growth, with revenue increasing by 20.4% year-on-year [2][7] - The interim dividend per share is 0.1671 yuan, an increase of 16.7% year-on-year, with a payout ratio exceeding 70%. The company plans to gradually increase the cash distribution to over 75% of the annual profit attributable to shareholders within three years, creating greater value for shareholders [2][7] Financial Performance - For the first half of 2024, the company's operating cash flow was 58.341 billion yuan, a decrease of 11.15% year-on-year. The gross profit margin was 30.84%, up 0.08 percentage points year-on-year. The selling, administrative, and financial expense ratios decreased by 0.43, 0.24, and 0.1 percentage points, respectively [7][8] - The capital expenditure for the first half of 2024 was 47.2 billion yuan, with 34% allocated to industrial digitalization, an increase of 5.6 percentage points year-on-year. The company added 10 EFLOPS of intelligent computing power, a year-on-year growth of 90.9% [7][8] - Tianyi Cloud's revenue reached 55.2 billion yuan in the first half of 2024, accounting for 22.4% of service revenue, with significant growth in both domestic and overseas markets [7][8] Future Projections - The company expects revenues for 2024, 2025, and 2026 to be 524.144 billion yuan, 545.670 billion yuan, and 568.800 billion yuan, respectively, with year-on-year growth rates of 3.21%, 4.11%, and 4.24% [8][10] - The net profit attributable to shareholders is projected to be 32.847 billion yuan, 35.244 billion yuan, and 38.116 billion yuan for the same years, with growth rates of 7.89%, 7.30%, and 8.15% respectively [8][10]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 6.18 CNY [6] Core Views - The company has implemented the "cloud transformation" strategy, resulting in a year-on-year improvement in profitability [1] - The company is focused on enhancing shareholder returns, with a commitment to increase cash dividends to over 75% of the annual profit attributable to shareholders within three years [4] - The company is expected to maintain steady growth in revenue and net profit over the next few years, with projected net profits of 330.6 billion CNY, 355.5 billion CNY, and 377.7 billion CNY for 2024-2026 [4] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 266 billion CNY, a year-on-year increase of 2.8%, with service revenue reaching 246.2 billion CNY, up 4.3% [1] - The net profit attributable to shareholders was 21.8 billion CNY, reflecting an 8.2% increase year-on-year, while the non-recurring net profit was 21.7 billion CNY, up 6.0% [1] Business Segments - Mobile communication services generated 105.2 billion CNY in revenue, a 3.6% increase, with mobile value-added services growing by 17.1% [2] - Fixed-line and smart home services reported revenue of 64 billion CNY, up 3.2%, with smart home services increasing by 14.4% [2] - The industrial digitalization segment achieved revenue of 73.7 billion CNY, a 7.2% increase, with Tianyi Cloud revenue reaching 55.2 billion CNY, up 20.4% [2] Capital Expenditure and Infrastructure - The company completed capital expenditures of 47.2 billion CNY in H1 2024, with a focus on 5G network coverage and industrial digitalization [3] - The company has established a leading liquid-cooled computing infrastructure in key regions, enhancing its AI application capabilities [3] Shareholder Returns - The board has decided to distribute an interim dividend of 0.1671 CNY per share, a 16.7% increase year-on-year, with plans to increase the cash distribution ratio to over 75% in the next three years [4]

Investment Rating - The report maintains a "Buy-A" rating for China Telecom (601728.SH) [2][5] Core Views - China Telecom's service revenue growth continues to outpace industry averages, with a focus on digital transformation and AI capabilities [3][4] - The company is expected to achieve steady revenue and profit growth, with a decreasing capital expenditure-to-revenue ratio and an increasing dividend payout ratio [5] Company Performance Overview - In H1 2024, China Telecom achieved a revenue of 2,660 billion yuan, a year-on-year increase of 2.8%, with service revenue at 2,462 billion yuan, up 4.3% [3] - The company reported a net profit attributable to shareholders of 218 billion yuan, reflecting an 8.2% year-on-year growth [3] - Mobile user base grew by nearly 10 million, reaching 417 million, while broadband users increased by 3.2 million [1][3] - The average revenue per user (ARPU) for mobile and broadband services showed a slight increase of 0.1 yuan year-on-year [1] Financial Projections - Expected net profit for 2024-2026 is projected at 333.54 billion yuan, 363.56 billion yuan, and 392.09 billion yuan, respectively, with year-on-year growth rates of 9.6%, 9.0%, and 7.8% [5] - Earnings per share (EPS) is forecasted to be 0.36 yuan, 0.40 yuan, and 0.43 yuan for the years 2024, 2025, and 2026, respectively [5] - The price-to-earnings (P/E) ratio is expected to decrease from 17.0 in 2024 to 14.4 by 2026, indicating potential valuation upside compared to international peers [5] Business Segment Insights - The digital services segment, particularly Tianyi Cloud, is a key growth driver, with revenue from cloud services increasing by 26% year-on-year [1][4] - The company is expanding its AI capabilities and has established a leading integrated intelligent computing service platform, enhancing its competitive position in the market [1][4]

Investment Rating - The report maintains a "Recommendation" rating for China Telecom, with a target price of 6.96 CNY, while the current price is 6.04 CNY [5][9]. Core Views - China Telecom's communication service revenue growth is leading the industry, with a steady increase in profits. In H1 2024, the company reported total revenue of 265.973 billion CNY, a year-on-year increase of 2.82%, and a net profit attributable to shareholders of 21.812 billion CNY, up 8.23% [2][3]. - The company emphasizes shareholder returns, planning to maintain a dividend payout ratio of over 75% in the next three years, with an interim dividend of 0.1671 CNY per share for 2024, reflecting a 16.7% increase year-on-year [2][3]. Financial Performance Summary - In H1 2024, service revenue reached 246.2 billion CNY, growing by 4.3% year-on-year, which is consistently above the industry average. The mobile communication service revenue was 105.2 billion CNY, with a net increase of 9.08 million mobile users, bringing the total to 417 million [2][3]. - The capital expenditure for H1 2024 was 47.2 billion CNY, accounting for approximately 17.7% of revenue, with a focus on optimizing the capital structure. The company expects the capital expenditure to revenue ratio to drop below 20% for the full year [2][3]. - Operating cash flow showed a decline of 11.2% year-on-year, but this was the lowest decrease among the three major operators, with a net inflow of 58.34 billion CNY [2][3]. Future Projections - The report forecasts net profits for China Telecom to be 32.746 billion CNY, 34.826 billion CNY, and 37.034 billion CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.36 CNY, 0.38 CNY, and 0.40 CNY [3][9].

Investment Rating - The report maintains a "Recommended" rating for China Telecom (601728.SH) [2][3] Core Views - In H1 2024, China Telecom achieved operating revenue of 266 billion yuan, a year-on-year increase of 2.8%, and a net profit attributable to shareholders of 21.8 billion yuan, up 8.2% year-on-year [1] - The company reported a significant increase in mobile communication service revenue, reaching 105.2 billion yuan, a growth of 3.6% year-on-year, with mobile value-added and application service revenue growing by 17.1% [2] - The company plans to increase its cash dividend payout ratio to over 75% of the profit attributable to shareholders within three years, with a mid-year dividend of 0.1671 yuan per share, reflecting a 16.7% increase year-on-year [2] Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 21.8 billion yuan, with a growth rate of 8.2% year-on-year, and a net profit margin of 6.0% [1][7] - The operating revenue for Q2 2024 was 131.5 billion yuan, with a year-on-year growth of 2.0% [1] - The company’s operating expenses increased by 2.4% year-on-year, while the operating cash flow decreased by 11.2% due to longer collection periods in the digital industry [2] User Growth and Revenue Streams - The mobile user base reached 417 million, with a 2.2% year-on-year increase, and 5G package users accounted for 80.8% of the total, growing by 5.6% [2] - Fixed broadband users reached 193 million, with a 1.7% year-on-year increase, and the average revenue per user (ARPU) for broadband was 48.3 yuan, up 0.2% [2] Capital Expenditure and Future Projections - Capital expenditure for H1 2024 was 47.2 billion yuan, a 13.5% increase year-on-year, with 34% allocated to digital industry initiatives [2] - The report forecasts net profits of 33.7 billion yuan, 37.1 billion yuan, and 41.0 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 10.5%, 10.3%, and 10.6% [2][3]

Investment Rating - The report maintains a "Buy" rating for China Telecom, indicating a positive outlook for the company's stock performance [3][4]. Core Views - The company achieved a revenue of RMB 266 billion in the first half of 2024, representing a year-on-year growth of 2.8%, with service revenue growing by 4.3%, surpassing industry growth rates [2]. - The report highlights a robust growth in core business areas, with a slight increase in ARPU (Average Revenue Per User) and a significant rise in digital transformation investments [2][3]. - The company plans to reduce its capital expenditure to below 20% of revenue in 2024, aiming for stable growth in revenue and EBITDA, while net profit growth is expected to exceed revenue growth [3]. Summary by Sections Financial Performance - In H1 2024, the company reported an EBITDA of RMB 76.8 billion, up 4.7% year-on-year, and a net profit attributable to shareholders of RMB 21.8 billion, reflecting an 8.2% increase [2]. - The mobile communication service revenue reached RMB 105.2 billion, with a net addition of 9.08 million mobile users, bringing the total to 417 million [2]. - The broadband user base increased by 3.19 million, totaling 193 million, with broadband ARPU at RMB 48.3, up by RMB 0.1 [2]. Investment and Growth Strategy - The company completed capital expenditures of RMB 47.2 billion in H1 2024, a 13% increase year-on-year, with significant investments in mobile networks and digital transformation [2]. - The report notes that the company has enhanced its 5G network coverage, with over 1.31 million 5G base stations established [2]. - The cloud business revenue grew by 20.4% to RMB 55.2 billion, with a 29% increase in 2B customers, indicating strong market demand [2]. Future Outlook - The company forecasts stable growth in revenue and EBITDA for 2024, with net profit growth expected to outpace revenue growth [3]. - The projected net profit for 2024 is RMB 33.1 billion, with corresponding P/E ratios of 17X for A-shares and 12X for H-shares [3][4]. - The current dividend yield is projected at 4.3% for A-shares and 6.1% for H-shares, reinforcing the company's commitment to returning value to shareholders [3].

证券代码：601728 证券简称：中国电信 公告编号：2024-044 中国电信股份有限公司 第八届监事会第十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会召开情况 中国电信股份有限公司（以下称"公司"）于 2024 年 8 月 21 日 在北京西城区金融大街 31 号公司总部 718 会议室以现场方式召开了 第八届监事会第十次会议。本次监事会的会议通知及资料已于会前发 送给公司全体监事。本次监事会会议应到监事 5 人，实到监事 4 人， 监事汪一兵因工作原因授权委托监事罗振东代为表决，会议由半数以 上监事共同推举黄旭丹女士主持，会议的召开及其程序符合有关法律、 法规和公司章程的规定。 二、监事会审议情况 审议通过《关于选举第八届监事会主席的议案》 公司全体监事一致推选黄旭丹女士为第八届监事会主席，自监事 会审议通过之日起至本届监事会届满之日止。 选举表决结果：5 票同意，0 票反对，0 票弃权。 特此公告。 中国电信股份有限公司 监 事 会 二〇二四年八月二十一日 1 ...