Investment Rating - The report maintains a "Recommended" rating for China Telecom (601728) with a target price of RMB 6.96, compared to the current price of RMB 6.00 [4][12]. Core Views - China Telecom's net profit has achieved double-digit growth for three consecutive years, with a proposed increase in the dividend payout ratio [2]. - The company's operating revenue for 2023 reached RMB 507.84 billion, a year-on-year increase of 6.92%, while the net profit attributable to shareholders was RMB 30.45 billion, up 10.34% year-on-year [2]. - The report highlights the robust growth in both basic business volume and quality, driven by an increase in user scale and value [2]. Financial Performance Summary - **Revenue and Profit Growth**: In 2023, the company reported operating revenue of RMB 507.84 billion, a 6.92% increase year-on-year, and a net profit of RMB 30.45 billion, reflecting a 10.34% growth [2][8]. - **Mobile and Fixed-line Services**: Mobile communication service revenue reached RMB 195.7 billion, growing 2.4% year-on-year, while fixed-line and smart home service revenue was RMB 123.1 billion, up 3.8% [2]. - **User Growth**: The mobile user base increased by 16.59 million, reaching 408 million, while broadband users grew by 9.26 million to 190 million [2]. Digital Transformation and Cloud Services - **Digital Business Growth**: The company's digital business revenue reached RMB 138.9 billion, a 17.9% increase, contributing 29.9% to service revenue [2]. - **Cloud Services Upgrade**: Tianyi Cloud has upgraded to an intelligent cloud platform, maintaining a leading position in the public cloud infrastructure market [2]. Investment and Dividend Policy - **Capital Expenditure**: In 2023, the company completed capital expenditures of RMB 98.8 billion, with a focus on mobile networks and digital industry investments [2]. - **Dividend Payout**: The total dividend distributed in 2023 was RMB 0.2332 per share, a 19% increase year-on-year, with plans to raise the payout ratio to over 75% within three years [2]. Financial Projections - **Future Earnings Estimates**: The report projects net profits of RMB 32.75 billion, RMB 34.83 billion, and RMB 37.03 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 0.36, RMB 0.38, and RMB 0.40 [8][9].

Investment Rating - The report maintains a "Buy" rating for China Telecom, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [2][13]. Core Insights - China Telecom's revenue for 2023 reached 507.84 billion yuan, a year-on-year increase of 6.9%, with a net profit of 30.45 billion yuan, up 10.3% year-on-year [3][7]. - The company is focusing on digital transformation and strategic emerging industries, with significant growth in its cloud services, particularly Tianyi Cloud, which generated 97.2 billion yuan in revenue, a 67.9% increase [3][5]. - The company plans to distribute a total dividend of 0.2332 yuan per share for 2023, exceeding 70% of its net profit attributable to shareholders, reflecting a strong commitment to shareholder returns [5][6]. Summary by Sections Financial Performance - In Q4 2023, revenue was 126.74 billion yuan, a growth of 8.2% year-on-year, with a net profit of 3.35 billion yuan, increasing by 9.7% [3]. - The mobile communication service revenue was 195.7 billion yuan, up 2.4%, while the fixed-line and smart home services revenue reached 123.1 billion yuan, growing by 3.8% [3][4]. Business Development - The company is enhancing its computing capabilities, with the intelligent computing capacity increasing to 11.0 EFLOPS, a growth of 279.3% [3][5]. - Capital expenditure for 2023 was 98.8 billion yuan, with a focus on digital industry investments, which are expected to rise in proportion in the coming years [4][5]. Market Position - China Telecom holds a leading position in the public cloud infrastructure market, with its Tianyi Cloud being recognized as the top provider among global telecom operators [3][5]. - The company is experiencing a steady increase in 5G and gigabit user adoption, with 46.6% of mobile phone users being 5G users, significantly above the global average [6]. Future Outlook - The forecast for net profit for 2024-2026 is 33.42 billion yuan, 36.27 billion yuan, and 38.91 billion yuan respectively, with corresponding PE ratios of 16.46X, 15.16X, and 14.13X [7][8].

Investment Rating - The investment rating for China Telecom is "Buy" with a target price of 5.50 HKD [3]. Core Insights - China Telecom reported stable growth in 2023, with total revenue reaching 513.6 billion RMB, a year-on-year increase of 7%. The net profit attributable to shareholders was 30.4 billion RMB, up 10% year-on-year. The company also announced a dividend of 0.2332 RMB per share, achieving a payout ratio of 70%, with plans to increase this to 75% over the next three years [1][2]. Summary by Sections Financial Performance - In 2023, the telecom service revenue was 465 billion RMB, marking a 7% increase and maintaining growth for 11 consecutive years. Mobile communication service revenue reached 195.7 billion RMB, growing by 2%. The mobile user base expanded to 408 million, with a net addition of 16.59 million users, leading the industry for six years [1]. - The average revenue per user (ARPU) for 2023 was 45.4 RMB, a slight increase of 0.4%. Fixed-line and smart home revenue was 123.1 billion RMB, up 4%, with broadband users reaching 190 million and an ARPU of 47.6 RMB, increasing by 3% [1][2]. Digital Transformation - The company's cloud revenue from Tianyi Cloud reached 97.2 billion RMB, a significant increase of 68% year-on-year, with international business revenue exceeding 13.7 billion RMB. The company is enhancing its cloud services with integrated computing platforms, maintaining its leading position in public cloud infrastructure [1][2]. Capital Expenditure and Network Expansion - In 2023, China Telecom's total capital expenditure was 98.8 billion RMB, with 34.8 billion RMB allocated to mobile networks and 35.5 billion RMB to industrial digitalization. The company added 220,000 5G base stations, achieving continuous coverage in towns and effective coverage in developed administrative villages [2]. - The company anticipates a capital expenditure of 96 billion RMB in 2024, a 3% decrease from the previous year, with a focus on mobile network and digitalization investments [2]. Dividend Policy - The company achieved a dividend payout ratio of 70% in 2023, fulfilling its profit distribution commitment made during its A-share issuance. Plans are in place to increase the payout ratio to over 75% within three years, enhancing shareholder returns [2][3].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國電信股份有限公司 呈交日期: 2024年4月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 00728 | 說明 H 股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 2. 股份分類 | 普通股 | 股份類別 | ...

中国国际金融股份有限公司 中信建投证券股份有限公司 关于中国电信股份有限公司 3、联席保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保 荐业务管理办法》的有关规定采取的监管措施。 二、联席保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 中国国际金融股份有限公司 | | 法定代表人 | 陈亮 | | 注册地址 | 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 | | 办公地址 | 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 | | 保荐代表人 | 徐石晏、梁晶晶 | | 联系电话 | 010-65051166 | （一）中国国际金融股份有限公司 首次公开发行 A 股股票并上市之 保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电 信股份有限公司首次公开发行股票的批复》（证监许可〔2021〕2541 号）核准， 中国电信股份有限公司（以下简称"中国电信"或"公司"）首次公开发行 A 股 股票（以下简称"本次 A 股发行"）的发行价格为 4.53 元/股，发行数量如下： 超额配 ...

中信建投证券股份有限公司 关于中国电信股份有限公司 2023 年度持续督导年度报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电 信股份有限公司首次公开发行股票的批复》（证监许可〔2021〕2541号）核准， 中国电信股份有限公司（以下简称"中国电信"或"公司"）首次公开发行A股 股票（以下简称"本次A股发行"）的发行价格为4.53元/股，发行数量如下：超 额配售选择权行使前，本次A股发行的发行规模为10,396,135,267股；超额配售选 择权行使后，额外发行178,635,111股，最终发行规模为10,574,770,378股。本次A 股发行最终募集资金总额约为4,790,370.98万元，扣除发行费用约38,808.69万元 后，募集资金净额约为4,751,562.29万元。本次发行证券已于2021年8月20日在上 海证券交易所上市。 中国国际金融股份有限公司（以下简称"中金公司"或"联席保荐机构"）、 中信建投证券股份有限公司（以下简称"中信建投"或"联席保荐机构"）作为 中国电信本次首次公开发行 A 股股票并上市的联席保荐机构，负责中国电信上 市后的持续督导工作。联席保荐机 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a double-digit profit growth in 2023, with a notable service revenue increase in Q4. The traditional business saw a steady increase in user scale, while ARPU continued to grow steadily. Emerging businesses, particularly in industrial digitalization, maintained rapid growth, with Tianyi Cloud reaching a scale of 100 billion, fully forming the framework of the national cloud and upgrading to intelligent cloud in the era of large models. Capital expenditure is expected to show a turning point in 2024, further leaning towards industrial digitalization, with leading scale in intelligent computing. The company has clear operational and dividend targets for the next three years, aiming to gradually increase the dividend payout ratio to over 75% starting in 2024, comparable to China Mobile [6][7][8]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 507.8 billion yuan, a year-on-year increase of 6.9%. The net profit attributable to the parent company was 30.4 billion yuan, up 10.3% year-on-year. In Q4 2023, revenue reached 126.7 billion yuan, growing by 8.2% year-on-year, with service revenue at 115.2 billion yuan, an increase of 8.4% year-on-year, and a net profit of 3.3 billion yuan, up 9.7% year-on-year [6][7]. User Growth and ARPU - The company reported mobile communication service revenue of 195.7 billion yuan, a year-on-year increase of 2.4%, and fixed-line and smart home service revenue of 123.1 billion yuan, up 3.8% year-on-year. The mobile user base increased by 16.59 million, leading in net growth, while broadband users increased by 9.26 million. The mobile ARPU was 45.4 yuan, up 0.4% year-on-year, and broadband access ARPU was 39.1 yuan, up 2.1% year-on-year [6][7]. Emerging Business Growth - The industrial digitalization revenue reached 138.9 billion yuan, growing by 17.9% year-on-year, accounting for 29.9% of service revenue, an increase of 2.8 percentage points from the previous year. Tianyi Cloud achieved revenue of 97.2 billion yuan, a remarkable growth of 67.9%, and is fully upgrading to intelligent cloud services [6][7]. Capital Expenditure and Future Outlook - The company completed capital expenditure of 98.8 billion yuan in 2023, a year-on-year increase of 6.8%. The guidance for 2024 indicates a capital expenditure of 96 billion yuan, a decrease of 2.9%. The structure is further leaning towards industrial digitalization, with related investments of 37 billion yuan, up 3.9% year-on-year. The intelligent computing scale reached 11.0 EFLOPS in 2023, with plans to increase to over 21 EFLOPS in 2024 [7][8]. Dividend Policy - The dividend payout ratio increased by over 5 percentage points to 71% in 2023, with a commitment to gradually raise the payout ratio to over 75% within three years starting in 2024, aligning with China Mobile's payout ratio. The company aims for service revenue to maintain good growth and for net profit growth to exceed revenue growth in the next three years [7][8].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a revenue of 507.8 billion yuan in 2023, representing a year-on-year growth of 6.9%, with a net profit of 30.4 billion yuan, up 10.3% year-on-year [1][4] - The company is focusing on digital transformation and enhancing shareholder returns, with plans to increase the dividend payout ratio to over 75% in the coming years [4] Summary by Sections Financial Performance - In 2023, the company reported a service revenue of 465 billion yuan, maintaining a growth rate of 6.9% for 11 consecutive years [1] - The mobile communication service revenue reached 195.7 billion yuan, growing by 2.4%, with a net increase of 16.59 million mobile users, totaling 408 million users [2] - The broadband user base increased by 9.26 million, reaching 190 million users, with a broadband ARPU of 47.6 yuan, up 2.8% [2] Business Development - The company's data business revenue grew by 17.9% to 138.9 billion yuan, contributing 29.9% to service revenue, an increase of 2.8 percentage points from the previous year [2] - The Tianyi Cloud revenue surged by 67.9% to 97.2 billion yuan, indicating strong growth in international business as well [2] Capital Expenditure and Investment Strategy - In 2023, the company completed capital expenditures of 98.8 billion yuan, with significant investments in mobile networks and industrial digitalization [3] - The company plans to optimize its investment structure in 2024, with a projected capital expenditure of 96 billion yuan, a decrease of 2.9% year-on-year [3] Shareholder Returns - The company distributed a total dividend of 0.2332 yuan per share in 2023, a 19% increase from the previous year, exceeding 70% of the net profit attributable to shareholders [4] - The company aims to gradually increase cash distributions to over 75% of the net profit attributable to shareholders over the next three years [4] Financial Projections - The projected net profit for 2024-2026 is estimated at 33.2 billion yuan, 36.0 billion yuan, and 38.8 billion yuan respectively, reflecting a steady growth trajectory [4][10]

Investment Rating - The report maintains a "Buy" rating for China Telecom, expecting the stock price to outperform the industry index by over 15% in the next six months [12]. Core Views - China Telecom achieved steady growth in 2023, with significant advancements in emerging industries, particularly in the cloud sector. The company is optimizing capital expenditures through continuous investment in production and data services [2][3]. - The company reported a revenue of 507.84 billion yuan in 2023, a year-on-year increase of 6.9%, and a net profit of 30.45 billion yuan, up 10.3% year-on-year [1][2]. Financial Performance Summary - **Revenue Growth**: - 2022A: 474.97 billion yuan - 2023A: 507.84 billion yuan (6.9% growth) - 2024E: 560.71 billion yuan (10.4% growth) [1] - **Net Profit**: - 2022A: 27.59 billion yuan - 2023A: 30.45 billion yuan (10.3% growth) - 2024E: 33.89 billion yuan (11.3% growth) [1] - **Key Financial Ratios**: - ROE: Expected to increase from 6.8% in 2023A to 7.1% in 2024E [1]. - EPS: Expected to rise from 0.33 yuan in 2023A to 0.37 yuan in 2024E [1]. Business Segment Performance - **C-end Business**: - Mobile communication service revenue reached 195.66 billion yuan in 2023, a 2.4% increase year-on-year. The mobile ARPU was 45.4 yuan, up 0.4% [2]. - The number of 5G package customers increased by 50.7%, with a penetration rate of 78.1% [2]. - **B-end Business**: - The number of wired broadband users reached 190 million, with a comprehensive ARPU of 47.6 yuan, a 2.8% increase [2]. - IoT connections surged by 120.1%, reaching 527 million [2]. - **Cloud Services**: - Tianyi Cloud generated 97.23 billion yuan in revenue, a 67.9% increase, maintaining a leading position in the public cloud market [2]. Capital Expenditure and Management - Capital expenditure in 2023 was 98.84 billion yuan, a 6.82% increase, making China Telecom the only major operator with positive CAPEX growth [2]. - The company aims to increase the proportion of production and data CAPEX to 38.5% in 2024 [2]. Market Value Management - The company's market value has increased 2.2 times since the end of 2020, with a dividend payout ratio exceeding 70% in 2023, aiming to raise it to over 75% within three years [2].

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