中金发布研报称，维持中国铁塔(00788)2025年和2026年盈利预测不变。当前股价对应3.7/3.5倍 2025/2026年EV/EBITDA。维持跑赢行业评级和14.00港元目标价，对应4.2/4.1倍2025/2026年 EV/EBITDA，目标价较当前股价有20.1%的上行空间。 中金主要观点如下： 室分资产折旧年限变更，预计减少2025年室分资产折旧额约8.7亿元 公司发布会计估计变更公告，自2025年7月1日起，将室分资产的折旧年限由7年调整为10年，预计减少 2025年室分资产折旧额约8.7亿元。公司披露变更原因为公司针对室分系统的日常运维、故障排查体系 不断优化，延长了资产使用寿命，同时也参考了通信运营商的情况。该行认为该折旧政策调整符合固定 资产使用年限和资产实际使用情况;该行认为有助于公司2025年利润、分红基数提升，提振股东回报。 风险提示：存量资产折旧到期影响不及预期;经营活动现金流不及预期。 发展趋势： 两翼业务收入维持高增，塔类业务收入放缓 分业务，1-3Q25公司塔类/室分/智联/能源业务收入分别同比-0.7%/+11.3%/+16.8%/+11.5%;3Q25各业务 单季度增 ...

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 China Tower Corporation Limited 中國鐵塔股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份編號：0788） 修訂持續關連交易之年度上限 及 持續關連交易續期 茲提述本公司日期為2023年11月27日之公告，內容有關（其中包括）與各通信運 營商集團公司的增值服務框架協議、與中國移動集團公司的綜合服務框架協議 (2024-2026)、與中國聯通集團公司的服務供應框架協議(2024-2026)、與中國電 信集團公司的物資採購框架協議(2024-2026)及其項下之各自年度上限。 (1) 修訂與各通信運營商集團公司的增值服務框架協議的年度上限 由於本公司正積極拓展通信運營商設備維護等服務，董事會預期本集團向通信 運營商集團公司所提供的增值服務的年度交易金額將會增加，並預期將超過(i) 與中國移動集團公司的增值服務框架協議(2024-2026)項下截至2026年12月 ...

格隆汇10月16日丨中国铁塔(00788.HK)公告，前三季度营业收入为人民币743.19亿元，同比增长2.6%； EBITDA为人民币509.59亿元，同比增长2.5%；归属公司股东的利润为人民币87.08亿元，同比增长 6.8%。 其中：1.运营商业务收入为人民币634.32亿元，同比增长0.5%；其中，塔类业务收入为人民币565.09亿 元，同比下降0.7%；室内分布式天线系统业务收入为人民币69.23亿元，同比增长11.3%。2.智联业务收 入为人民币70.93亿元，同比增长16.8%。3.能源业务收入为人民币34.24亿元，同比增长11.5%。 ...

Core Insights - China Tower Corporation (00788) reported a revenue of RMB 74.319 billion for the first three quarters of 2025, representing a year-on-year growth of 2.6% [1] - EBITDA reached RMB 50.959 billion, with a year-on-year increase of 2.5% [1] - Profit attributable to shareholders was RMB 8.708 billion, showing a year-on-year growth of 6.8% [1] Revenue Breakdown - Revenue from operator business amounted to RMB 63.432 billion, reflecting a year-on-year growth of 0.5% [1] - Revenue from smart connection business was RMB 7.093 billion, with a significant year-on-year increase of 16.8% [1] - Revenue from energy business reached RMB 3.424 billion, marking a year-on-year growth of 11.5% [1] Operational Metrics - As of September 30, 2025, the number of tower sites was 2.137 million, and the number of tenants reached 3.863 million, with a net increase of 72,000 tenants compared to the end of the previous year [1] - The average number of tenants per tower site was 1.81 [1] - The contribution of two wings business revenue to total revenue increased from 12.6% in the same period last year to 14.2% [1]

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。 China Tower Corporation Limited 中國鐵塔股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份編號：0788） 2025年首三季度未經審核的主要運營數據 ❖ 營業收入為人民幣743.19億元，同比增長2.6%；其中： 中國鐵塔股份有限公司（「本公司」或「公司」）董事會（「董事會」）宣佈本公司截至 2025年9月30日止期間若干主要的未經審核合併財務數據與業務數據。 1 • 運營商業務收入為人民幣634.32億元，同比增長0.5%；其中，塔類業 務收入為人民幣565.09億元，同比下降0.7%；室內分佈式天線系統 （「室分」）業務收入為人民幣69.23億元，同比增長11.3% • 智聯業務收入為人民幣70.93億元，同比增長16.8% • 能源業務收入為人民幣34.24億元，同比增長11.5% ❖ EBITDA為人民幣509.59億元，同比增長2.5% ❖ 歸屬於 ...

China Tower Corporation Limited 中國鐵塔股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份編號：0788） 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。 會計估計變更 中國鐵塔股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第13.09條及香港法例第571章證券及期貨條例第XIVA部項下內幕 消息條文而作出本公告。 一、會計估計變更情況概述 本公司自2015年起開始承接通信運營商的樓宇和隧道通信信號覆蓋需求， 向其提供室內覆蓋業務服務。室分系統資產主要由有源設備、無源器件、天 線、線纜等構成（統稱「室分資產」），參考當時行業主要執行標準，室分資產 的折舊年限設定為7年。隨着室分設備領域國產化技術標準持續完善（2022 年以來行業陸續公佈了多項室內覆蓋系統專項標準），信號覆蓋強度、網絡 容量承載能力、設備穩定性及兼容性等核心性能指標顯著提升，特別是本公 司針對室分系統建設 ...

Core Viewpoint - Morgan Stanley's research report indicates that Chinese telecom companies are expected to have a lackluster performance in Q3, with only a slight year-on-year increase in industry service revenue, reflecting a slowdown compared to Q2 due to potential US-China tariff impacts [1] Industry Summary - The overall performance of Chinese telecom companies in Q3 is projected to be mediocre, with service revenue growth slowing down compared to the previous quarter [1] - The outlook for Q4 appears uncertain, as traditional business segments continue to face deflationary pressures and weak macroeconomic conditions [1] - AI-related business has not yet significantly contributed to new growth momentum within the industry [1] Company Summary - China Mobile's target price remains at HKD 90, maintaining an "Overweight" rating [1] - China Telecom's target price has been lowered from HKD 6.5 to HKD 6, while still holding an "Overweight" rating [1] - China Unicom's target price is maintained at HKD 9.5, with an "Overweight" rating [1] - China Tower's target price remains at HKD 12, also with an "Overweight" rating [1]

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Industry Dynamics - Nvidia is hosting the 2025 Global Summit on Open Computing, and Oracle is unveiling its AI World Conference [7] - The 138th Canton Fair will be held in three phases in Guangzhou [7] - A revised Anti-Unfair Competition Law will take effect on October 15, enhancing fair competition rules in the digital economy [7] - TSMC is set to announce its earnings [8] - The 2025 World Intelligent Connected Vehicles Conference will take place in Beijing [8] Company News - Xuan Bamboo Biotechnology-B (02575.HK) is set to be listed on October 15 [9] - Yunji (02670.HK) will be listed on October 16, along with earnings announcements from China Tower and Fuyao Glass [10] - Zijin Mining will release its earnings on October 17, and Haixi New Drug (02637.HK) will be listed [11]

Investment Rating - The industry investment rating is "Positive" [4][19] Core Views - The telecommunications industry is benefiting from the ongoing Digital China strategy, leading to stable growth in overall business for operators, with innovative services experiencing higher growth rates and increasing proportions [2] - The AI computing power sector continues to thrive globally, with significant investments from major companies, indicating a rapid growth period for domestic computing power targets [4] - New growth drivers such as satellite internet are injecting new momentum into the industry, providing additional performance elasticity [4] Summary by Relevant Sections Telecom Operators - China Mobile is expected to report Q3 revenue of CNY 245.1 billion to CNY 246 billion, a year-on-year growth of 0.2% to 0.5%, with net profit of CNY 32.1 billion to CNY 32.4 billion, a growth of 4.6% to 5.6% [2][16] - China Telecom is projected to achieve Q3 revenue of CNY 127.2 billion to CNY 128.5 billion, a growth of 1% to 2%, with net profit of CNY 7.75 billion to CNY 8.05 billion, a growth of 3.5% to 7.5% [2][16] - China Unicom's Q3 revenue is expected to be CNY 93.7 billion to CNY 94.6 billion, with a growth of 1% to 2%, and net profit of CNY 2.41 billion to CNY 2.49 billion, a growth of 4.8% to 8.3% [3][16] - China Tower is anticipated to report Q3 revenue of CNY 24.9 billion to CNY 25.2 billion, a growth of 2.9% to 4.1%, with net profit of CNY 2.97 billion to CNY 3.05 billion, a growth of 5.2% to 8% [3][16] AI and Network Connectivity - The AI optical module sector is experiencing significant growth, with companies like Zhongji Xuchuang expected to report Q3 revenue of CNY 8.9 billion to CNY 9.6 billion, a growth of 37% to 47%, and net profit of CNY 2.9 billion to CNY 3.2 billion, a growth of 108% to 130% [4][16] - Tianfu Communication is projected to achieve Q3 revenue of CNY 1.8 billion to CNY 2.1 billion, a growth of 115% to 150%, with net profit of CNY 650 million to CNY 750 million, a growth of 102% to 133% [5][16] AI Applications and Data Centers - AI server demand is rapidly increasing, with ZTE expected to report Q3 revenue of CNY 31 billion to CNY 32 billion, a growth of 12% to 16%, and net profit of CNY 1.95 billion to CNY 2.1 billion, a decrease of 3% to 10% [7][16] - The AIDC sector is also growing, with Keda Data expected to report Q3 revenue of CNY 24 billion to CNY 27 billion, a growth of 44% to 62%, and net profit of CNY 180 million to CNY 230 million, a growth of 1347% to 1748% [8][16] Satellite Internet and Military Communication - The military communication sector is expected to see increased investment due to regional tensions, with companies like Zhenlei Technology projected to report Q3 revenue of CNY 150 million to CNY 160 million, a growth of 125% to 141%, and net profit of CNY 45 million to CNY 50 million, a growth of 409% to 466% [10][16]