Financial Performance - The company's operating revenue reached RMB 48.247 billion, a year-on-year increase of 3.8%[3] - EBITDA amounted to RMB 33.045 billion, reflecting a 3.2% year-on-year growth, with an EBITDA margin of 68.5%[3] - Profit attributable to shareholders was RMB 5.330 billion, up 10.1% year-on-year, resulting in a net profit margin of 11.0%[3] - Cash flow from operating activities improved significantly, totaling RMB 32.830 billion, an increase of RMB 21.275 billion year-on-year[3] - Free cash flow reached RMB 19.101 billion, up RMB 20.368 billion year-on-year[3] - The group's operating revenue for the six months ended June 30, 2024, was RMB 48,247 million, an increase of 3.8% from RMB 46,461 million in the same period of 2023[14] - The operating profit for the same period was RMB 8,146 million, up 9.9% from RMB 7,414 million year-on-year[14] - The net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 5,330 million, representing a 10.1% increase compared to RMB 4,841 million in the previous year[14] - Basic earnings per share for the period was RMB 0.0305, compared to RMB 0.0277 in the previous year, indicating a growth of 10.09%[27] Revenue Breakdown - Revenue from the tower business was RMB 37.957 billion, a year-on-year increase of 1.3%[5] - Revenue from indoor distributed antenna systems (室分) was RMB 4.164 billion, showing a significant growth of 21.6% year-on-year[6] - In the first half of 2024, the company's two wings business achieved revenue of RMB 6.005 billion, accounting for 12.4% of total revenue, an increase of 0.9 percentage points year-on-year[7] - The intelligent connection business generated revenue of RMB 3.982 billion, a year-on-year growth of 17.6%, with the tower visual connection business contributing RMB 2.509 billion, representing 63.0% of the intelligent connection revenue[7] - The energy business reported revenue of RMB 2.023 billion, a year-on-year increase of 2.4%, with the tower battery swap business accounting for RMB 1.163 billion, or 57.5% of the energy business revenue[8] - Revenue from the three major telecom operators in China accounted for 87.9% of total revenue, slightly down from 89.0% in the previous year[22] Assets and Liabilities - Total assets reached RMB 316.747 billion, with interest-bearing liabilities of RMB 85.985 billion, resulting in a net debt leverage ratio of 29.4%, down 2.0 percentage points from the end of last year[3] - The total assets as of June 30, 2024, amounted to RMB 316,747 million, a decrease from RMB 326,007 million at the end of 2023[16] - Non-current assets were RMB 240,527 million, down from RMB 247,924 million at the end of 2023[15] - The total liabilities decreased to RMB 120,259 million from RMB 128,313 million at the end of 2023[16] - As of June 30, 2024, the company's total assets were RMB 316.747 billion, with total liabilities of RMB 120.259 billion, resulting in a debt-to-asset ratio of 38.0%, a decrease of 1.4 percentage points from the beginning of the year[51] Capital Expenditures and Cash Flow - Capital expenditures in the first half of the year amounted to RMB 13.729 billion, an increase of 7.1% year-on-year, with site construction and shared renovation capital expenditures reaching RMB 8.035 billion, up 18.1%[50] - The net cash flow from operating activities for the first half of the year was RMB 32.830 billion, an increase of RMB 21.275 billion year-on-year, while free cash flow was RMB 19.101 billion, up RMB 20.368 billion[50] Dividends and Shareholder Returns - The company plans to distribute an interim dividend of RMB 0.01090 per share, with a commitment to distribute no less than 75% of the annual distributable profits in cash[3][4] - The company proposed an interim dividend of RMB 0.01090 per share for the six months ended June 30, 2024, totaling approximately RMB 1,905 million[29] - The company will distribute a proposed interim dividend for 2024, subject to a 10% corporate income tax withholding for H-share non-resident shareholders[56] Corporate Governance and Management - The board welcomed Mr. Chen Li as the new executive director and general manager, highlighting his extensive management experience in the telecommunications industry[12] - The company is committed to high levels of corporate governance and has taken measures to comply with relevant regulations following recent board changes[53] Strategic Focus and Future Plans - The company is focusing on key technology breakthroughs and has established a list of ten major tasks for future industries and intelligent operations, enhancing its R&D efforts[9] - The company is building six major technology innovation centers, focusing on key areas such as 5G/6G, IoT, and edge computing[9] - The company aims to enhance its core competitiveness and continue to create greater returns for shareholders, customers, and society[11] - The company plans to leverage opportunities from 5G-A deployment and the "dual gigabit" network initiative to drive stable growth in its operator business[11] - The company is focusing on expanding its electric vehicle battery swap business and enhancing customer service experience to maintain market leadership[12] Social Responsibility - The company emphasizes the importance of social responsibility and has been actively involved in green development initiatives and disaster response efforts[10] Legal and Compliance - The company has not engaged in any major litigation or arbitration during the reporting period, indicating a stable legal standing[54]

Investment Rating - The report maintains a "Buy" investment rating for China Tower (00788 HK) with a target price of HKD 1.20 [1]. Core Insights - China Tower recorded a robust performance in Q1 2024, with revenue of RMB 23.974 billion, representing a year-on-year growth of 3.3%, and a net profit attributable to shareholders of RMB 2.784 billion, up 11.1% year-on-year, aligning with market expectations [1]. - The depreciation of a significant number of towers is expected to end in Q4 2025, which will enhance net profit. The report anticipates that the company will not reduce its dividend payout ratio, leading to a substantial increase in dividends in 2026 [2]. - The report highlights that the company's tower business revenue saw slight growth due to an increase in the number of tower sites and tenants, driven by strong indoor coverage demand and robust growth in the smart tower business [1][2]. Summary by Sections Financial Performance - For Q1 2024, China Tower's revenue was RMB 23.974 billion, a 3.3% increase year-on-year, while net profit was RMB 2.784 billion, reflecting an 11.1% year-on-year growth [1]. - The depreciation expense accounted for 52.2% of total revenue in 2023, indicating its significant impact on profitability [2]. Future Outlook - The depreciation of the acquired tower assets from 2015 will conclude in Q4 2025, providing a strong impetus for profit growth in 2026 [2]. - The report expects double-digit net profit growth for the company in 2024 due to effective cost control and increasing demand for services [1]. Dividend Expectations - The report anticipates a significant increase in dividends for 2026, as the company is expected to maintain its dividend payout ratio [1][2].

Financial Performance - Operating revenue for Q1 2024 reached RMB 23.974 billion, a year-on-year increase of 3.3%[2] - Revenue from operator business was RMB 20.984 billion, up 2.2% year-on-year; tower business revenue was RMB 18.946 billion, a 0.6% increase[2] - Indoor distributed antenna system (室分) revenue grew by 19.8% year-on-year to RMB 2.038 billion[2] - Smart connection business revenue increased by 21.0% year-on-year to RMB 1.974 billion[2] - EBITDA for Q1 2024 was RMB 16.597 billion, reflecting a 3.0% year-on-year growth[2] - Profit attributable to shareholders was RMB 2.784 billion, an increase of 11.1% year-on-year[2] Assets and Liabilities - Total assets as of March 31, 2024, were RMB 321.368 billion, down from RMB 326.007 billion at the end of 2023[2] - Total liabilities decreased to RMB 120.888 billion from RMB 128.313 billion at the end of 2023[2] Operational Growth - The number of tower sites reached 2.059 million, with a net increase of 43,000 tenants year-on-year[3] Strategic Goals - The company aims to enhance core competitiveness and pursue high-quality development in energy business through innovative solutions and market expansion strategies[3]

Financial Performance - In 2023, the company achieved operating revenue of RMB 94.009 billion, a 2.0% increase from RMB 92.170 billion in 2022[4] - The company's EBITDA for 2023 was RMB 63.551 billion, reflecting a 1.1% growth year-on-year[10] - Profit attributable to shareholders reached RMB 9.750 billion, marking an 11.0% increase compared to RMB 8.787 billion in 2022[4] - The company reported a net cash flow from operating activities of RMB 32.840 billion for 2023[10] - The company’s total operating revenue reached RMB 94.009 billion in 2023, reflecting a year-on-year growth of 2.0%, while net profit attributable to shareholders was RMB 9.750 billion, up 11.0%[29] - Total operating expenses for 2023 were RMB 79,507 million, representing 84.6% of total revenue, a decrease of 1.0 percentage points from the previous year[38] - Operating profit for 2023 was RMB 14,502 million, reflecting an 8.9% year-on-year increase[45] - The company achieved a significant reduction in net financial expenses, totaling RMB 2,784 million, down 3.3% year-on-year[42] Capital Expenditures - Capital expenditures for 2023 amounted to RMB 31.715 billion, a 21.0% increase from RMB 26.207 billion in 2022[4] - Capital expenditure on new site construction and shared renovations accounted for 53.8% of total capital expenditure in 2023, up from 55.9% in 2022[47] - The company invested RMB 8,534 million in site upgrades, representing 26.9% of total capital expenditure in 2023, compared to 23.1% in 2022[47] - Total capital expenditure for 2023 reached RMB 31,715 million, a 20.9% increase from RMB 26,207 million in 2022[47] Business Segments - Tower business revenue reached RMB 75.023 billion in 2023, a decrease of 2.8% year-on-year, with 204.6 million tower sites by year-end, a reduction of 0.009 million sites[12] - Indoor distribution business revenue increased by 22.5% year-on-year to RMB 7.14 billion, with building coverage area reaching 10.15 billion square meters, a growth of 37.3%[12] - Smart connection business generated RMB 7.283 billion in revenue, up 27.7% year-on-year, with tower visual connection revenue at RMB 4.727 billion, accounting for 64.9% of smart connection revenue[13] - Energy business revenue grew by 31.7% year-on-year to RMB 4.214 billion, with tower battery swap revenue at RMB 2.067 billion, representing 49.1% of energy business revenue[14] - The revenue from the operator business for 2023 was RMB 82.163 billion, a decline of 1.0% year-over-year[21] - The non-tower business revenue, including indoor distribution and two-wing businesses, grew at a double-digit rate, increasing its share of total revenue from 16.2% to 20.2%[30] Market Expansion and Strategy - The company is focusing on expanding its smart connection and energy services, with significant growth in these segments of 27.7% and 31.7% respectively[4] - The company aims to enhance core competitiveness and implement a "five-type" enterprise strategy to drive high-quality development[16] - The company plans to expand its market share in indoor distribution and leverage existing resources to meet customer needs effectively[16] - The company is focusing on digital governance and smart transformation, enhancing its platform, algorithm, and application capabilities to support industry upgrades[16] - The company is committed to achieving the "dual carbon" goals through clean energy initiatives and infrastructure improvements[15] Shareholder and Dividend Information - The board proposed a final dividend of RMB 0.03739 per share, representing 75% of the distributable profit for the year[10] - The company emphasizes shareholder value and has adopted a dividend policy, planning to distribute 50% or more of the annual distributable profits as dividends, subject to board approval[69] - The dividend is expected to be paid around June 28, 2024, if approved[70] - For H-share non-resident corporate shareholders, a 10% corporate income tax will be withheld on the proposed final dividend[70] Corporate Governance and Management - The company has a strong management team with extensive experience in finance and telecommunications, including key personnel such as the Chief Financial Officer and Vice Presidents[66][65] - The board of directors consists of nine members, all male, with a commitment to gender diversity by aiming to appoint at least one female director by December 31, 2024[175] - The company has established policies to avoid potential conflicts of interest and ensure objective decision-making by the board[177] - The company has implemented a comprehensive internal control and risk management system to enhance governance standards and transparency[162] Related Party Transactions - The company has established ongoing related party transactions with major shareholders, including China Mobile, China Unicom, and China Telecom[99] - The annual cap and transaction amounts for services provided to China Mobile and its subsidiaries totaled RMB 44,020 million, with a transaction amount of RMB 41,819 million for the year 2023[106] - The company has entered into a new value-added service framework agreement with China Mobile Group for the period 2024-2026, effective from January 1, 2024[127] Social Responsibility and Community Engagement - The company has completed over 20 major communication support tasks for national and international events in 2023, demonstrating its commitment to social responsibility[15] - The company actively fulfills its social responsibility by promoting resource-saving practices and providing uninterrupted power and maintenance services to telecommunications operators and smart business clients[151] Risk Management - The company relies heavily on three telecommunications operators for the majority of its revenue, which poses a risk if these clients' demand fluctuates due to budget changes or strategic shifts[200] - The company faces significant risks related to the overall growth of the telecommunications tower infrastructure industry, which directly impacts its business performance[200] - The supervisory board is responsible for monitoring the performance of directors and senior management, ensuring compliance with financial reporting and legal regulations[196]

2024年04月02日 公司研究●证券研究报告 中国铁塔（ ） 公司快报 00788.HK 折旧调整与两翼业务成规模，利润将有望快速增 投资评级 增持-B(首次) 长 股价(2024-04-02) 0.92港元 交易数据 投资要点 总市值（百万港元） 161,927.79 流通市值（百万港元） 42,930.75 事件：3月18日，中国铁塔发布2023年业绩公告。2023年度公司实现营业收入 总股本（百万股） 176,008.47 940.09亿元，同比增长2.0%；实现归母净利润97.50亿元，同比增长11.0%。 流通股本（百万股） 46,663.86 12个月价格区间 0.990/0.730 总营收维持增长态势，盈利能力持续提升：2023年，公司实现营业收入940.09亿 元，同比增长2%。运营商业务收入821.63亿元，同比下降1.0%；其中塔类业务 一年股价表现 收入750.23亿元，同比下降2.8%；室分业务收入71.40亿元，同比增长22.5%。 智联业务收入72.83亿元，同比增长27.7%。能源业务收入42.14%亿元，同比增 长31.7%。整体共用水平提升，塔类业务站均租户提升至1.7 ...

h 股 c r a 票 e s e R 研 y [Table_Title] Gin Yu 余劲同 tiu Company Report: China Tower (00788 HK) 中文版 究 q (852)2509 2113 E 公司报告： 中国铁塔 (00788 HK) Chinese version gin.yu@gtjas.com.hk 19 March 2024 [Table_Summary] 2023年盈利稳定增长；折旧期结束打开股息增长空间，“买入” tr  我 我们 们维 预持 计中 20国 24铁 -2塔 0（ 26“ 财公 年司 每” 股） 收的 益目 分标 别价 为为 人1 民.20 币港 0.元 06， 5维 元持 投 人资 民评 币级 0.为 07“ 6元买 /入 人” 民。 公 o [RTaabtlien_gR:a nk] Buy p / e 司 R 币0.124元。由于大量铁塔的折旧年限将在2025年第四季度到期，将为利润释放 Maintained y 报 n a 提供充足的空间，我们预计2026年派息水平将大幅上升；因此，我们维持“买入” 评级： 买入 (维持) p 告 m ...

智通财经APP获悉，野村发布研究报告称，维持中国铁塔(00788)“中性”评级，目标价从0.86港元升至0.96港元。该行认为5G投资放缓，导致增长仍疲弱，去年收入同比增长2%，盈利增长11%，分别较该行预测低0.4%及1%，期内EBITIDA增长1.1%，符合预期。管理层解释，去年塔类服务收入同比下降2.8%，主要是受2022年底与三大电讯营运商签订的新五年商务定价协议所拖累，可比口径计算该业务收入实际同比增长2%。该行认为，由于电讯商5G投资放缓，预期塔类业务增长今年仍将面临阻力，同时新兴业务尚未完全实现健康盈利能力。 ...

Revenue Performance - Revenue reached RMB 940.09 billion, a year-on-year increase of 2.0%[1][3] - Total revenue for 2023 reached RMB 11.497 billion, accounting for 12.2% of overall revenue, an increase of 2.5 percentage points year-over-year[6] - Revenue for 2023 reached RMB 94,009 million, a 2% increase from RMB 92,170 million in 2022[13] - Total revenue for 2023 reached RMB 94,009 million, a slight increase from RMB 92,170 million in 2022[21] - Revenue for 2023 reached RMB 94.009 billion, a year-on-year increase of 2.0%[44] Operator Business Revenue - Operator business revenue was RMB 821.63 billion, a year-on-year decrease of 1.0%, with tower business revenue at RMB 750.23 billion, down 2.8%, and indoor distributed antenna system (DAS) business revenue at RMB 71.40 billion, up 22.5%[1] - Tower business revenue decreased to RMB 75,023 million in 2023 from RMB 77,204 million in 2022, while indoor business revenue increased to RMB 7,140 million from RMB 5,827 million[21] - Tower business revenue decreased by 2.8% to RMB 75.023 billion in 2023[47] - Indoor coverage business revenue grew by 22.5% to RMB 7.14 billion, accounting for 7.6% of total revenue[48] Smart Connectivity Business - Smart connectivity business revenue was RMB 72.83 billion, a year-on-year increase of 27.7%[1] - Smart Connectivity business revenue in 2023 was RMB 7.283 billion, a 27.7% increase year-over-year, with Tower Video business contributing RMB 4.727 billion, making up 64.9% of Smart Connectivity revenue[6] - Smart connectivity business revenue grew to RMB 7,283 million in 2023, up from RMB 5,704 million in 2022[21] - Smart connectivity business revenue increased by 27.7% to RMB 7.283 billion, representing 7.7% of total revenue[49] Energy Business - Energy business revenue was RMB 42.14 billion, a year-on-year increase of 31.7%[1] - Energy business revenue in 2023 was RMB 4.214 billion, a 31.7% increase year-over-year, with Tower Battery Swap business contributing RMB 2.067 billion, accounting for 49.1% of Energy business revenue[7] - Energy business revenue rose significantly to RMB 4,214 million in 2023, compared to RMB 3,200 million in 2022[21] - Energy business revenue rose by 31.7% to RMB 4.214 billion, contributing 4.5% to total revenue[50] Profitability - EBITDA reached RMB 635.51 billion, a year-on-year increase of 1.1%, with an EBITDA margin of 67.6%[3] - Net profit attributable to shareholders was RMB 97.50 billion, a year-on-year increase of 11.0%, with a net profit margin of 10.4%[3] - Operating profit for 2023 was RMB 14,502 million, up 9% from RMB 13,312 million in 2022[13] - Net profit attributable to shareholders for 2023 was RMB 9,750 million, an 11% increase from RMB 8,787 million in 2022[13] - Net profit attributable to shareholders was RMB 9.75 billion, up 11.0% year-on-year[44] - EBITDA for 2023 was RMB 63.551 billion, a 1.1% increase compared to the previous year[44] - Operating profit grew by 8.9% to 14.502 billion yuan in 2023, while EBITDA reached 63.551 billion yuan, up 1.1% year-on-year[59] - Net profit attributable to shareholders increased by 11.0% to 9.750 billion yuan in 2023, with basic earnings per share of 0.0558 yuan[59] 5G and Network Development - The company completed approximately 586,000 5G construction demands in 2023, with over 95% achieved through sharing existing resources[5] - The company plans to focus on 5G, 5G-A deployment, and "dual-gigabit" network construction to drive mobile communication network development[9] - The company will increase investment in edge computing networks, AI, new energy, and 5G-A/6G technologies to drive innovation and enhance core competitiveness[10] Financial Position - Total assets as of December 31, 2023, were RMB 326,007 million, compared to RMB 305,560 million in 2022[15] - Property, plant, and equipment decreased to RMB 201,542 million in 2023 from RMB 209,377 million in 2022[15] - Total liabilities increased to RMB 128,313 million in 2023 from RMB 111,969 million in 2022[16] - Borrowings under non-current liabilities rose to RMB 49,329 million in 2023 from RMB 31,448 million in 2022[16] - Cash and cash equivalents decreased to RMB 3,955 million in 2023 from RMB 5,117 million in 2022[15] - Total equity attributable to shareholders increased to RMB 197,694 million in 2023 from RMB 193,591 million in 2022[15] - Total assets as of the end of 2023 stood at 326.007 billion yuan, with a net debt of 90.671 billion yuan and a net debt leverage ratio of 31.4%[63] - The company's asset-liability ratio was 39.4% at the end of 2023, reflecting a stable financial position[63] Operating Expenses - Operating expenses for site operations decreased to RMB 5,393 million in 2023 from RMB 5,857 million in 2022[24] - Operating expenses for 2023 totaled RMB 79.507 billion, a 0.8% increase year-on-year, with the expense-to-revenue ratio dropping by 1.0 percentage point to 84.6%[51] - Depreciation and amortization expenses decreased by 1.0% to RMB 49.049 billion, accounting for 52.2% of total revenue[53] - Total labor costs for 2023 amounted to 8.844 billion yuan, an increase of 11.4% year-on-year[55] - Site operation and support expenses decreased by 7.9% to 5.393 billion yuan in 2023, with a reduction of 464 million yuan compared to the previous year[56] - Other operating expenses increased by 11.1% to 8.813 billion yuan in 2023, driven by a 976 million yuan increase in technical support service fees[57] - Net financial expenses decreased by 3.3% to 2.784 billion yuan in 2023, reflecting the company's efforts to optimize financing costs[58] Capital Expenditures and Cash Flow - Capital expenditures for 2023 amounted to RMB 31.715 billion[44] - Capital expenditures for 2023 totaled 31.715 billion yuan, a 21.0% increase year-on-year, driven by investments in site construction and upgrades[60] - Operating cash flow for 2023 was 32.840 billion yuan, with free cash flow reaching 1.125 billion yuan, showing significant improvement in the second half[62] Dividend and Shareholder Information - The company proposed a final dividend of RMB 0.03739 per share (pre-tax) for the year ended December 31, 2023, subject to approval at the 2023 Annual General Meeting[71] - The final dividend, if approved, is expected to be paid on or around June 28, 2024, with different payment methods for domestic shareholders, H-shareholders, and Hong Kong Stock Connect investors[71] - The company will withhold and remit 10% enterprise income tax for non-resident enterprise H-shareholders when distributing the proposed final dividend[71] - For H-share individual investors, the company will withhold and remit personal income tax at rates ranging from 10% to 20% depending on the tax treaty between China and the investor's country of residence[72] - Hong Kong Stock Connect individual investors will have 20% personal income tax withheld on dividends, while enterprise investors are responsible for self-declaring and paying the tax[72] - H股股东名册将于2024年5月14日至2024年5月20日暂停办理股份过户登记手续，以确定股东出席2023年度股东周年大会并投票的权利[73] - H股股东名册将于2024年5月27日至2024年5月30日暂停办理股份过户登记手续，以确定股东收取2023年度末期股息的权利[73] - 2023年年度报告将适时发布在公司网站及香港联交所网站，并寄发给股东[73] - 公司董事会由执行董事张志勇（董事长）及高春雷，非执行董事高同庆、唐永博、刘桂清及房小兵，以及独立非执行董事董春波、胡章宏及冼汉廸组成[75] - 公司不承担因H股股东的纳税身份或税务待遇未能及时确定或不准确确定而引发的任何申索或争议的责任[73] Other Financial Metrics - Basic and diluted earnings per share for 2023 were RMB 0.0558, up from RMB 0.0503 in 2022[14] - Income tax expense increased to RMB 3,082 million in 2023, up from RMB 2,741 million in 2022[27] - Pre-tax profit for 2023 was RMB 12,832 million, compared to RMB 11,528 million in 2022[28] - Income tax expense for 2023 was RMB 3,082 million, up from RMB 2,741 million in 2022[28] - Basic earnings per share for 2023 were RMB 0.0558, compared to RMB 0.0503 in 2022[30] - Total lease liabilities as of December 31, 2023, were RMB 21,511 million, down from RMB 22,074 million in 2022[33] - Depreciation expense for right-of-use assets in 2023 was RMB 11,434 million, slightly lower than RMB 11,513 million in 2022[34] - Total cash paid for lease liabilities (principal and interest) in 2023 was RMB 10,470 million, up from RMB 10,136 million in 2022[34] - Trade receivables as of December 31, 2023, were RMB 67,543 million, a significant increase from RMB 38,350 million in 2022[36] - Trade receivables from China Mobile Group increased to RMB 34,869 million in 2023, up from RMB 17,791 million in 2022[38] - Bank acceptance bills included in trade receivables as of December 31, 2023, were RMB 5,945 million, compared to RMB 1,528 million in 2022[38] - Commercial acceptance bills included in trade receivables as of December 31, 2023, were RMB 18,922 million, up from RMB 7,792 million in 2022[38] Strategic Focus - The company aims to accelerate market expansion in the Energy business, focusing on battery swap network layout and maintaining a leading position in the market[10] - The company will increase investment in edge computing networks, AI, new energy, and 5G-A/6G technologies to drive innovation and enhance core competitiveness[10] Miscellaneous - The company's restricted stock incentive plan failed to meet the unlocking conditions for the third time in 2023, resulting in 30% of the restricted stock being repurchased at the grant price[68]

智通财经APP获悉，高盛发布研究报告称，予中国铁塔(00788)“中性”评级，对2023年净利预测基本上保持不变，最多上调2024-2025年净利润预测3%，目标价从0.98港元升11%至1.09港元。公司预定3月18日公布2023年业绩，预计2023年第四季度收入同比增2%至240亿人民币，EBITDA同比增2.4%至161亿元人民币，净利润同比增13.7%至27亿元人民币，2023年全年净利润为100亿元人民币，同比增14.5%。 该行主要关注的问题包括：1)未来股息政策：尤其是在2026年，由于折旧成本降低，中国铁塔可能会出现一次性强劲的净利润增长。预计2024年派息比率或升到100%。2)2024年增长指引。在盈利方面，预计2024年EBITDA利润率下降1个百分点。3)现金流量恢复状况。过去几年，中国铁塔利用额外的自由现金流来偿还债务。展望未来，该公司可能会继续在加强资产负债表和改善股息支付之间保持平衡。 因此高盛料潜在的股息上涨将成为盈利的关键。 ...

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） 2023年首三季度未經審核的主要運營數據 ❖ 營業收入為人民幣701.51億元，同比增長2.1%；其中： • 運營商業務收入為人民幣616.69億元，同比下降0.8%；其中，塔類業 務收入為人民幣563.97億元，同比下降2.7%；室內分佈式天線系統 （「室分」）業務收入為人民幣52.72億元，同比增長24.5% • 智聯業務收入為人民幣51.69億元，同比增長28.8% • 能源業務收入為人民幣30.41億元，同比增長32.0% ❖ EBITDA為人民幣481.03億元，同比增長1.4% ❖ 歸屬於本公司股東的利潤為人民幣73.47億元，同比增長14.8% ...