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% ...

股份代號: 0788 資源共享 智創未來 二零二三年中期報告 目錄 2 表現摘要 3 董事長報告書 9 財務概覽 11 中期財務報告的審閱報告 12 未經審核中期合併綜合收益表 13 未經審核中期合併財務狀況表 15 未經審核中期合併權益變動表 17 未經審核中期簡明合併現金流量表 18 未經審核中期財務報告附註 二零二三年中期報告 中國鐵塔股份有限公司 2 表現摘要 人民幣百萬元 2023上半年 2022上半年 變化 ...

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年中期業績公告 財務要點  營業收入良好增長，實現人民幣464.61億元，同比增長2.2%，其中： • 運營商業務收入為人民幣409.05億元，同比下降1.1%；其中，塔類業務 收入為人民幣374.81億元，同比下降2.9%；室內分佈式天線系統（「室 分」）業務收入為人民幣34.24億元，同比增長24.4% • 智聯業務收入為人民幣33.86億元，同比增長31.0% • 能源業務收入為人民幣19.75億元，同比增長38.5%  整體共享水平進一步提升，塔類站均租戶數從2022年底的1.74提升到1.77。 ...

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年第一季度未經審核的主要運營數據 ❖ 營業收入為人民幣231.99億元，同比增長2.5%；其中： • 運營商業務收入為人民幣205.33億元，同比下降1.1%；其中，塔類業 務收入為人民幣188.32億元，同比下降3.0%；室內分佈式天線系統 （「室分」）業務收入為人民幣17.01億元，同比增長27.1% • 智聯業務收入為人民幣16.32億元，同比增長37.6% • 能源業務收入為人民幣9.49億元，同比增長47.8% ❖ EBITDA為人民幣161.12億元，同比增長2.7% ❖ 歸屬於本公司股東的利潤為人民幣25.06億元，同比增長15.0% ...

資源共享 智創未來 二零二二年年報 二零二二年年報 聚焦重點行業 做精智聯業務 聚焦重點產品 做專能源業務 ...

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） 2022年首三季度未經審核的主要運營數據 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 營業收入為人民幣 686.82 億元，同比增長 6.3% ；其中： | | | • 運營商業務收入為人民幣 621.87 億元，同比增長 3.4% ；其中，塔類業 務收 ...