电信运营Ⅲ 中国电信（601728.SH） 买入-A(维持) 聚焦算力投资，拓展新兴领域 2025 年 4 月 11 日 公司研究/公司快报 事件描述： 公司近一年市场表现 | 市场数据：2025 年 | 4 月 | 11 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 7.93 | | 总股本（亿股）： | | | 915.07 | | 流通股本（亿股）： | | | 776.30 | | 流通市值（亿元）： | | | 6,156.04 | | 基础数据：2024 年 12 | 月 | 日 31 | | | --- | --- | --- | --- | | 每股净资产（元）： | | | 4.99 | | 每股资本公积（元）： | | | 0.76 | | 每股未分配利润（元）： | | | 2.18 | | 资料来源：最闻 | | | | 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编 ...

聚焦算力投资，拓展新兴领域 电信运营Ⅲ 中国电信（601728.SH） 买入-A(维持) 2025 年 4 月 11 日 公司研究/公司快报 事件描述： 公司近一年市场表现 | 市场数据：2025 年 | 月 4 | 日 11 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 7.93 | | 总股本（亿股）： | | | 915.07 | | 流通股本（亿股）： | | | 776.30 | | 流通市值（亿元）： | | | 6,156.04 | | 基础数据：2024 | 年 | 月 | 日 | 12 | 31 | 每股净资产（元）： | 4.99 | | --- | --- | --- | --- | --- | --- | --- | --- | | 每股资本公积（元）： | 0.76 | | | | | | | | 每股未分配利润（元）： | 2.18 | | | | | | | | 资料来源：最闻 | | | | | | | | 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码： ...

主要数据 2025 年 4 月 9 日 收盘价(元) 8.30 总市值（亿元） 7595.09 总股本(亿股) 915.07 流通股本(亿股) 776.30 ROE（TTM） 7.30% 12 月最高价(元) 8.61 12 月最低价(元) 5.63 证 券 研 究 报 告 买入（维持） 中国电信（601728）2024 年年报点评 公 司 点 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 评 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： 全年业绩稳步增长，高度重视股东回报 2025 年 4 月 9 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 通信行业 资料来源：东莞证券研究所，iFind 分析师：罗炜斌 SAC 执业证书编号： 全年业绩持续增长。公司2024年 ...

金融界4月8日消息，上证指数低开高走，中证港股通TMT主题指数 (港股通 TMT，931026)报3426.54 点。 数据统计显示，中证港股通TMT主题指数近一个月下跌24.59%，近三个月上涨4.11%，年至今上涨 0.59%。 从中证港股通TMT主题指数持仓样本的行业来看，通信服务占比55.24%、信息技术占比44.76%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。如果香港市场新上市TMT企业市值在香港上市公司中排名前十并纳入港股通范围，将在其 纳入港股通范围后第十一个交易日快速纳入该指数中。样本公司发生收购、合并、分拆等情形的处理， 参照计算与维护细则处理。当港股通范围发生变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 据了解，中证港股通TMT主题指数从港股通范围内选取50只TMT主题领域的上市公司证券作为指数样 本，以反 ...

证券代码：601728 证券简称：中国电信 公告编号：2025-013 一、持续深入实施云改数转战略 当前，新一轮科技革命和产业变革深入发展，以人工智能为代表 的新技术推动产业重塑和结构调整，数字化、网络化、智能化、绿色 化浪潮迎面而来，数字服务的新场景、新需求不断衍生，呈现出多元 化、场景化的新特征，国家更大力度支持"两重"项目、加力扩围实 施"两新"政策，行业和公司迎来加快推进高质量发展的宝贵机遇。 面向未来，公司坚定看好通信行业高质量发展趋势，积极把握行业和 人工智能发展方向，持续深入实施云改数转战略，全力打造"三型" 企业，更加突出高质量发展主题，以改革开放为动力，以人才强企为 关键，持续推动科技创新和产业创新深度融合，助力新旧发展动能平 稳接续转换，进一步强化优质高效的数字化、智能化产品和服务供给， 积极助力提振消费，更好满足千行百业、千家万户对美好数字生活的 新需求，推动人工智能应用赋能经济社会发展，不断增强核心功能、 提升核心竞争力，加快建设世界一流企业，积极回馈广大股东，奋力 谱写中国式现代化电信新篇章。 1 二、 高度重视股东回报 公司始终高度关注股东回报，努力增强盈利和现金流创造能力， 董 ...

Group 1 - The core point of the news is that China Telecom has applied for a patent related to a user permission management method and device, aimed at enhancing data security by providing targeted management of user permissions [1][3] Group 2 - China Telecom was established in 2002 and is based in Beijing, primarily engaged in telecommunications, broadcasting, television, and satellite transmission services [2] - The registered capital of China Telecom is approximately 91.5 billion RMB, with a paid-in capital of about 57.4 billion RMB [2] - The company has invested in 87 enterprises and participated in 5,000 bidding projects, holding 54 trademark records and 5,000 patent records, along with 71 administrative licenses [2]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a revenue of 529.42 billion yuan in 2024, representing a year-on-year growth of 3.1%, with service revenue reaching 482.03 billion yuan, up 3.7% year-on-year. The net profit attributable to shareholders was 33.01 billion yuan, an increase of 8.4% year-on-year [1] - The company is focusing on enhancing its digital infrastructure and AI capabilities, with a capital expenditure of 93.52 billion yuan in 2024, and plans to increase computing power investment by 22% [3] - The company is committed to shareholder returns, distributing 72% of its profits in cash dividends for 2024, with a planned increase to over 75% in the next three years [5] Summary by Sections Financial Performance - In 2024, the company reported an EBITDA of 140.85 billion yuan, a growth of 2.9% year-on-year, and a return on equity (ROE) of 7.3%, up 0.4 percentage points [1] - Free cash flow reached 22.18 billion yuan, marking a significant increase of 70.7% [1] Business Segments - Mobile communication service revenue was 202.5 billion yuan, growing by 3.5%, with mobile value-added and application revenue increasing by 16.1%. The mobile user base reached 425 million, with an average revenue per user (ARPU) of 45.6 yuan [2] - Fixed-line and smart home service revenue was 125.7 billion yuan, up 2.1%, with smart home revenue growing by 16.8%. Broadband users reached 197 million, with a broadband ARPU of 47.6 yuan [2] - Digital industry revenue was 146.6 billion yuan, a growth of 5.5%, accounting for 30.4% of service revenue, an increase of 0.5 percentage points [2] Strategic Initiatives - The company is advancing its digital infrastructure, with significant investments in AI and cloud services, including the establishment of high-capacity data centers and a new intelligent computing network [3][4] - The Tianyi Cloud platform is evolving into a smart cloud service, integrating various AI capabilities and achieving significant partnerships to enhance its service offerings [4] Shareholder Returns - The company distributed a cash dividend of 0.2598 yuan per share in 2024, with a year-on-year increase of 11.4% in total dividend payout [5] - The commitment to increase cash distribution to shareholders to over 75% of profits in the next three years reflects a strong focus on shareholder value [5]

Investment Rating - The report maintains a "Buy" rating for China Telecom, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [10][18]. Core Insights - China Telecom's revenue for 2024 reached 523.57 billion yuan, a year-on-year increase of 3.1%, with a net profit of 33.01 billion yuan, up 8.4% year-on-year [5]. - The company is experiencing steady growth in its core business and digital services, with a significant focus on enhancing its cloud services through the Tianyi Cloud platform [10]. - The company plans to distribute a total dividend of 0.2598 yuan per share for 2024, representing 72% of its net profit attributable to shareholders, with an aim to increase this to over 75% in the next three years [10]. Summary by Sections Financial Performance - In Q4 2024, China Telecom achieved a revenue of 131.60 billion yuan, reflecting a 3.84% year-on-year growth, and a net profit of 3.71 billion yuan, which is an 11.01% increase year-on-year [5]. - The mobile communication service revenue for 2024 was 202.5 billion yuan, up 3.5% year-on-year, with mobile value-added services growing by 16.1% [8]. Business Segments - The digital services segment generated 146.6 billion yuan in revenue, a 5.5% increase, with Tianyi Cloud revenue reaching 113.9 billion yuan, up 17.1% [8]. - The company is enhancing its AI capabilities and has launched various innovative products, including AI cameras and cloud computers, to maintain a competitive edge [8]. Cost Management and Capital Expenditure - Operating costs for 2024 were 373.5 billion yuan, a 3.3% increase, with a focus on improving service quality and investing in strategic emerging businesses [10]. - Capital expenditure for 2024 was 93.5 billion yuan, down 5.4% year-on-year, with a projected decrease to 83.6 billion yuan in 2025 [10][9]. Future Projections - The report forecasts net profits of 35.62 billion yuan, 38.19 billion yuan, and 40.80 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20.06X, 18.71X, and 17.52X [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 523.57 billion yuan in 2024, representing a year-on-year growth of 3.1%, with a net profit of 33.01 billion yuan, up 8.4% year-on-year [5] - The basic business shows steady growth, with mobile communication service revenue reaching 202.5 billion yuan, a 3.5% increase year-on-year, and mobile value-added services growing by 16.1% [8] - The digital industry revenue reached 146.6 billion yuan, a 5.5% increase, with Tianyi Cloud revenue at 113.9 billion yuan, up 17.1% [8] - The company plans to distribute a final dividend of 0.0927 yuan per share, with an expected total dividend payout ratio exceeding 70% [10] - Capital expenditure is expected to decrease to 83.6 billion yuan in 2025, with a focus on increasing investment in computing power [10] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 131.6 billion yuan, a 3.84% increase year-on-year, and a net profit of 3.71 billion yuan, up 11.01% [5] - The company’s operating costs were 373.5 billion yuan, a 3.3% increase, with sales expenses decreasing by 1.1% [8] Business Segments - The mobile user ARPU was 45.6 yuan, a 0.44% increase, while the broadband ARPU was 47.6 yuan [8] - The company is enhancing its product offerings with AI-enabled devices and services, maintaining a competitive edge in the market [8] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 35.62 billion yuan, 38.19 billion yuan, and 40.80 billion yuan respectively, with corresponding PE ratios of 20.06X, 18.71X, and 17.52X [10] - The company aims to increase the proportion of cash dividends to over 75% of the annual profit within three years [10]

Group 1 - The core viewpoint of the news is the importance of data resource development and utilization in enhancing enterprise competitiveness and driving the digital economy in China [1] - China Telecom is leveraging its vast multi-source data advantages to innovate in data elementization and value realization, contributing to green low-carbon applications and achieving significant cost savings and carbon reduction [2][4] - The company has established a "Star Sea Big Data" service system to release telecom data value across various industries, including finance, culture, and government [4][9] Group 2 - China Telecom has provided big data SMS reminder services to over 300 government and enterprise users, enhancing public service efficiency [6] - The company has developed a comprehensive data element service capability system, achieving significant improvements in data processing efficiency and AI-assisted labeling [7] - In the area of data circulation, China Telecom has introduced technologies such as trusted computing and blockchain, which have been recognized with awards for their advancements [8] Group 3 - China Telecom has supported over 150 government and enterprise users with its self-developed data resource development and utilization platform, improving data processing efficiency by 30% for clients like China Aneng Group [9] - The company has integrated various data types to build big data platforms for multiple sectors, enhancing public service effectiveness and emergency response capabilities [9] - Future plans include further promoting efficient data circulation and value release to foster the integration of the digital economy and the real economy [9] Group 4 - China Electronics Technology Group (CETC) emphasizes the role of data as a new production factor, driving technological innovation and enhancing productivity [10] - CETC has developed a trusted data space product to facilitate data sharing and utilization, addressing common issues in data circulation [11] - The company is advancing core technology innovations in the data field, integrating AI with high-quality data resources to create a "data flywheel" effect [12] Group 5 - CETC has created over 500 task models across various industries, demonstrating the multiplier effect of data elements in driving industry transformation and innovation [12] - In the energy sector, CETC has developed rapid coal quality detection technology, significantly improving detection efficiency and accuracy [13]