Financial Performance - Revenue for the first nine months of 2024 reached RMB 391.97 billion, a year-on-year increase of 2.9%[4] - Net profit attributable to shareholders of the company for the first nine months of 2024 was RMB 29.30 billion, up 8.1% year-on-year[4] - Basic earnings per share for the first nine months of 2024 were RMB 0.32, an increase of 8.1% compared to the same period last year[4] - Total revenue for the first three quarters of 2024 reached RMB 391.968 billion, a year-on-year increase of 2.9%, with service revenue at RMB 362.886 billion, up 3.8%[14] - Net profit attributable to shareholders was RMB 29.299 billion, a year-on-year increase of 8.1%, with basic earnings per share at RMB 0.32, also up 8.1%[14] - Total operating revenue for the first three quarters of 2024 reached 391.97 billion RMB, an increase from 381.10 billion RMB in the same period last year[18] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 29.30 billion RMB, up from 27.10 billion RMB in the same period last year[18] - Total revenue for the first three quarters of 2024 reached 336.23 billion RMB, compared to 326.89 billion RMB in the same period of 2023[25] - Net profit for the first three quarters of 2024 was 28.39 billion RMB, up from 25.65 billion RMB in the same period of 2023[25] - Operating profit for the first three quarters of 2024 was 39.03 billion RMB, an increase from 36.73 billion RMB in the same period last year[18] - Operating profit for the first three quarters of 2024 was 37.86 billion RMB, compared to 34.68 billion RMB in the same period of 2023[25] - Total comprehensive income for the first three quarters of 2024 was 28.97 billion RMB, compared to 27.29 billion RMB in the same period last year[19] - Total comprehensive income for the first three quarters of 2024 was 28.09 billion RMB, up from 25.66 billion RMB in the same period of 2023[25] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 865.47 billion, a 3.5% increase compared to the end of the previous year[5] - The company's total equity attributable to shareholders as of the end of the reporting period was RMB 448.45 billion, a 1.2% increase compared to the end of the previous year[5] - Total assets as of September 30, 2024, amounted to RMB 865.468 billion, compared to RMB 835.814 billion at the end of 2023[16] - Total liabilities as of the end of Q3 2024 amounted to 412.71 billion RMB, compared to 388.65 billion RMB at the end of Q3 2023[17] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 448.45 billion RMB, up from 442.93 billion RMB at the end of Q3 2023[17] - Total liabilities as of the end of the reporting period amounted to 369.42 billion RMB, an increase from 342.27 billion RMB in the previous year[23] - Total owner's equity stood at 422.42 billion RMB, slightly higher than 417.74 billion RMB in the previous year[23] - Total assets as of the end of the reporting period were 791.84 billion RMB, up from 760.00 billion RMB in the previous year[23] - Total assets as of September 30, 2024 were RMB 791.84 billion, an increase of 4.2% compared to RMB 760.00 billion as of December 31, 2023[22] Cash Flow - Net cash flow from operating activities for the first nine months of 2024 was RMB 97.41 billion, a decrease of 13.8% year-on-year[4] - Operating cash flow for the first three quarters of 2024 was RMB 97.41 billion, a decrease of 13.8% compared to RMB 112.99 billion in the same period of 2023[20] - Investment cash flow for the first three quarters of 2024 was negative RMB 67.32 billion, compared to negative RMB 60.24 billion in the same period of 2023[20] - Financing cash flow for the first three quarters of 2024 was negative RMB 37.77 billion, compared to negative RMB 42.82 billion in the same period of 2023[20] - Operating cash flow for the first three quarters of 2024 was RMB 103.87 billion, a decrease from RMB 120.58 billion in the same period of 2023[27] - Investment cash flow for the first three quarters of 2024 was negative RMB 71.02 billion, compared to negative RMB 56.31 billion in 2023[27] - Sales of goods and services generated RMB 330.90 billion in cash inflows for the first three quarters of 2024, up from RMB 318.72 billion in 2023[27] - Cash outflows for purchasing goods and services increased to RMB 127.02 billion in the first three quarters of 2024, up from RMB 101.39 billion in 2023[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 263,553[8] - China Telecom Group holds 63.90% of the company's shares, totaling 58.48 billion shares[9] - Hong Kong Securities Clearing (Nominees) Limited holds 15.13% of the company's shares, totaling 13.85 billion shares[9] - Guangdong Rising Holdings Group holds 5.24% of the company's shares, totaling 4.79 billion shares[9] - Total shareholders at the end of the reporting period were 263,553, including 261,981 A-share holders and 1,572 H-share holders[10] Subscriber Metrics - Mobile subscribers reached 422.67 million, with a net increase of 14.90 million[12] - 5G package subscribers reached 345.06 million, with a net increase of 26.40 million[12] - Mobile internet traffic totaled 6,615.35 TB, up from 5,219.02 TB in the previous year[13] - Fixed broadband subscribers reached 196.26 million, with a net increase of 6.10 million[13] - Fixed-line telephone subscribers decreased to 98.00 million, with a net decrease of 3.02 million[13] - Mobile communication service revenue reached RMB 156.823 billion, a year-on-year increase of 3.2%, with mobile users increasing by 14.9 million to 423 million, and 5G package users reaching 345 million, with a penetration rate of 81.6%[14] - Fixed-line and smart home service revenue reached RMB 95.624 billion, a year-on-year increase of 2.9%, with smart home revenue growing by 17.0%[14] - The company's mobile user ARPU remained stable at RMB 45.6, while the broadband comprehensive ARPU was RMB 47.8[14] Research and Development - R&D expenses increased by 19.3% year-on-year to RMB 8.75 billion, driven by increased investment in strategic emerging industries and future industries[14] - Research and development expenses for the first three quarters of 2024 increased to 8.75 billion RMB from 7.33 billion RMB in the same period last year[18] - Research and development expenses increased to 4.70 billion RMB in the first three quarters of 2024, up from 4.34 billion RMB in the same period of 2023[25] Guarantees and Subsidiaries - Total guarantees provided by subsidiaries in Q3 2024 amounted to RMB 3.60 million, with 15 guarantees issued[29] - The company's subsidiaries provided non-financing guarantees totaling RMB 47.92 million for 2024, valid until March 31, 2025[29] - The largest single guarantee in Q3 2024 was RMB 6.99 million, provided to China Telecom Digital Intelligence Technology's Jilin branch[30] - The total external guarantee balance of the company and its subsidiaries is RMB 75.48 million, accounting for 0.0169% of the company's latest audited net assets as of December 31, 2023[33] - The guarantee provided by China Telecom Smart Network Technology Co., Ltd. amounts to RMB 77,292.00, valid from August 15, 2024, to June 24, 2027[32] - China Telecom Digital Intelligence Technology Co., Ltd. provided a guarantee of RMB 15,100,430.00, valid from September 29, 2024, to January 31, 2028[32] - China Telecom Digital Intelligence Technology Co., Ltd. Heilongjiang Branch provided a guarantee of RMB 638,700.00, valid from September 2, 2024, to October 16, 2024[32] - China Telecom Digital Intelligence Technology Co., Ltd. Qinghai Branch provided two guarantees totaling RMB 581,479.90, valid from September 19, 2024, to August 8, 2027[32] - China Telecom Digital City Technology Co., Ltd. provided a guarantee of RMB 2,280,818.46, valid from September 29, 2024, to December 25, 2024[32] Other Financial Metrics - Weighted average return on equity (ROE) for the first nine months of 2024 was 6.48%, an increase of 0.32 percentage points year-on-year[4] - Non-recurring gains and losses for the first nine months of 2024 amounted to RMB 612.52 million, primarily due to government subsidies and other non-operating income[6][7] - The company's weighted average return on equity (ROE) increased by 0.32 percentage points to 6.48%[14] - Contract liabilities as of the end of Q3 2024 stood at 58.01 billion RMB, down from 65.42 billion RMB at the end of Q3 2023[17] - Interest expenses decreased to 1.70 billion RMB in the first three quarters of 2024, down from 2.15 billion RMB in the same period of 2023[25] - Other comprehensive income showed a loss of 303.33 million RMB in the first three quarters of 2024, compared to a gain of 16.02 million RMB in the same period of 2023[25] Cash and Cash Equivalents - Cash and cash equivalents at the end of September 2024 were RMB 73.34 billion, a decrease of 11% compared to RMB 82.45 billion at the end of September 2023[21] - The company's cash and cash equivalents at the end of Q3 2024 stood at RMB 39.00 billion, down from RMB 68.82 billion at the end of Q3 2023[27] Industrial Digitalization - Industrial digitalization revenue reached RMB 105.549 billion, a year-on-year increase of 5.8%[14] Accounts and Inventory - Accounts receivable as of September 30, 2024 were RMB 47.50 billion, a significant increase of 77% compared to RMB 26.84 billion as of December 31, 2023[22] - Prepayments as of September 30, 2024 were RMB 5.69 billion, an increase of 67.8% compared to RMB 3.39 billion as of December 31, 2023[22] - Inventory as of September 30, 2024 was RMB 1.76 billion, an increase of 15% compared to RMB 1.53 billion as of December 31, 2023[22] - Fixed assets as of September 30, 2024 were RMB 371.10 billion, a decrease of 3.6% compared to RMB 384.97 billion as of December 31, 2023[22] - Accounts payable as of September 30, 2024 were RMB 122.89 billion, an increase of 4.6% compared to RMB 117.51 billion as of December 31, 2023[22]

证券代码：601728 证券简称：中国电信 公告编号：2024-047 中国电信股份有限公司 2024 年 9 月主要运营数据公告 中国电信股份有限公司 2024 年 9 月主要运营数据如下： | 单位：万户 | 2024 年 9 月 | | --- | --- | | 移动用户数 | 42,267 | | 当月净增/减用户数 | 193 | | 当年累计净增/减用户数 | 1,490 | | 其中：5G 套餐用户数 | 34,506 | | 当月净增/减用户数 | 217 | | 当年累计净增/减用户数 | 2,640 | | 有线宽带用户数 | 19,626 | | 当月净增/减用户数 | 122 | | 当年累计净增/减用户数 | 610 | | 固定电话用户数 | 9,800 | | 当月净增/减用户数 | -40 | | 当年累计净增/减用户数 | -302 | 1 本公司谨此提醒投资者，上述运营数据为内部统计数据， 并不代表公司对未来经营情况的任何预测或保证，投资者应 注意不恰当地使用上述数据可能造成的投资风险。 中国电信股份有限公司 二〇二四年十月二十一日 2 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 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 (如上市) | 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 | A | | 於香港聯交所上市 (註1) | | 否 ...

中国电信股份有限公司 二〇二四年九月二十日 证券代码：601728 证券简称：中国电信 公告编号：2024-046 中国电信股份有限公司 2024 年 8 月主要运营数据公告 中国电信股份有限公司 2024 年 8 月主要运营数据如下： | 单位：万户 | 2024 年 8 月 | | --- | --- | | 移动用户数 | 42,074 | | 当月净增/减用户数 | 168 | | 当年累计净增/减用户数 | 1,297 | | 其中：5G 套餐用户数 | 34,289 | | 当月净增/减用户数 | 314 | | 当年累计净增/减用户数 | 2,423 | | 有线宽带用户数 | 19,504 | | 当月净增/减用户数 | 73 | | 当年累计净增/减用户数 | 488 | | 固定电话用户数 | 9,840 | | 当月净增/减用户数 | -34 | | 当年累计净增/减用户数 | -262 | 1 本公司谨此提醒投资者，上述运营数据为内部统计数据， 并不代表公司对未来经营情况的任何预测或保证，投资者应 注意不恰当地使用上述数据可能造成的投资风险。 2 ...

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 中国电信（601728.SH） 天翼云迈入智能云新阶段，应用多点开花推动 ARPU 增长 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 474,967 | 507,843 | 560,709 | 623,901 | 697,521 | | 增长率 yoy （ % ） | 9.4 | 6.9 | 10.4 | 11.3 | 11.8 | | 归母净利润（百万元） | 27,593 | 30,446 | 33,865 | 38,100 | 43,453 | | 增长率 yoy （ % ） | 6.3 | 10.3 | 11.2 | 12.5 | 14.1 | | ROE （ % ） | 6.3 | 6.8 | 7.2 | 7.8 | 8.7 | | ...

证券代码：601728 证券简称：中国电信 公告编号：2024-045 中国电信股份有限公司 2024 年半年度 A 股利润分配实施公告 每股分配比例 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： A 股每股现金红利 0.1671 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | | | | 日 | 放日 | | Ａ股 | 2024/9/10 | － | 2024/9/11 | 2024/9/11 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 中国电信股份有限公司（以下简称"公司"）于 2024 年 5 月 27 日 召开 2023 年年度股东大会，审议通过了《关于授权董事会决定公司 2024 年中期利润分配方案的议案》；公司于 2024 年 8 月 20 日召开第八 届董事会第十三次会议，审议通过了《关于公司 2024 年中期利润分配 和股息宣派方案的议案》。 1 二 ...

| 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 (如上市) | 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 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601728 | 說 ...

Investment Rating - The report maintains an "Accumulate" rating for China Telecom [3][6]. Core Views - The company reported a revenue of 265.973 billion yuan for the first half of 2024, a year-on-year increase of 2.82%, and a net profit attributable to shareholders of 21.812 billion yuan, up 8.23% year-on-year [3]. - The traditional business ARPU continues to grow, supported by AI-driven digital transformation, with service revenue growth outpacing overall revenue growth at 4.3% year-on-year [3]. - The company aims to increase its dividend payout ratio to over 75% in the next three years, reflecting its strong performance and long-term investment value [3]. Financial Summary - For 2024E, the company is expected to achieve a net profit of 33.024 billion yuan, with corresponding PE ratios of 16.7, 15.4, and 14.2 for 2024-2026 [3]. - The mobile user base increased by 9.08 million to 417 million, with 5G penetration exceeding 80% [3]. - Capital expenditures for the first half of 2024 rose by 13% to 47.2 billion yuan, with a focus on digital transformation [3].

丨证券研究报告丨 公司研究丨点评报告丨中国电信（601728.SH） [Table_Title] 中国电信 2024 半年报点评： ARPU 稳健增长，天翼云迈入新发展阶段 报告要点 [Table_Summary] 24H1 公司服务收入增速高于行业，利润增长亮眼，高质量发展持续向好。基础业务稳健发展， 移动和固网综合 ARPU 均延续增长态势；天翼云保持快速增长，迈入智能云新发展阶段。资本 开支维持年初指引，智算建设节奏超预期，中期派息率提升亮眼。公司维持年初全年指引，力 争实现全年收入和 EBITDA 保持良好增长、净利润增幅高于收入增幅的经营目标。 分析师及联系人 [Table_Author] 于海宁 温筱婷 SAC：S0490517110002 SFC：BUX641 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 中国电信（601728.SH） cjzqdt11111 [Table_Title 中国电信 2024 2] 半年报点评： ARPU 稳健增长，天翼云迈入新发展阶段 [Table_Summary2] 事件描述 8 月 20 日，公司发布 2024 ...

[Table_Page] 中报点评|通信 证券研究报告 [Table_Title] 中国电信(601728.SH/00728.HK) 利润延续高增长，数字信息基础设施持续升级 [Table_Summary] 核心观点： 事件：2024 年 8 月 20 日晚，公司发布 2024 年半年度报告，2024 年 上半年实现收入为 2660 亿元（YoY+2.8%），其中服务收入 2462 亿元 （YoY+4.3%），归母净利润 218 亿元（YoY +8.2%），派息率为 70%。 上半年资本开支 472 亿元（YoY+13.5%），约占年初指引的 49.2%。 移动通信服务收入逆势增长，天翼云延续高增。2024H1 收入 2660 亿 元（YoY+2.8%），其中服务收入 2462 亿元（YoY+4.3%），高于行业 增幅。移动通信服务收入 1052 亿元（YoY+3.6%），增值及应用 181 亿元（YoY+17.1%），5G 登网用户渗透率同比提升 14.3pct，移动用户 ARPU 升至 46.3 元（去年同期为 46.2 元）；固网智家业务收入 640 亿 元（YoY+3.2%），宽带综合 ARPU 升至 ...