Investment Rating - The report maintains a "Recommended" rating for China Telecom, with a target price of 7.57 CNY [7][4]. Core Views - China Telecom's revenue for 2024 is projected at 523.6 billion CNY, reflecting a year-on-year growth of 3.1%, while the net profit attributable to shareholders is expected to reach 33 billion CNY, up 8.4% year-on-year [1][4]. - The company is experiencing steady growth in its core business, with mobile communication service revenue reaching 202.5 billion CNY, a 3.5% increase year-on-year, and a net increase of 16.75 million mobile users, bringing the total to 425 million [2][4]. - The digital industry segment is showing strong growth, with revenue from industrial digitalization reaching 146.6 billion CNY, a 5.5% increase year-on-year, and cloud services revenue growing by 17.1% to 113.9 billion CNY [3][4]. Summary by Sections Financial Performance - In 2024, operating cash flow is reported at 145.3 billion CNY, up 4.8% year-on-year, and free cash flow has significantly increased by 70.7% to 22.2 billion CNY [1][4]. - The company’s capital expenditure for 2024 is 93.5 billion CNY, a decrease of 5.4% compared to the previous year, with a focus on mobile network and industrial digitalization investments [4]. Business Segments - Mobile communication services revenue is driven by the upgrade to 5G-A and the introduction of AI-enhanced applications, with mobile ARPU reaching 45.6 CNY, a slight increase of 0.4% [2][4]. - The smart home services segment has also shown growth, with revenue increasing by 16.8% year-on-year [2][4]. Future Outlook - The report forecasts continued growth in revenue and profit for the next three years, with net profit expected to reach 35.9 billion CNY in 2025, reflecting a growth rate of 9% [4][6]. - The dividend payout ratio is set to increase to over 75% in the next three years, with a dividend of 0.2598 CNY per share for 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of RMB 523.57 billion in 2024, a year-on-year increase of 3.1%, and a net profit attributable to shareholders of RMB 33 billion, up 8.4% year-on-year, slightly exceeding previous expectations [1][4]. - The company plans to distribute a dividend of RMB 0.26 per share for 2024, with a payout ratio of 72%, representing an 11.4% increase in dividends year-on-year [1]. - The digital business, particularly the Tianyi Cloud, is expected to thrive in the AI era, with significant growth in related services such as AIDC [1][2]. Summary by Sections Financial Performance - The company's mobile and fixed-line business revenues grew by 3.5% and 2.1% respectively in 2024, indicating strong operational resilience [2]. - The Tianyi Cloud business revenue increased by 17% to RMB 113.9 billion, with a computing power scale reaching 35 EFlops [2]. - The company executed 433 commercial projects with a contract value exceeding RMB 450 million within a month after the launch of DeepSeek, with a utilization rate of over 90% for its computing resources [2]. Capital Expenditure and Cash Flow - Capital expenditure decreased by 5.4% to RMB 93.5 billion in 2024, with investments in digitalization accounting for 35% of the total [3]. - The company expects capital expenditure to further decline by 10.6% to RMB 83.6 billion in 2025, while investments related to computing power are projected to grow by 22% [3]. - Free cash flow increased by 71% year-on-year to RMB 22.176 billion in 2024, attributed to stable capital expenditure and improved management of receivables and payables [3]. Profitability Forecast - The company is projected to achieve net profits of RMB 35.5 billion, RMB 37.8 billion, and RMB 39.9 billion for the years 2025, 2026, and 2027 respectively [4][12]. - The report anticipates a book value per share (BPS) of RMB 5.07, RMB 5.20, and RMB 5.33 for the same years [4]. - The estimated price-to-book (PB) ratio for 2025 is set at 1.8 times, leading to a target price of RMB 9.13 [4][13]. Market Position - The company maintains a strong position in the IaaS+PaaS market, ranking among the top three in China [2]. - The revenue from quantum-related services grew by 239% year-on-year, and satellite communication revenue increased by 71%, contributing to the overall revenue growth [2].

2024年中国电信实现净利润330亿元 手机直连卫星 用户超240万 每经记者 杨卉 每经编辑 陈俊杰 3月25日，中国电信（SH601728，股价7.53元，市值6927.1亿元）发布了2024年业绩。2024年，中国电 信实现营业收入5236亿元，同比增长3.1%。其中服务收入4820亿元，同比增长3.7%；归属于上市公司 股东的净利润330亿元，同比增长8.4%。 除了传统通信业务和云业务，中国电信还披露了卫星通信业务的规模——手机直连卫星用户突破240 万。人工智能方面，据中国电信执行董事、董事长兼首席执行官柯瑞文在业绩说明会上介绍，2024年中 国电信智能收入为89亿元，同比增长近2倍，位列中国大模型应用市场份额第六。 手机直连卫星用户超240万 三大运营商的最后一份2024年财报正式出炉。 3月25日，中国电信发布2024年业绩。2024年，中国电信实现营业收入5236亿元，同比增长3.1%。其中 服务收入4820亿元，同比增长3.7%。归属于上市公司股东的净利润为330亿元，同比增长8.4%，基本每 股收益0.36元。资本开支为935亿元，同比下降5.4%。 分业务来看，2024年中国电信移动通 ...

Group 1 - Central enterprises are actively embracing artificial intelligence (AI) through the "AI+" initiative, achieving positive results in key areas such as application, computing power, data, and models [1] - Over 500 scenarios in key industries like industrial manufacturing, energy, and intelligent connected vehicles have been established for AI applications by central enterprises [1] - China Unicom has developed the "Yuanjing" model family, which includes multimodal models for language, speech, vision, and multimodal processing, and has released the first "adaptive slow thinking" general thinking chain model to enhance model efficiency [1] Group 2 - The State Grid has launched the "Guangming" multimodal industry model, which provides specialized intelligent services across the entire power industry chain [2] - China National Petroleum Corporation has introduced the "Kunlun" model for energy and chemical applications, focusing on oil and gas exploration and equipment engineering design [2] - The State-owned Assets Supervision and Administration Commission (SASAC) plans to deepen the "AI+" initiative by emphasizing application leadership, data empowerment, and foundational intelligent computing, while encouraging central enterprises to increase investment in AI [2]

在电信行业全球性放缓背景下，中国运营商业绩稳健，同时也面临挑战。中国移动董事长杨杰在业绩说 明会上表示，外部环境更趋严峻复杂，宏观经济回升向好基础还不稳固，有效需求不足，消费不振；传 统通信需求日趋饱和，行业同质化竞争加剧，跨界跨域竞争形势更加复杂。同时，以AI为代表的科技 革命、产业变革给整个行业带来了巨大的信息服务增长空间。 （经济观察）中国运营商加码算力基础设施投资 中新社北京3月25日电 题：中国运营商加码算力基础设施投资 中新社记者 刘育英 至3月25日，中国三大电信运营商2024年业绩悉数公布。展望2025年，三大电信运营商均表示将加大算 力、人工智能等方面资本开支，加快布局人工智能基础设施。 业绩持续稳健增长 中国电信25日公布的2024年业绩显示，公司经营收入达5294亿元(人民币，下同)，同比增长3.1%，其中 服务收入4820亿元，同比增长3.7%。净利润330亿元，同比增长8.4%。 中国移动上周公布了2024年业绩。公司实现营业收入10408亿元，同比增长3.1%；归属于母公司股东的 净利润1384亿元，同比增长5.0%。主营业务收入8895亿元，同比增长3.0%；数字化转型收入278 ...

Group 1: China Telecom Performance - China Telecom reported a net profit of RMB 33.01 billion for 2024, representing a year-on-year growth of 8.4% [3] - The company's total revenue for 2024 was RMB 529.4 billion, an increase of 3.1% compared to the previous year [3] - Service revenue reached RMB 482 billion, up 3.7% year-on-year, while EBITDA was RMB 140.8 billion, growing by 2.9% [3] - The board proposed a cash dividend distribution of 72% of the net profit, with a final dividend of RMB 0.0927 per share [3] Group 2: Rongsheng Development Debt Restructuring - Rongsheng Development announced plans to restructure its debt to mitigate financial risks and promote healthy development [3] - The company aims to implement a debt-for-equity swap by leveraging its quality assets, including stakes in light-asset subsidiaries [3] - The restructuring will address both financial and operational debts, with a focus on enhancing light-asset operational capabilities [3] Group 3: Dual杰 Electric Major Contract - Dual杰 Electric signed two significant contracts with a total value of RMB 1.555 billion, accounting for approximately 44.35% of its audited revenue for 2023 [4] - The contracts involve the procurement of 35kV box substations and the EPC general contracting for a 3 million kW photovoltaic base project [4] - The execution of these contracts is expected to positively impact the company's future operating performance [4] Group 4: Heng Rui Pharmaceutical Licensing Agreement - Heng Rui Pharmaceutical entered into a licensing agreement with Merck for its Lp(a) oral small molecule project, including the lead compound HRS-5346 [4] - The agreement includes an upfront payment of USD 200 million and potential milestone payments up to USD 1.77 billion, along with sales royalties based on performance outside Greater China [4] - This deal is anticipated to expand the overseas market for HRS-5346 and enhance the company's innovative brand and international performance [4] Group 5: Hongbao Li Project Update - Hongbao Li's epoxy propylene comprehensive technology renovation project is expected to enter trial production by the end of 2025 [5] - The project has received necessary approvals and completed various design and construction phases, with equipment procurement underway [6] Group 6: Yongding Co. Clarification - Yongding Co. clarified that it does not directly manufacture controllable nuclear fusion devices but provides materials for the winding of magnetic coils [7] - The production of high-temperature superconducting tapes is limited, with expected revenue contribution of less than 1% to the overall income in 2024 [7]

Core Insights - China Telecom plans to distribute a substantial cash dividend of 8.483 billion yuan and increase its computing power investment by 22% in 2025 [1][2] Financial Performance - In 2024, China Telecom achieved operating revenue of 523.6 billion yuan, a year-on-year increase of 3.1%, with service revenue reaching 482 billion yuan, up 3.7% [1] - The net profit attributable to shareholders was 33 billion yuan, reflecting an 8.4% year-on-year growth, with basic earnings per share at 0.36 yuan [1] - Mobile communication service revenue amounted to 202.5 billion yuan, growing by 3.5%, while mobile value-added and application revenue surged by 16.1% [1] User Metrics - The mobile user base reached 425 million, with an average revenue per user (ARPU) of 45.6 yuan [1] - Fixed-line and smart home service revenue was 125.7 billion yuan, a 2.1% increase, with broadband users totaling 197 million and a broadband ARPU of 47.6 yuan [1] Digital and Cloud Services - The revenue from industrial digitalization reached 146.6 billion yuan, up 5.5%, accounting for 30.4% of service revenue, an increase of 0.5 percentage points [1] - In 2024, revenue from Tianyi Cloud was 113.9 billion yuan, a 17.1% increase, while IDC revenue grew by 7.3% to 33 billion yuan [2] - Security revenue increased by 17.2% to 16.2 billion yuan, and intelligent revenue skyrocketed by 195.7% to 8.9 billion yuan [2] Capital Expenditure and Dividend Policy - Capital expenditure for 2024 was 93.5 billion yuan, a decrease of 5.4%, with a projected further reduction to 83.6 billion yuan in 2025, down 10.6% [2] - The proposed cash dividend of 0.0927 yuan per share (including tax) totals 8.483 billion yuan, representing 72% of the net profit attributable to shareholders for 2024, with a year-on-year increase in total cash dividends of 11.4% [2]

Core Insights - China Telecom achieved a net profit of 33 billion yuan in 2024, with service revenue growth driven by digitalization initiatives [1][4] - The company plans to increase cash dividends to over 75% of the annual profit for shareholders within three years [1] Financial Performance - Total revenue reached 523.6 billion yuan, a year-on-year increase of 3.1%, while service revenue was 482 billion yuan, up 3.7% [1] - Net profit rose by 8.4% to 33 billion yuan, with basic earnings per share at 0.36 yuan [1] - Capital expenditure decreased by 5.4% to 93.5 billion yuan [1] Business Segments - Mobile communication service revenue reached 202.5 billion yuan, growing by 3.5%, with mobile value-added and application revenue at 29.9 billion yuan, up 16.1% [2] - Fixed-line and smart home service revenue was 125.7 billion yuan, a 2.1% increase, with smart home business revenue at 22.1 billion yuan, growing by 16.8% [3] Digital Transformation - Digitalization revenue reached 146.6 billion yuan, a 5.5% increase, accounting for 30.4% of service revenue [4] - Tianyi Cloud revenue was 113.9 billion yuan, up 17.1%, while IDC revenue grew by 7.3% to 33 billion yuan [4] - The company launched new AI-driven applications and upgraded existing services to enhance customer experience [2][3] Industry Applications - China Telecom is advancing 5G applications and AI integration across various sectors, with over 45,000 industry application projects developed [5] - The company is actively involved in digital government initiatives, supporting over 1,000 local government digital transformation projects [5][6] International Expansion - International business revenue reached 16.9 billion yuan, growing by 15.4%, with significant expansion in Southeast Asia and the Middle East [6] - The company is focusing on integrating global cloud network resources and enhancing international service offerings [6]

Core Insights - China Telecom's revenue for 2024 reached 529.417 billion yuan, reflecting a year-on-year growth of 3.1% [1] - The net profit for the same period was 33.01 billion yuan, showing an increase of 8.4% year-on-year [1] - The company plans to increase its R&D expenditure by 11.3% year-on-year, emphasizing the importance of technological innovation as a core strategy for high-quality development [1] R&D and Technological Innovation - China Telecom is focusing on strengthening its core technology capabilities, with significant breakthroughs in cloud computing foundational software such as cloud server operating systems and databases [1] - The company has established a talent pool that includes five leading figures and around a thousand senior experts, forming a "wild goose formation" for technological talent [1] - China Telecom is involved in multiple national-level innovation platforms in fields like cloud computing, quantum technology, optical networks, and security, enhancing its technological influence [1] Intelligent Computing Services - The company is developing a comprehensive intelligent computing service system called "Xiangrang," which integrates computing power, platforms, data, models, and applications [2] - The scale of self-owned and accessed intelligent computing has reached 62 EFLOPS [2] - Tianyi Cloud, centered around "Xiangrang," achieved an annual revenue of 113.9 billion yuan, marking a year-on-year growth of 17.1% [2] - "Xiangrang" has made significant advancements in core technologies, including the development of the first fully domesticated training solution in the country, supporting high-quality models and datasets [2]

在业绩说明会上，谈及在人工智能领域的布局，中国电信执行董事、董事长兼首席执行官柯瑞文表 示，人工智能是方向，更是现实。2024年，公司把握AI发展方向深入开展AI+，广泛赋能千行百业智能 化发展，拓展成效显著，智能收入达到89亿元，同比增长近2倍，位列中国大模型应用市场份额第六。 柯瑞文表示，未来，中国电信将全面拥抱人工智能，坚定方向，把握机遇，深入推进"人工智能 +"行动，推动人工智能应用赋能经济社会发展。 一是，全模态、全尺寸、全国产化的星辰大模型，取得多项自研技术创新突破，推出50余个行业大 模型，20余个行业Agent，为各类客户和开发者提供一站式服务。 MACD金叉信号形成，这些股涨势不错！ 中国电信董事长柯瑞文：全面拥抱人工智能，2024 年位列中国大模型应用市场份额第六 二是，公司积极探索以人工智能赋能网络，提升云网运营自智水平，重塑业务流程，改善用户体 验；借助数字化、智能化手段，全面推进内部数字化转型升级，13个内部大模型深度嵌入网络运营、客 户经营、渠道服务等200余个生产流程，覆盖400余个业务场景，助力企业降本、提质、增效。 新浪科技讯 3月25日晚间消息，中国电信今日公布2024年业 ...