Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a revenue of 507.8 billion yuan in 2023, representing a year-on-year growth of 6.9%, with a net profit of 30.4 billion yuan, up 10.3% year-on-year [1][4] - The company is focusing on digital transformation and enhancing shareholder returns, with plans to increase the dividend payout ratio to over 75% in the coming years [4] Summary by Sections Financial Performance - In 2023, the company reported a service revenue of 465 billion yuan, maintaining a growth rate of 6.9% for 11 consecutive years [1] - The mobile communication service revenue reached 195.7 billion yuan, growing by 2.4%, with a net increase of 16.59 million mobile users, totaling 408 million users [2] - The broadband user base increased by 9.26 million, reaching 190 million users, with a broadband ARPU of 47.6 yuan, up 2.8% [2] Business Development - The company's data business revenue grew by 17.9% to 138.9 billion yuan, contributing 29.9% to service revenue, an increase of 2.8 percentage points from the previous year [2] - The Tianyi Cloud revenue surged by 67.9% to 97.2 billion yuan, indicating strong growth in international business as well [2] Capital Expenditure and Investment Strategy - In 2023, the company completed capital expenditures of 98.8 billion yuan, with significant investments in mobile networks and industrial digitalization [3] - The company plans to optimize its investment structure in 2024, with a projected capital expenditure of 96 billion yuan, a decrease of 2.9% year-on-year [3] Shareholder Returns - The company distributed a total dividend of 0.2332 yuan per share in 2023, a 19% increase from the previous year, exceeding 70% of the net profit attributable to shareholders [4] - The company aims to gradually increase cash distributions to over 75% of the net profit attributable to shareholders over the next three years [4] Financial Projections - The projected net profit for 2024-2026 is estimated at 33.2 billion yuan, 36.0 billion yuan, and 38.8 billion yuan respectively, reflecting a steady growth trajectory [4][10]

Investment Rating - The report maintains a "Buy" rating for China Telecom, expecting the stock price to outperform the industry index by over 15% in the next six months [12]. Core Views - China Telecom achieved steady growth in 2023, with significant advancements in emerging industries, particularly in the cloud sector. The company is optimizing capital expenditures through continuous investment in production and data services [2][3]. - The company reported a revenue of 507.84 billion yuan in 2023, a year-on-year increase of 6.9%, and a net profit of 30.45 billion yuan, up 10.3% year-on-year [1][2]. Financial Performance Summary - **Revenue Growth**: - 2022A: 474.97 billion yuan - 2023A: 507.84 billion yuan (6.9% growth) - 2024E: 560.71 billion yuan (10.4% growth) [1] - **Net Profit**: - 2022A: 27.59 billion yuan - 2023A: 30.45 billion yuan (10.3% growth) - 2024E: 33.89 billion yuan (11.3% growth) [1] - **Key Financial Ratios**: - ROE: Expected to increase from 6.8% in 2023A to 7.1% in 2024E [1]. - EPS: Expected to rise from 0.33 yuan in 2023A to 0.37 yuan in 2024E [1]. Business Segment Performance - **C-end Business**: - Mobile communication service revenue reached 195.66 billion yuan in 2023, a 2.4% increase year-on-year. The mobile ARPU was 45.4 yuan, up 0.4% [2]. - The number of 5G package customers increased by 50.7%, with a penetration rate of 78.1% [2]. - **B-end Business**: - The number of wired broadband users reached 190 million, with a comprehensive ARPU of 47.6 yuan, a 2.8% increase [2]. - IoT connections surged by 120.1%, reaching 527 million [2]. - **Cloud Services**: - Tianyi Cloud generated 97.23 billion yuan in revenue, a 67.9% increase, maintaining a leading position in the public cloud market [2]. Capital Expenditure and Management - Capital expenditure in 2023 was 98.84 billion yuan, a 6.82% increase, making China Telecom the only major operator with positive CAPEX growth [2]. - The company aims to increase the proportion of production and data CAPEX to 38.5% in 2024 [2]. Market Value Management - The company's market value has increased 2.2 times since the end of 2020, with a dividend payout ratio exceeding 70% in 2023, aiming to raise it to over 75% within three years [2].

] y r t s u d n I _ e l b a T [ [ 中Ta 国bl 电e_ 信T （itl 6e 0] 1 728）2023年报点评 公 司 智算高增长，打造科技型企业 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 电 （维持） 子 设 2024 年 03 月 29 日 备 / [东Ta方bl财e_富Au证th券or研] 究所 证 [【Ta投bl资e_要Su点mm】ar y] 券 证券分析师：邹杰 研 究 证书编号：S1160523010001  2023年总体经营稳健。2023年公司营收5078亿，同比增长6.9%，其 报 联系人：刘琦 告 中服务收入4650亿，同比增长6.9%，连续11年保持增长，归母净利 电话：021-23586475 润304亿，同比增长10.3%，扣非归母净利润296亿，同比增长8.7%， [相T对ab指le数_P表ic现Qu ote] 资本开支988亿。公司推出5G手机直连卫星、5G量子密话、5G云电 脑等算力产品，2023年移动通信服务收入1957亿元，同比增长2.4%， 11.44% 其中移动增值及应用收入 258 亿元，同比增长 12.4 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4]. Core Insights - The company reported a total revenue of 507.8 billion yuan for 2023, representing a year-on-year increase of 6.9%. The main business revenue was 465 billion yuan, also up by 6.9%. The net profit attributable to shareholders was 30.4 billion yuan, reflecting a growth of 10.3% year-on-year. The return on equity (ROE) stood at 6.9%, an increase of 0.49 percentage points. The dividend payout ratio was approximately 71% [2][3]. - The company is actively expanding its new business segments, particularly in data services, which saw a revenue increase of 17.9% year-on-year, accounting for 29.9% of service revenue. The cloud service revenue reached 97.2 billion yuan, growing by 67.9% [2][3]. - Capital expenditures for 2023 were approximately 98.8 billion yuan, with guidance for 2024 set at 96 billion yuan, a decrease of 2.9% year-on-year. The company plans to increase its dividend payout ratio to over 75% within the next three years [2][3]. Financial Summary - The company’s revenue is projected to reach 543.7 billion yuan in 2024, with corresponding earnings per share (EPS) of 0.37 yuan. The expected revenue for 2025 and 2026 is 579.5 billion yuan and 614.3 billion yuan, respectively, with EPS of 0.40 yuan and 0.43 yuan [3][6]. - The report indicates a price-to-book (PB) ratio of 1.5x for 2024, suggesting a fair value of 7.34 yuan per A-share and 4.98 HKD per H-share [3][4]. - The company’s operating income for 2023 was 507.8 billion yuan, with a net profit of 30.4 billion yuan, and an expected growth rate of 9.9% for 2024 [6].

Investment Rating - The report maintains a "Buy" rating for China Telecom with a target price adjusted to HKD 5.2, reflecting a 27% upside potential from the current stock price of HKD 4.1 [2][3]. Core Views - China Telecom has entered a high-quality development phase focused on improving efficiency and returns, with service revenue expected to maintain good growth over the next three years. The reduction in capital expenditure is anticipated to enhance operating cash flow [2][3]. - The company emphasizes precise cost management and structural optimization, projecting profit growth to outpace revenue growth [2][3]. Summary by Sections Financial Performance - In 2023, China Telecom achieved revenue of CNY 513.6 billion (YoY +6.7%), with service revenue at CNY 465 billion (YoY +6.9%). EBITDA reached CNY 136.8 billion (YoY +5.0%), and net profit was CNY 30.4 billion (YoY +10.3%) [1][3]. - The company plans to increase its dividend payout ratio to over 75% over the next three years, with a dividend of CNY 0.23 per share in 2023 (YoY +19%) [1][3]. Business Segments - Mobile communication service revenue was CNY 195.7 billion (YoY +2.4%), with a mobile ARPU of CNY 45.4 (YoY +0.4%). The number of mobile users reached 408 million, with a net increase of 16.59 million users [1][3]. - The digital industry segment saw revenue of CNY 138.9 billion (YoY +17.9%), with Tianyi Cloud revenue at CNY 97.2 billion (YoY +67.9%), indicating rapid growth and a focus on upgrading to intelligent cloud services [1][3]. Future Outlook - The report anticipates that the capital expenditure for 2024 will be CNY 96 billion, accounting for less than 20% of service revenue, a decrease of 2.9% from the previous year [1][3]. - The company is expected to focus more on the quality of revenue growth in its cloud services, transitioning into a phase of high-quality development [1][2].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 电信运营商 ＃investSuggestion＃ ＃ ＃d中yCo国mpa电ny＃信 （ 601728 ） investSug 增持 ( 维ges持tionC）h 000 传009 统业务稳健增长＃ ，title 打＃ 造 AI 算力新亮点 ange＃ ＃createTime1＃ 2024 年03 月28 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：公司发布2023年年报。2023年，公司实现营业收入5078.43亿元， 日期 2024-03-26 同比+6.92%；归母净利润304.46亿元，同比+10.34%；扣非归母净利润295.53 亿元，同比+8.70%。2023年第四季度，公司实现营业收入1267.40亿元，同 收盘价（元） 5.87 比+8.21%；归母净利润33.45亿元，同比+9.66%；扣非归母净利润23.41亿 总股本（百万股） 91,507.14 元，同比-10.01%。 流通股本（百万股） 33,467.84  点评：1、5G及千兆通信+AI算力多元化发展，推动各业务ARPU稳步提升： 净 ...

2024年3月27日 公司研究 业务稳健增长，持续提升现金分红 ——中国电信（601728.SH、0728.HK）2023 年年报点评 要点 A 股：买入（维持） 当 前价：5.94元 事件：公司发布2023年年报，全年实现营业收入5078亿元，同比增长6.9%， 归属于上市公司股东的净利润304亿元，同比增长10.3%。全年派发股息为每 H 股：买入（维持） 股人民币0.2332元（含税），同比增长19.0%，分红比率超70%。业绩符合预 当前价：4.09元 期。 基础业务保持稳健，创新业务快速增长。移动通信业务方面，全年收入1957亿 作者 元，同比增长2.4%，净增1659万户，ARPU 45.4元，同比增长0.4%。固网及 分析师：石崎良 智慧家庭业务方面，收入1231亿元，同比增长3.8%，净增926万户，ARPU 47.6 执业证书编号：S0930518070005 元，同比增长2.8%。产数业务方面，收入1389亿元，同比增长17.9%，其中 021-52523856 天翼云收入972亿元，同比增长67.9%。 shiql@ebscn.com 网络算力能力持续提升。23年底，公司在用5G基站超1 ...

上 市 公 司 通信 2024 年03月 27 日 中国电信 (601728) 公 司 研 究 ——科技创新突破，云智一体成长 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司公布2023年业绩。报告期内公司营收5078.43亿元YoY+6.9%，归母净利润304.46 亿元YoY+10.3%，可比ROE 6.9%，同比增加0.5 pcts。 证 市场数据： 2024年03月27日 券 收盘价（元） 5.94  整体业绩符合预期，盈利能力亮眼。1）2023 年全年公司营收同比增长 6.9%，其中：移 研 一年内最高/最低（元） 7.24/4.99 动通信服务收入1956.60亿元YoY +2.4%，移动用户总数达4.08亿户，移动用户ARPU 究 市净率 1.2 报 息率（分红/股价） 2.41 达到人民币45.4元YoY +0.4%；固网及智慧家庭服务收入1230.63亿元YoY +3.8%， 告 流通A股市值（百万元） 116367 宽带综合 ARPU 达到人民币 47.6 元 YoY +2.8%；产业数字化收入 1388.90 亿元 YoY 上证指数/深证成指 2 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company achieved a revenue of RMB 507.84 billion in 2023, representing a year-on-year growth of 6.92%. The service revenue was RMB 464.97 billion, also up by 6.91%. Mobile communication service revenue reached RMB 195.66 billion, growing by 2.43%, while fixed-line and smart home service revenue was RMB 123.06 billion, increasing by 3.82%. The industrial digitalization revenue surged by 17.95% to RMB 138.89 billion [2][3] - The company’s net profit attributable to shareholders for 2023 was RMB 30.45 billion, reflecting a year-on-year increase of 10.34% [2] - The company is accelerating the intelligent development of digital information infrastructure, with a significant increase in computing power and the establishment of numerous 5G base stations [4] - Capital expenditure is being optimized, with a projected 2024 capital expenditure of RMB 96 billion, a decrease of 2.87% year-on-year, and a shift in investment structure towards industrial digitalization [5] Financial Performance and Forecast - The company is expected to achieve revenues of RMB 542.93 billion, RMB 579.82 billion, and RMB 620.29 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.91%, 6.80%, and 6.98% [6] - The net profit attributable to shareholders is forecasted to be RMB 33.71 billion, RMB 37.40 billion, and RMB 41.43 billion for the same years, with growth rates of 10.73%, 10.94%, and 10.78% [6] - The report estimates an EPS of RMB 0.37, RMB 0.41, and RMB 0.45 for 2024, 2025, and 2026, respectively, with a 3-year CAGR of 10.81% [6] - The target price is set at RMB 6.66, based on a 2024 PE ratio of 18 times [6]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 27 日 中国 电信(601728.SH) 253365999 证券研究报告 净利润连续三年双位数增长，2023 年 电信运营Ⅲ 投资评级 买入-A 派息率预计超 70% 维持评级 6个月目标价 6.66元 事件： 股价 (2024-03-26) 5.87元 2024年 3月26日，公司发布2023 年年度报告。2023年公司实现 营业收入 5078.43亿元，同比增长 6.9%；实现归母净利润 304.46 交易数据 亿元，同比增长10.3%；实现扣非归母净利润295.53亿元，同比 总市值(百万元) 537,146.90 增长 8.7%。 流通市值(百万元) 114,995.80 净利润连续三年实现双位数增长，董事会建议 2023 年派息率超 总股本(百万股) 91,507.14 70%： 流通股本(百万股) 19,590.43 2023 年公司业绩持续健康增长，实现营业收入5078.43 亿元，同 12个月价格区间 5.06/7.08元 比增长 6.9%，连续 11 年保持增长；实现归母净利润 304.46亿 元，同 ...