Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6]. Core Views - The company demonstrates stable growth in traditional business while rapidly advancing in industrial digitalization. In 2023, the company's operating revenue reached 507.84 billion yuan, a year-on-year increase of 6.92%, and the net profit attributable to shareholders was 30.45 billion yuan, up 10.34% year-on-year [4][5]. - The company is expected to maintain a steady increase in its dividend payout ratio, with cash distributions projected to grow to over 75% of the profit attributable to shareholders within three years starting from 2024 [5]. - The first quarter of 2024 shows positive operational performance, with mobile communication service revenue of 52.23 billion yuan, a year-on-year increase of 3.20% [5]. Summary by Sections Company Overview - Latest closing price: 5.94 yuan - Total shares: 915.07 million, circulating shares: 195.90 million - Total market capitalization: 543.6 billion yuan, circulating market capitalization: 116.4 billion yuan [1][2]. Financial Performance - In 2023, the company achieved operating revenue of 507.84 billion yuan, with a growth rate of 6.92%. The net profit attributable to shareholders was 30.45 billion yuan, reflecting a growth of 10.34% [4][6]. - For 2024, the company forecasts operating revenue of 544.04 billion yuan, with a growth rate of 7.13% [6][7]. Key Business Segments - Mobile communication service revenue reached 195.7 billion yuan in 2023, growing by 2.40%. The number of mobile users increased by 16.59 million, totaling 408 million users [5]. - The revenue from fixed-line and smart home services was 123.1 billion yuan, up 3.80% year-on-year, with broadband users increasing by 9.26 million to 190 million [5]. Capital Expenditure and Investment - The company completed capital expenditures of 98.8 billion yuan in 2023, with a forecast of 96 billion yuan for 2024, focusing on new business and industrial digitalization [5][6]. - Cloud and computing investments are expected to reach 18 billion yuan, with a computing scale of 11 EFLOPS [5]. Profitability Forecast - The projected net profit attributable to shareholders for 2024-2026 is 32.90 billion, 35.87 billion, and 39.08 billion yuan, respectively, with growth rates of 8.05%, 9.04%, and 8.96% [5][6].

证券代码：601728 证券简称：中国电信 公告编号：2024-022 中国电信股份有限公司 第八届董事会第九次会议决议公告 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。 批准聘用迈时资本有限公司作为公司的独立财务顾问，就有关关 连（联）交易协议及其项下之交易等事项发表意见。 表决结果：赞成票：10 票，反对票：0 票，弃权票：0 票。 特此公告。 中国电信股份有限公司 董 事 会 二〇二四年五月二十四日 一、董事会召开情况 中国电信股份有限公司（以下称"公司"）于 2024 年 5 月 24 日 以通讯方式召开了第八届董事会第九次会议。本次董事会的会议通知 及资料已于会前发送给公司全体董事。本次会议应到董事 10 人，实 到董事 10 人，会议由董事长柯瑞文先生主持，会议的召开及其程序 符合有关法律、法规和公司章程的规定。 二、董事会审议情况 （一）批准《关于 2025-2027 年公司关连（联）交易续展聘请独 立财务顾问项目的议案》 1 ...

中国电信股份有限公司 2023 年年度股东大会 会议资料 2024 年 5 月 27 日 | 会议须知 3 | | | | --- | --- | --- | | 会议议程 4 | | | | 议案一：关于公司 ..6 | 2023 | 年度财务决算报告（国际/国内口径）的议案 | | 议案二：关于公司 | 2023 | 年年度报告的议案 7 | | 议案三：关于公司 | 2023 | 年度董事会报告的议案 8 | | 议案四：关于公司 | 2023 | 年度监事会报告的议案 9 | | 议案五：关于公司 | 2023 | 年度利润分配和股息宣派方案的议案 13 | | 议案六：关于授权董事会决定公司 ..15 | | 2024 年中期利润分配方案的议案 | | 议案七：关于 2024 | | 年度外部审计师聘用的议案 16 | | 议案八：关于为公司和董事、监事、高级管理人员购买责任保险的议案 | | | | 17 | | | | 议案九：关于修订《中国电信股份有限公司章程》的议案 | | 19 | | 议案十：关于修订《中国电信股份有限公司股东大会议事规则》的议案 | | | | 22 | | | | 议 ...

Financial Data and Key Metrics Changes - The satellite internet market in China is projected to grow from 29.2 billion yuan to 44.7 billion yuan between 2021 and 2025, indicating a significant expansion opportunity for companies involved in this sector [2]. Business Line Data and Key Metrics Changes - Companies like Nanjing Panda and Suo Bei De are actively developing next-generation satellite communication terminals, which can support various applications including mobile, vehicle, and airborne communications [3]. Market Data and Key Metrics Changes - The introduction of mobile direct satellite services is expected to create new market opportunities for operators, particularly in the consumer market, as satellite communication technology matures [2]. Company Strategy and Development Direction - The company is focusing on the development of mobile direct satellite technology, which is anticipated to become a major commercial form of satellite internet, positioning itself as a key player in the upcoming competitive landscape of satellite communications [2]. Management Comments on Operating Environment and Future Outlook - The management highlighted that advancements in satellite direct connection and communication terminals are leading to a more mature application of satellite communication for end consumers, which is expected to enhance the economic viability of satellite internet systems [2]. Other Important Information - The company has successfully completed the research and development of low-orbit satellite communication antennas and AiP modules, with the Beidou satellite high-precision positioning antennas already in mass production [1][3]. Q&A Session Summary Question: What are the prospects for mobile direct satellite services? - Analysts believe that mobile direct satellite services will open up new applications in the civilian market, creating additional market segments for satellite internet [2]. Question: How are companies like Nanjing Panda and Suo Bei De positioned in this market? - Both companies are engaged in developing technologies that support satellite communication, which positions them well to benefit from the anticipated growth in the satellite internet sector [3].

截至月份: 2024年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國電信股份有限公司 呈交日期: 2024年5月6日 I. 法定/註冊股本變動 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 | 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 | 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 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's service revenue growth is impressive, with a good increase in net profit attributable to the parent company. The ARPU remains stable, and the production and data business continues to show double-digit growth. The depreciation and amortization ratio to revenue has decreased, and the company is increasing its capacity investments and incentivizing technology innovation talent. A turning point in capital expenditure is expected, with a dividend policy comparable to China Mobile. The company has guided for good growth in service revenue over the next three years, with net profit growth expected to outpace revenue growth, and has announced a new three-year dividend commitment, indicating high certainty in both growth and dividends [5][6][7]. Summary by Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 134.5 billion yuan, a year-on-year increase of 3.7%. The net profit attributable to the parent company was 8.6 billion yuan, up 7.7% year-on-year. Service revenue reached 124.3 billion yuan, growing 5.0% year-on-year, the fastest among the three major operators [5][6]. Revenue Breakdown - Mobile communication service revenue in Q1 2024 was 52.2 billion yuan, a 3.2% increase year-on-year. Fixed-line and smart home service revenue was 31.8 billion yuan, up 2.2% year-on-year. The ARPU for mobile services was 45.8 yuan, stable year-on-year, while the broadband comprehensive ARPU was 48.6 yuan, a 2.3% increase year-on-year. The digital industry revenue reached 38.7 billion yuan, growing 10.6% year-on-year [5][6]. Cost and Expenditure - The company's operating expenses in Q1 2024 were 124.9 billion yuan, a 3.6% increase year-on-year. Network operation and support costs rose by 6.6%, driven by improvements in cloud network service quality. Personnel costs increased by 4.8% due to incentives for technology and innovation talent. Depreciation and amortization grew by 2.8%, with the ratio to revenue decreasing by 0.2 percentage points to 18.1% [5][6]. Capital Expenditure and Dividends - The company has guided for capital expenditure of 96 billion yuan in 2024, a decrease of 2.9% year-on-year, indicating a turning point. Investments in digital industry are expected to be 37 billion yuan, a 3.9% increase year-on-year. The company plans to increase its dividend payout ratio to over 75% over the next three years, aligning with China Mobile's dividend policy [6][7]. Profit Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 33.1 billion yuan, 35.6 billion yuan, and 38.0 billion yuan, corresponding to year-on-year growth rates of 8.6%, 7.7%, and 6.7%, with price-to-earnings ratios of 17x, 15x, and 14x respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3]. Core Insights - The company reported a Q1 2024 revenue of 134.495 billion yuan, a year-on-year increase of 3.65%, and a net profit attributable to shareholders of 8.597 billion yuan, up 7.68% year-on-year [1][3]. - The traditional business is expanding steadily, while the digital transformation strategy is contributing to high growth rates. Service revenue increased by 5.0% year-on-year to 124.347 billion yuan, driven by both traditional and digital businesses [1]. - The company is focusing on optimizing cost structures to enhance profitability, with a sales expense ratio down by 0.40 percentage points to 10.53% and a management expense ratio down by 0.51 percentage points to 7.37% [1]. - The company is committed to increasing shareholder returns, with a dividend payout ratio exceeding 70% and a three-year compound annual growth rate of 31% for dividends per share [1]. - Profit forecasts have been adjusted, with expected net profits for 2024-2026 at 33.406 billion, 36.218 billion, and 39.252 billion yuan, respectively, corresponding to PE ratios of 16.7, 15.4, and 14.2 times [1][4]. Summary by Sections Financial Performance - Q1 2024 revenue: 134.495 billion yuan, +3.65% YoY - Q1 2024 net profit: 8.597 billion yuan, +7.68% YoY - Q1 2024 net profit excluding non-recurring items: 9.160 billion yuan, +5.40% YoY [1]. Business Segments - Mobile business: Net increase of 3.88 million users to 412 million, with 5G users increasing by 10.06 million to 329 million, achieving a penetration rate of approximately 79.9% [1]. - Fixed-line and home business: Net increase of 2.06 million broadband users to 192 million, with revenue growth of 10.4% YoY [1]. - Industrial digitalization: Revenue increased by 10.6% YoY to 38.679 billion yuan [1]. Cost Management and R&D - Continued focus on cost reduction and efficiency improvements, with significant increases in R&D investment, up 13.8% YoY to 1.571 billion yuan [1]. - The company is enhancing its digital capabilities through investments in AI and cloud technologies [1]. Shareholder Returns - The company has increased its dividend payout ratio to over 70%, with plans to raise it to above 75% in the future [1]. - The company aims for sustainable growth in revenue and net profit, indicating strong long-term investment potential [1].

证券代码：601728 证券简称：中国电信 公告编号：2024-019 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 5 月 27 日 上午 10 点整 召开地点：香港湾仔港湾道 1 号香港君悦酒店大堂楼层宴会大礼堂 (五) 网络投票的系统、起止日期和投票时间 中国电信股份有限公司 关于召开 2023 年年度股东大会的通知 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： 股东大会召开日期：2024年5月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 27 日 至 2024 年 5 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日 ...

中国电信（601728.SH）2024年一季报点评 产业数字化领衔业务收入增长，利润率稳步提升 2024年04月24日 ➢ 事件：4月23日，公司披露2024年一季报，期间公司实现营业收入1344.95 推荐 维持评级 亿元，同比增长3.7%；实现扣非净利润91.60亿元，同比增长5.4%。 当前价格： 6.10元 ➢ 产业数字化业务带领营收增长，24Q1 公司利润稳步提升。分业务来看， 24Q1公司移动通信服务收入实现522.26亿元，同比增长3.2%，公司不断提升 [Table_Author] 5G网络质量，加快推进5G应用智能化升级，持续拓展5G 手机直连卫星、5G 量子密话等特色应用，促进移动用户规模和价值持续提升，24Q1，移动用户 ARPU 为 45.8 元，同比提升 0.9%。同期公司固网及智慧家庭服务收入实现 318.24亿元，同比增长2.2%，其中智慧家庭收入同比增长10.4%，智慧家庭价 值贡献持续提升，24Q1宽带综合ARPU实现48.6元，同比提升2.1%。24Q1 公司产业数字化业务实现386.79亿元，同比增长10.6%，公司紧抓经济社会数 分析师 马天诣 字化转型的机遇，促进数字 ...