证券代码：601728 证券简称：中国电信 公告编号：2024-018 中国电信股份有限公司 2024 年 3 月主要运营数据公告 中国电信股份有限公司 2024 年 3 月主要运营数据如下： 中国电信股份有限公司 二〇二四年四月十九日 2 | 单位：万户 | 2024 年 3 月 | | --- | --- | | 移动用户数 | 41,165 | | 当月净增/减用户数 | 191 | | 当年累计净增/减用户数 | 388 | | 其中：5G 套餐用户数 | 32,872 | | 当月净增/减用户数 | 466 | | 当年累计净增/减用户数 | 1,006 | | 有线宽带用户数 | 19,222 | | 当月净增/减用户数 | 59 | | 当年累计净增/减用户数 | 206 | | 固定电话用户数 | 10,026 | | 当月净增/减用户数 | -30 | | 当年累计净增/减用户数 | -76 | 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。 ...

公司研 究 证 券研究 报 告 电信运营Ⅲ 2024年04月06日 中 国电信（601728）2023年报点评 推 荐 （维持） 净利润连续三年双位数增长，派息率计划进 目标价：6.96元 一步提升 当前价：6.00元 事项： 华创证券研究所  3月26日，中国电信发布《2023年年度报告》，2023年公司营业收入为5,078.43 证券分析师：欧子兴 亿元，同比增长6.92%，归母净利润为304.46亿元，同比增长10.34%。 评论： 邮箱：ouzixing@hcyjs.com 执业编 号：S0360523080007  基础业务量质齐升，带动收入利润稳健增长。2023 年公司基础业务收入稳健 增长，用户规模和价值持续提升，营业收入为5,078.43亿元，同比增长6.92%， 公司基本数据 归母净利润为304.46亿元，同比增长10.34%，连续三年实现双位数增长，盈 总股本(万股) 9,150,713.87 利能力保持强劲。2023年公司移动通信服务收入达到人民币1,957亿元，同比 已上市流通股(万股) 1,959,042.54 增长2.4%，其中，移动增值及应用收入达到人民币258亿元，同比增长 ...

Investment Rating - The report maintains a "Buy" rating for China Telecom, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [2][13]. Core Insights - China Telecom's revenue for 2023 reached 507.84 billion yuan, a year-on-year increase of 6.9%, with a net profit of 30.45 billion yuan, up 10.3% year-on-year [3][7]. - The company is focusing on digital transformation and strategic emerging industries, with significant growth in its cloud services, particularly Tianyi Cloud, which generated 97.2 billion yuan in revenue, a 67.9% increase [3][5]. - The company plans to distribute a total dividend of 0.2332 yuan per share for 2023, exceeding 70% of its net profit attributable to shareholders, reflecting a strong commitment to shareholder returns [5][6]. Summary by Sections Financial Performance - In Q4 2023, revenue was 126.74 billion yuan, a growth of 8.2% year-on-year, with a net profit of 3.35 billion yuan, increasing by 9.7% [3]. - The mobile communication service revenue was 195.7 billion yuan, up 2.4%, while the fixed-line and smart home services revenue reached 123.1 billion yuan, growing by 3.8% [3][4]. Business Development - The company is enhancing its computing capabilities, with the intelligent computing capacity increasing to 11.0 EFLOPS, a growth of 279.3% [3][5]. - Capital expenditure for 2023 was 98.8 billion yuan, with a focus on digital industry investments, which are expected to rise in proportion in the coming years [4][5]. Market Position - China Telecom holds a leading position in the public cloud infrastructure market, with its Tianyi Cloud being recognized as the top provider among global telecom operators [3][5]. - The company is experiencing a steady increase in 5G and gigabit user adoption, with 46.6% of mobile phone users being 5G users, significantly above the global average [6]. Future Outlook - The forecast for net profit for 2024-2026 is 33.42 billion yuan, 36.27 billion yuan, and 38.91 billion yuan respectively, with corresponding PE ratios of 16.46X, 15.16X, and 14.13X [7][8].

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3月31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4月3日 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 | 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 | ...

中国国际金融股份有限公司 中信建投证券股份有限公司 关于中国电信股份有限公司 3、联席保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保 荐业务管理办法》的有关规定采取的监管措施。 二、联席保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 中国国际金融股份有限公司 | | 法定代表人 | 陈亮 | | 注册地址 | 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 | | 办公地址 | 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 | | 保荐代表人 | 徐石晏、梁晶晶 | | 联系电话 | 010-65051166 | （一）中国国际金融股份有限公司 首次公开发行 A 股股票并上市之 保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电 信股份有限公司首次公开发行股票的批复》（证监许可〔2021〕2541 号）核准， 中国电信股份有限公司（以下简称"中国电信"或"公司"）首次公开发行 A 股 股票（以下简称"本次 A 股发行"）的发行价格为 4.53 元/股，发行数量如下： 超额配 ...

中信建投证券股份有限公司 关于中国电信股份有限公司 2023 年度持续督导年度报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电 信股份有限公司首次公开发行股票的批复》（证监许可〔2021〕2541号）核准， 中国电信股份有限公司（以下简称"中国电信"或"公司"）首次公开发行A股 股票（以下简称"本次A股发行"）的发行价格为4.53元/股，发行数量如下：超 额配售选择权行使前，本次A股发行的发行规模为10,396,135,267股；超额配售选 择权行使后，额外发行178,635,111股，最终发行规模为10,574,770,378股。本次A 股发行最终募集资金总额约为4,790,370.98万元，扣除发行费用约38,808.69万元 后，募集资金净额约为4,751,562.29万元。本次发行证券已于2021年8月20日在上 海证券交易所上市。 中国国际金融股份有限公司（以下简称"中金公司"或"联席保荐机构"）、 中信建投证券股份有限公司（以下简称"中信建投"或"联席保荐机构"）作为 中国电信本次首次公开发行 A 股股票并上市的联席保荐机构，负责中国电信上 市后的持续督导工作。联席保荐机 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a double-digit profit growth in 2023, with a notable service revenue increase in Q4. The traditional business saw a steady increase in user scale, while ARPU continued to grow steadily. Emerging businesses, particularly in industrial digitalization, maintained rapid growth, with Tianyi Cloud reaching a scale of 100 billion, fully forming the framework of the national cloud and upgrading to intelligent cloud in the era of large models. Capital expenditure is expected to show a turning point in 2024, further leaning towards industrial digitalization, with leading scale in intelligent computing. The company has clear operational and dividend targets for the next three years, aiming to gradually increase the dividend payout ratio to over 75% starting in 2024, comparable to China Mobile [6][7][8]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 507.8 billion yuan, a year-on-year increase of 6.9%. The net profit attributable to the parent company was 30.4 billion yuan, up 10.3% year-on-year. In Q4 2023, revenue reached 126.7 billion yuan, growing by 8.2% year-on-year, with service revenue at 115.2 billion yuan, an increase of 8.4% year-on-year, and a net profit of 3.3 billion yuan, up 9.7% year-on-year [6][7]. User Growth and ARPU - The company reported mobile communication service revenue of 195.7 billion yuan, a year-on-year increase of 2.4%, and fixed-line and smart home service revenue of 123.1 billion yuan, up 3.8% year-on-year. The mobile user base increased by 16.59 million, leading in net growth, while broadband users increased by 9.26 million. The mobile ARPU was 45.4 yuan, up 0.4% year-on-year, and broadband access ARPU was 39.1 yuan, up 2.1% year-on-year [6][7]. Emerging Business Growth - The industrial digitalization revenue reached 138.9 billion yuan, growing by 17.9% year-on-year, accounting for 29.9% of service revenue, an increase of 2.8 percentage points from the previous year. Tianyi Cloud achieved revenue of 97.2 billion yuan, a remarkable growth of 67.9%, and is fully upgrading to intelligent cloud services [6][7]. Capital Expenditure and Future Outlook - The company completed capital expenditure of 98.8 billion yuan in 2023, a year-on-year increase of 6.8%. The guidance for 2024 indicates a capital expenditure of 96 billion yuan, a decrease of 2.9%. The structure is further leaning towards industrial digitalization, with related investments of 37 billion yuan, up 3.9% year-on-year. The intelligent computing scale reached 11.0 EFLOPS in 2023, with plans to increase to over 21 EFLOPS in 2024 [7][8]. Dividend Policy - The dividend payout ratio increased by over 5 percentage points to 71% in 2023, with a commitment to gradually raise the payout ratio to over 75% within three years starting in 2024, aligning with China Mobile's payout ratio. The company aims for service revenue to maintain good growth and for net profit growth to exceed revenue growth in the next three years [7][8].

公司报告 | 年报点评报告 中国电信（601728） 证券研究报告 2024年03月 31日 投资评级 净利润持续保持双位数增长，未来分红比率将提升至 75%以上 行业 通信/通信服务 6个月评级 增持（维持评级） 当前价格 6.08元 事件：公司发布2023年业绩，实现营业收入5078亿元，同比增长6.9%， 目标价格 元 其中服务收入4650亿元，同比增长6.9%，连续11年保持增长；归母净利 润304亿元，同比增长10.3%。 基本数据 我们的点评如下： A股总股本(百万股) 77,629.73 基础业务稳健增长，产数业务快速发展 流通A股股本(百万股) 19,590.43 A股总市值(百万元) 471,988.75 2023年公司基础业务收入稳健增长，用户规模和价值持续提升。移动通信 流通A股市值(百万元) 119,109.79 服务收入1957 亿元，同比增长 2.4%，其中，移动增值及应用收入258 亿 每股净资产(元) 4.84 元，同比增长12.4%，移动用户数净增1659万户，连续六年行业领先，用 户规模达到4.08 亿户，移动用户ARPU 达45.4 元，同比增长 0.4%。固网 资产负债 ...

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 ...