] 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].

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 ...

2024年03月27日 公司研究●证券研究报告 中国电信（ ） 公司快报 601728.SH 通信 | 电信运营Ⅲ 加力发展卫星、量子等“战略新兴产业”，现金 增持-B(维持) 投资评级 股价(2024-03-26) 5.87元 分红指引再提升 交易数据 投资要点 总市值（百万元） 537,146.90 流通市值（百万元） 114,995.80 事件：2024年3月26日，中国电信发布2023年年度报告，2023年公司实现营业收 总股本（百万股） 91,507.14 入5078.43亿元，同比增长6.9%，实现归母净利润304.46亿元，同比增长10.3%， 流通股本（百万股） 19,590.43 扣非归母净利润为295.53亿元，同比增长8.7%，基本每股收益0.33元，同比增长 12个月价格区间 6.87/5.08 10.3%。 一年股价表现 营收实现连续11年增长，5G共建共享成效显著。中国电信在2023年取得了令人 瞩目的业绩，营业收入达到5078.43亿元，同比增长6.9%，连续11年保持增长， 归母净利润为304.46亿元，同比增长10.3%，扣非归母净利润达到295.53亿元， 同比增长8.7 ...

中国电信（601728.SH）2023年年报点评 天翼云维持高增长，分红比例进一步提升彰显投资价值 2024年03月27日 ➢ 事件。公司发布 2023 年年报，2023 年公司实现营业收入 5078 亿元，同 推荐 维持评级 比增长6.9%；实现归母净利润304亿元，同比增长10.3%。其中23Q4，公司 当前价格： 5.94元 实现营业收入1267亿元，同比增长8.2%，实现归母净利润33.5亿元，同比增 长9.66%。 [Table_Author] ➢ 天翼云维持高增长趋势，23 年公司分红比例增长至 70%。分业务来看， 2023年公司移动通信服务收入实现1957亿元，同比增长2.4%，其中移动增值 及应用收入实现258亿元，同比增长12.4%，移动用户ARPU3实现45.4元， 同比增长0.4%；固网及智慧家庭服务收入实现1231亿元，同比增长3.8%，其 中智慧家庭业务收入实现 190 亿元，同比增长 12.8%，宽带综合 ARPU4 实现 47.6元，同比增长2.8%。2023年政企客户规模持续提升，政企客户数同比增长 分析师 马天诣 11.3%，同年公司产数业务收入实现人民币1389亿元，同比 ...

Financial Performance - The company's operating revenue for 2023 reached approximately CNY 507.84 billion, representing a 6.9% increase compared to CNY 474.97 billion in 2022 [18]. - Net profit attributable to shareholders for 2023 was approximately CNY 30.45 billion, an increase of 10.3% from CNY 27.59 billion in 2022 [18]. - The net cash flow from operating activities for 2023 was approximately CNY 138.62 billion, showing a slight increase of 1.0% from CNY 137.22 billion in 2022 [18]. - The total assets at the end of 2023 amounted to approximately CNY 835.81 billion, a 3.5% increase from CNY 807.70 billion at the end of 2022 [18]. - The net assets attributable to shareholders at the end of 2023 were approximately CNY 442.93 billion, reflecting a 2.5% increase from CNY 432.09 billion in 2022 [18]. - Basic earnings per share for 2023 were CNY 0.33, up 10.3% from CNY 0.30 in 2022 [19]. - The weighted average return on equity for 2023 increased by 0.5 percentage points to 6.9% from 6.4% in 2022 [19]. Dividend Distribution - The proposed cash dividend for 2023 is RMB 0.090 per share, totaling approximately RMB 8.236 billion, which exceeds 70% of the net profit attributable to shareholders for the year [4]. - The total dividend for 2023, including the interim dividend of RMB 0.1432 per share, amounts to RMB 0.2332 per share, totaling approximately RMB 21.339 billion [4]. - The total dividend for 2023 was RMB 0.2332 per share, a 19.0% increase year-on-year, exceeding 70% of the annual profit attributable to shareholders [26]. - From 2024 onwards, the company aims to gradually increase the cash profit distribution to over 75% of the net profit attributable to shareholders within three years [4]. Risk Management - The company has identified various risks, including economic, policy, technological innovation, and international business operation risks, which may impact future performance [7]. - The company will not update its forward-looking statements, which are subject to known and unknown risks and uncertainties [5]. - The company emphasizes risk management and internal control systems, which include comprehensive risk assessments and a robust financial accounting system [94]. Corporate Governance - The company held a total of 2 shareholder meetings and 8 board meetings in 2023, with all resolutions passed in compliance with legal and regulatory requirements [97]. - The company received an A-level evaluation for its information disclosure work from the Shanghai Stock Exchange for the 2022-2023 period, reflecting its commitment to transparency [94]. - The company actively discloses user data monthly, including fixed-line, mobile, and broadband user numbers, enhancing communication with the capital market [94]. - The company has established an investor relations management department to facilitate communication with shareholders and investors, ensuring timely information dissemination [94]. - The company has implemented a dual-layer governance structure with a board of directors and a supervisory board, ensuring effective oversight of management activities [94]. Technological Innovation - The company is actively implementing a cloud transformation strategy, enhancing digital infrastructure, and focusing on high-quality development driven by technological innovation [27]. - The company plans to leverage new technologies such as artificial intelligence, cloud computing, and quantum information to meet the digital transformation needs of various industries [42]. - The company has achieved a 279.3% increase in intelligent computing capacity, reaching 11.0 EFLOPS, with a total of 8.1 EFLOPS added during the year [37]. - The company has launched a quantum communication cloud platform, achieving two-way voice and SMS communication services via consumer mobile phones connected to satellites [53]. Market Expansion - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [18]. - The company aims to enhance its core competitiveness and accelerate the construction of a world-class enterprise, focusing on high-quality development and increasing shareholder value [43]. - The company is focusing on technological innovation and digital transformation, with significant investments in new infrastructure and AI applications [44]. - The company is expanding its global cloud network by adding 15 new global CDN nodes throughout the year [39]. Environmental Initiatives - The company has reduced greenhouse gas emissions by over 13 million tons, with a year-on-year decrease of 19.6% in emissions per unit of telecom business volume [40]. - The scale of green electricity usage exceeded 1.1 billion kWh, representing a nearly 300% year-on-year increase [40]. - The company has launched a series of self-developed green low-carbon products, including smart power cabinets and energy-saving solutions, contributing to ecological protection and pollution prevention [40]. Employee and Talent Development - The company has a workforce of 278,539 employees, with 113,461 in sales and marketing, and 32,847 in research and product development [123]. - The company conducted 12 training sessions on its "cloud transformation" strategy, with over 1.46 million participants [125]. - The company has established a long-term incentive mechanism to motivate core talents and frontline employees [124]. Financial Management - The company reported a net cash outflow from financing activities of RMB 36.12 billion, a decrease of 15.8% from RMB 42.90 billion last year [72]. - The company completed capital expenditures of RMB 98.8 billion in 2023, including RMB 34.8 billion for mobile network investment and RMB 35.5 billion for industrial digitalization [79]. - The company has recognized investment income from China Tower of RMB 2.106 billion in 2023 [78]. Strategic Acquisitions - A strategic acquisition of a smaller telecom firm is in progress, which is anticipated to enhance service offerings and customer base [100]. - The company is considering strategic acquisitions to enhance its market position, with a target of acquiring at least two companies in the next year [107].