丨证券研究报告丨 公司研究丨点评报告丨中国电信（601728.SH） [Table_Title] 中国电信 2025Q1 业绩点评： 经营业绩保持稳健，IDC 业务加速增长 报告要点 [Table_Summary] 2025Q1，公司经营业绩保持稳健。传统业务方面，公司移动通信业务稳健发展，固网及智慧家 庭业务保持良好增长。新兴业务方面，公司 IDC 业务加速增长，智能收入、视联网等业务延续 快速增长趋势，新动能表现强劲。经营性现金流主要受回款周期较长的产数业务扩张影响，但 公司应收账款增速已开始回落，说明公司应收账款控制已有所成效。展望全年，公司明确指引 全年实现收入、EBITDA、净利润保持良好增长。 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 分析师及联系人 [Table_Author] 1 中国电信（601728.SH） cjzqdt11111 [Table_Title 中国电信 2025Q1 2] 业绩点评： 经营业绩保持稳健，IDC 业务 ...

每经记者 杨卉 每经编辑 杨夏 4月29日，第八届数字中国建设峰会在福州举行。《每日经济新闻》记者在开幕式现场注意到，中国电 信董事长柯瑞文提出，当前数字中国建设正处在从数字化向智能化跃升的关键节点，将开启新的发展篇 章。 首先，人工智能应用成为加快数字中国建设的重要引擎。柯瑞文指出，今年是人工智能的规模应用元 年，随着以DeepSeek为代表的新一代开源人工智能技术实现高性能、低成本、轻量化，大幅降低算力 与算法门槛，促进大模型应用加速普及，为数字中国建设带来新的发展动能。面对需求的爆发式增长， AI（人工智能）规模应用的关键已经从算力、算法转向数据要素。 其次，人工智能发展需要加强科技攻关，推动数字信息基础设施智能化升级。据柯瑞文介绍，在此背景 下，中国电信突破了智算中心分布式长距无损互联等关键技术，自研形成了全栈云技术与产品体系，构 建"息壤"一体化智算平台，率先实现与众多国产智能芯片的全面适配和深度优化。柯瑞文透露，近日， 中国电信在广东韶关上线了全球首个智算昇腾超节点。不过他也提到，智算规模的爆发式增长对能源供 给带来挑战，必须加快AI节能等绿色技术的创新与应用，推动算力和电力、通信和能源融合创新发 ...

柯瑞文表示，当前数字中国建设正处在从数字化向智能化跃升的关键节点，将开启新的发展篇章。 一是人工智能应用成为加快数字中国建设的重要引擎。今年是人工智能的规模应用元年，随着以 DeepSeek为代表的新一代开源人工智能技术实现高性能、低成本、轻量化，大幅降低算力与算法门 槛，促进大模型应用加速普及，为数字中国建设带来新的发展动能。面对需求的爆发式增长，AI规模 应用的关键已经从算力、算法转向数据要素。数据质量是企业生产和治理水平的直接体现，只有经过专 业人员标注、调优的数据才能更好地适配算力和算法，只有使用者发挥主体作用，才能形成高质量应 用。 四是构建开放共赢的合作新格局是推动数字中国建设的必然要求。新一代人工智能技术快速演进，算力 普惠、模型开源、数据流动、场景开放等成为人工智能产业创新发展的关键驱动，需要各行业、各领域 开展更大范围、更深层次、更高水平的开放合作。中国电信坚持开放共享、合作共赢的理念，面向合作 伙伴、广大客户，加大科技、云网、数据、场景等核心能力和资源的开放合作力度，并以全球云网宽带 产业协会（WBBA）等组织为平台，开展广泛的国际合作，助力弥合智能鸿沟。 新浪科技讯 4月29日下午消息， ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3][5] Core Views - The company's core business is developing steadily, with a slight increase in user numbers and a focus on technological innovation and R&D investment [1][2] - The company is expected to see improvements in free cash flow and a continuous increase in cash dividends, aligning with long-term trends in the telecommunications sector [3][2] - The report forecasts a slight adjustment in net profit estimates for 2025 and 2026, with projected net profits of 359 billion and 376 billion RMB respectively [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 134.5 billion RMB, a year-on-year increase of 0.01%, with service revenue at 124.7 billion RMB, up 0.3% [1] - The net profit attributable to shareholders was 8.9 billion RMB, reflecting a 3.1% year-on-year growth [1] - The weighted average return on equity (ROE) was 1.94%, an increase of 0.02 percentage points year-on-year [1] User Growth and Business Segments - The mobile communication business showed steady growth, with mobile users reaching 430 million, a net increase of 4.95 million [1] - The number of 5G network users reached 270 million, with a net increase of 15.48 million, resulting in a penetration rate of 62.0% [1] - Fixed-line and smart home services also maintained good growth, with broadband users at 200 million, a net increase of 670,000 [1] R&D and Innovation - The company reported IDC revenue of 9.5 billion RMB in Q1 2025, a year-on-year increase of 10.4% [2] - Smart revenue grew by 151.6%, while satellite communication revenue increased by 37.2% [2] - R&D expenses were 1.8 billion RMB, up 11.5% year-on-year, reflecting a commitment to technological innovation [2] Capital Expenditure and Dividends - Capital expenditure guidance for 2024 is set at 93.5 billion RMB, a decrease of 5.4% year-on-year, with expectations for 2025 to be 83.6 billion RMB [2] - The company plans to increase cash dividends, aiming for a distribution of over 75% of the profit attributable to shareholders within three years [2] Profit Forecast and Valuation - The report provides a profit forecast with operating revenue expected to grow from 507.84 billion RMB in 2023 to 579.9 billion RMB in 2027 [4] - The projected net profit for 2025 is 35.93 billion RMB, with a corresponding A-share PE ratio of 20X [4][3]

➢ 基本盘业务稳健，积极发展 AI、卫星通信、量子业务。 中国电信（601728.SH）2025 年一季报点评 经营稳健，战新业务驱动长期价值增长 2025 年 04 月 28 日 ➢ 事件：2025 年 4 月 25 日，中国电信发布 2025 年一季度财报：营业收入 1,345 亿元，同比增长 0.01%；归母净利润 89 亿元，同比增长 3.1%。 25Q1 服务收入 1,247 亿元，同比增长 0.3%，环比增长 4.6%。1）移动、固网 业务稳健发展。移动通信业务：移动用户数达 4.29 亿户，净增 495 万户，5G 用 户数达 2.7 亿户，渗透率提升至 62.0%，手机上网总流量同比增长 14.2%，DOU （户均流量）达 20.4GB，同比增长 9.1%。固网及智慧家庭业务：宽带用户数达 1.98 亿户，净增 67 万户。千兆宽带用户渗透率约 30%，智慧家庭收入同比增长 11.5%，持续受益于数字化升级需求。2）第二曲线业务高速增长。IDC 收入 95 亿元，同比增长 10.4%，24 年全年增速为 7.3%；智能收入同比增长 151.6%、 视联网同比增长 58.4%、卫星通信同比增长 ...

股东大会召开日期：2025年5月21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 证券代码：601728 证券简称：中国电信 公告编号：2025-017 中国电信股份有限公司 关于召开2024年年度股东大会、2025 年第一次 A 股类 别股东会和 2025 年第一次 H 股类别股东会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会、2025 年第一次 A 股类别股东会和 2025 年第一次 H 股类别 股东会 召开的日期时间：2025 年 5 月 21 日 上午 10 点整 至2025 年 5 月 21 日 (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 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 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30， ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4] Core Views - The company achieved a revenue of RMB 134.51 billion in Q1 2025, a slight increase of 0.01% year-on-year, and a net profit of RMB 8.864 billion, up 3.11% year-on-year, which is slightly below the previous expectation of RMB 9.2 billion [1] - The company is well-positioned to benefit from the growth in digital infrastructure and AI applications, with a strong focus on new productivity areas such as AI, quantum computing, and satellite communications [2][3] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of RMB 134.51 billion, with a year-on-year growth of 0.01% and a net profit of RMB 8.864 billion, reflecting a growth of 3.11% [1] - The company's mobile user base reached 429 million, with a net increase of 4.95 million, and the penetration rate of 5G users rose to 62% [2] - The company’s gross margin and net margin improved by 0.06 and 0.14 percentage points year-on-year to 29.47% and 6.56%, respectively [3] Growth Drivers - The company is actively expanding its digitalization efforts, with intelligent revenue growing by 151.6% year-on-year and IDC revenue increasing by 10.4% to RMB 9.5 billion [2] - New productivity areas such as satellite communication and quantum computing saw revenue growth of 37.2% and 81.1% year-on-year, respectively [2] Profitability Forecast - The report maintains profit forecasts, expecting net profits of RMB 35.458 billion, RMB 37.751 billion, and RMB 39.904 billion for 2025, 2026, and 2027, respectively [4][12] - The projected revenue for 2025 is RMB 548.495 billion, with a growth rate of 4.76% [5] Valuation - The target price for the A-share is set at RMB 9.13, based on a 1.8x PB valuation for 2025, while the H-share target price is set at HKD 6.61, based on a 1.23x PB valuation [4][13]

Investment Rating - The report maintains an "Overweight" rating for China Telecom with a target price not specified [7] Core Views - The company reported a revenue of 134.5 billion yuan for Q1 2025, a slight increase of 0.01% year-on-year, with service revenue at 124.7 billion yuan, up 0.3% year-on-year [1] - The net profit attributable to shareholders reached 8.9 billion yuan, reflecting a year-on-year growth of 3.1% [1] - The company emphasizes a customer-centric approach, leveraging digital technology trends to enhance product and service offerings, particularly in the personal and family markets [2] - The 5G network user base reached 270 million, with a penetration rate of 62.0%, and mobile internet traffic increased by 14.2% year-on-year [2] - The company is focusing on cloud-network integration and innovation in new business areas, with IDC revenue growing by 10.4% year-on-year to 9.5 billion yuan [3] - The company is committed to shareholder returns, distributing 72% of its profit in cash dividends for 2024, with a planned increase to over 75% in the next three years [4] Business Segments Summary Personal and Family Market - The mobile communication business is performing steadily, with significant growth in 5G users and mobile internet traffic [2] New Business Areas - The company is expanding its new business segments, with substantial growth in smart revenue (151.6% year-on-year) and satellite communication revenue (37.2% year-on-year) [3] Financial Performance - The forecast for net profit attributable to shareholders for 2025-2027 is 35.58 billion, 37.82 billion, and 40.19 billion yuan respectively, indicating a consistent growth trajectory [4]

Investment Rating - The report maintains an "Accumulate" rating for China Telecom with a target price not specified [7] Core Views - The company reported a revenue of 134.5 billion yuan for Q1 2025, a slight increase of 0.01% year-on-year, with service revenue at 124.7 billion yuan, up 0.3% year-on-year [1] - The net profit attributable to shareholders reached 8.9 billion yuan, reflecting a year-on-year growth of 3.1% [1] - The company emphasizes a customer-centric approach, leveraging digital technology trends to enhance product and service offerings, particularly in the personal and family markets [2] - The 5G network user base has grown to 270 million, with a penetration rate of 62.0%, and mobile internet traffic increased by 14.2% year-on-year [2] - The company is focusing on cloud-network integration and innovation in new business areas, with IDC revenue reaching 9.5 billion yuan, a 10.4% increase year-on-year [3] - The report highlights significant growth in smart revenue, which surged by 151.6% year-on-year, and satellite communication revenue increased by 37.2% [3] - The company is committed to enhancing shareholder returns, with a cash distribution of 72% of the net profit for 2024 and a planned increase to over 75% in the next three years [4] - Future net profit projections for 2025-2027 are estimated at 35.58 billion, 37.82 billion, and 40.19 billion yuan respectively [4] Summary by Sections Business Performance - The company achieved a stable performance in its mobile communication business, with a total mobile internet traffic of 20.4GB per user per month, up 9.1% year-on-year [2] - The smart home business saw an 11.5% increase in revenue, with a gigabit broadband penetration rate of approximately 30% [2] New Business Development - The report indicates that the new business segment is expanding, with a focus on AI, quantum computing, and satellite services, contributing to the overall growth strategy [3] - The company is actively integrating new technologies into its standard products to enhance service capabilities and business value [4] Financial Outlook - The financial forecast indicates a steady growth trajectory, with revenue expected to reach 544.34 billion yuan in 2025, reflecting a growth rate of 3.97% [5] - The report projects an EBITDA of 135.96 billion yuan for 2025, with a net profit margin expected to improve gradually over the forecast period [5]