Group 1 - The core point of the article is that Honor has introduced a new round of investors as part of its equity restructuring, which includes China Telecom, funds under CICC, cornerstone funds, TeFa Fund, and a new agency investment platform (Jinshi Xingyao) [1] - Honor emphasizes its commitment to open and transparent development principles while continuously promoting diversification of its equity structure [1]

2024年中国电信坚定履行建设网络强国和数字中国维护网信安全责任持续深入实施云改树转战略高质量发展迈出新的坚实步伐公司将会建设科技领域企业 加强关键核心技术公关5G和下一代互联网两个项目获得国家科技进步奖一等奖云服务器操作系统数据库等云计算基础软件取得重大突破公司全面深化改革加大开放力度 不断激发企业创新发展努力连续三年扩平国务院国资委中央企业改革重点任务考核一期公司加快推进先行数据信息基础设施提制升级夯实高质量发展的关键底座积极践行绿色发展理念助力经济社会绿色转型 会议即将开始请大家保持安静 谢谢好的 现在可以 在会议正式开始之前请管理层合影留念 来 回家来 女士们先生们各位媒体朋友们大家下午好我是公司投资者关系部总经理王立斌欢迎各位出席公司2024年业绩发说明会首先请允许我介绍今天出席的公司董事及管理层成员他们是执行董事董事长兼首席执行官柯瑞文先生 执行董事兼执行副总裁唐柯先生执行董事执行副总裁财务总监兼董事会秘书李英辉先生执行副总裁刘莹女士独立非执行董事吴嘉宁先生 有五名领军人才千名首席专家等顶尖的人才队伍公司聚焦四大跟技术方向持续加强核心技术公关云服务器操作系统数据库等云计算基础软件取得重大突破承担云 ...

董事会确认公司第二期股票增值权激励计划第一和第二归属期 行权条件达成，由公司统一办理股票增值权行权事宜。 证券代码：601728 证券简称：中国电信 公告编号：2024-048 中国电信股份有限公司 第八届董事会第十五次会议决议公告 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。 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 10 月 30 日 以通讯方式召开了第八届董事会第十五次会议。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 11 人， 实到董事 11 人，会议由董事长柯瑞文主持，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《关于公司第二期股票增值权激励计划第一和第二归 属期行权条件达成的议案》 表决结果：赞成票：11 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 二〇二四年十月三十日 1 ...

Investment Rating - The investment rating for China Telecom is "Buy" with a maintained rating [1][6]. Core Views - The report highlights that China Telecom has achieved stable ARPU (Average Revenue Per User) and effective cost control measures, leading to improved service quality [1]. - The company is focusing on deepening its digital transformation and expanding its ecosystem partnerships to meet the digitalization needs across various industries [1]. - The report forecasts revenue growth for the company, projecting revenues of 560.7 billion yuan in 2024, 623.9 billion yuan in 2025, and 697.5 billion yuan in 2026 [1]. Financial Performance Summary - **Revenue**: - 2022A: 474,967 million yuan - 2023A: 507,843 million yuan - 2024E: 560,709 million yuan (growth rate of 10.4%) - 2025E: 623,901 million yuan (growth rate of 11.3%) - 2026E: 697,521 million yuan (growth rate of 11.8%) [1][2] - **Net Profit**: - 2022A: 27,593 million yuan - 2023A: 30,446 million yuan - 2024E: 33,865 million yuan (growth rate of 11.2%) - 2025E: 38,100 million yuan (growth rate of 12.5%) - 2026E: 43,453 million yuan (growth rate of 14.1%) [1][2] - **Key Ratios**: - ROE: Expected to increase from 6.3% in 2022A to 8.7% in 2026E [1][2]. - EPS: Projected to rise from 0.30 yuan in 2022A to 0.47 yuan in 2026E [1][2]. Business Segment Performance - The mobile communication service revenue for the first three quarters of 2024 reached 156.8 billion yuan, with a year-on-year growth of 3.2% [1]. - The company has seen a stable ARPU of 45.6 yuan in mobile services, while fixed-line and smart home services generated 95.6 billion yuan, with a year-on-year growth of 2.9% [1]. - The smart home revenue grew by 17.0% year-on-year, indicating a strong demand in this segment [1]. Strategic Initiatives - China Telecom is enhancing its operational efficiency through intelligent operations and cost control, which has resulted in a decrease in overall expenses while maintaining strong R&D investments [1]. - The company is leveraging opportunities in the digital transformation of the economy and society, focusing on strategic emerging businesses to promote the integration of digital technology with the real economy [1].

Investment Rating - The report maintains an "Add" rating for China Telecom [1][2] Core Views - The company reported a revenue of 391.97 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 2.85%, and a net profit attributable to shareholders of 29.30 billion yuan, up 8.11% year-on-year [2] - The traditional business's ARPU remains stable, while the smart home business shows significant growth, driven by the dual engines of traditional and digital business [2] - The company is focused on cost reduction and efficiency improvement, with a target to increase the dividend payout ratio to over 75% within three years, highlighting its long-term value [2] Financial Summary - For Q3 2024, the company achieved a revenue of 125.99 billion yuan, a year-on-year increase of 2.92%, and a net profit of 7.49 billion yuan, up 7.76% year-on-year [2] - The mobile user base increased by 14.90 million to 423 million, with 5G users growing by 26.40 million to 345 million, achieving a penetration rate of 81.6% [2] - The fixed broadband user base increased by 6.10 million to 196 million, with a stable ARPU of 47.8 yuan [2] - The company forecasts net profits of 33.02 billion, 35.78 billion, and 38.85 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 18.3, 16.9, and 15.5 based on the closing price on October 23 [2][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.80 for H-shares and RMB 7.94 for A-shares [4][8]. Core Insights - The company reported Q3 2024 results that met expectations, with a revenue of RMB 391.97 billion for the first three quarters, a year-on-year increase of 2.9%, and a net profit of RMB 29.3 billion, up 8.1% year-on-year [1]. - The company is recognized for its growing competitiveness in the intelligent computing sector, particularly through its Tianyi Cloud services, which are expected to drive future growth [1][2]. - The average revenue per user (ARPU) remains stable, with mobile ARPU at RMB 45.6 and broadband ARPU at RMB 47.8 [1]. Revenue and Profitability - For the first three quarters of 2024, mobile communication service revenue increased by 3.2% to RMB 156.82 billion, with a net addition of 14.9 million mobile users, bringing the total to 423 million [1]. - The company's return on equity (ROE) improved by 0.32 percentage points to 6.48%, and the net profit margin increased by 0.37 percentage points to 7.49% [1]. - The company has increased its R&D expenditure by 19.3% to RMB 8.75 billion, indicating a commitment to innovation and future growth [1]. Future Projections - The report forecasts the company's revenue for 2024-2026 to be RMB 526.746 billion, RMB 544.924 billion, and RMB 561.848 billion, respectively, with net profits projected at RMB 32.627 billion, RMB 34.844 billion, and RMB 37.032 billion [2][7]. - The estimated book value per share (BPS) for 2024-2026 is projected to be RMB 4.96, RMB 5.09, and RMB 5.22 [2]. Valuation Methodology - The report applies a price-to-book (PB) ratio of 1.6 times for A-shares and 1.07 times for H-shares based on the company's competitive position in the intelligent computing sector, with target prices set accordingly [8].

Investment Rating - The report maintains a "Buy" rating for China Telecom (601728) [2][4] Core Views - China Telecom achieved revenue of 3919.68 billion yuan in the first three quarters of 2024, a year-on-year increase of 2.85%, and net profit attributable to the parent company of 292.99 billion yuan, a year-on-year increase of 8.11% [2][6] - The company's mobile business value continues to improve, with 5G package penetration exceeding 80% [2][6] - The company is accelerating FTTR upgrades and seizing digital transformation opportunities, with industrial digital business revenue reaching 1055.49 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.8% [2][6] - The company is expected to achieve revenue of 5336.64/5608.01/5918.86 billion yuan in 2024-2026, with year-on-year growth rates of 5.08%/5.09%/5.54%, and net profit attributable to the parent company of 324.77/345.33/365.68 billion yuan, with year-on-year growth rates of 6.67%/6.33%/5.89% [6] Financial Data and Valuation - The current stock price is 6.59 yuan, with a total market capitalization of 133,465.13 million yuan [4] - The company's total share capital is 91,507 million shares, with a circulating share capital of 34,130 million shares [4] - The company's net asset per share is 4.90 yuan, with an asset-liability ratio of 47.69% [4] - The company's EPS is expected to be 0.35/0.38/0.40 yuan in 2024-2026, with a P/E ratio of 18.6/17.5/16.5 [7] Business Performance - Mobile communication service revenue reached 1568.23 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.2%, with mobile users reaching 423 million, a year-on-year increase of 4.15%, and 5G package users reaching 345 million, a year-on-year increase of 12.17% [6] - Fixed network and smart home service revenue reached 956.24 billion yuan in the first three quarters of 2024, a year-on-year increase of 2.90%, with smart home revenue increasing by 17% year-on-year [6] Industry and Strategy - The company is deeply implementing the cloud reform and digital transformation strategy, focusing on the integration of standard products with cloud, AI, quantum, and satellite elements, and accelerating platform content filling and intelligent upgrades [6]

[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 中国电信（601728）公司季报点评 2024 年 10 月 24 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|---------------| | 股票数据 | | | 10 [ Table_StockInfo 月 23 日收盘价（元） ] | 6.59 | | 52 周股价波动（元） | 4.99-7.32 | | 总股本 / 流通 A 股（百万股） | 91507/20253 | | 总市值 / 流通市值（百万元） | 603032/224917 | | 相关研究 | | | [Table_ReportInfo] 《 Q3 盈利双位数增长，产数增速维持》 | | | 2023.10.29 | | 市场表现 [Table_QuoteInfo] -23.54% -12.54% -1.54% 9.46% 20.46% ...

Investment Rating - The report maintains a "Buy" rating for China Telecom (601728) with a 6-month target price of 7.32 yuan [1][4] Core Views - China Telecom achieved steady growth in traditional and digital transformation businesses, with stable ARPU (Average Revenue Per User) [1] - The company's revenue for the first three quarters of 2024 reached 391.968 billion yuan, a 2.9% YoY increase, with service revenue growing 3.8% to 362.886 billion yuan [1] - Net profit attributable to shareholders rose 8.1% YoY to 29.299 billion yuan, with Q3 net profit increasing 7.76% to 7.487 billion yuan [1] Business Performance Mobile Communication Services - Mobile service revenue grew 3.2% YoY to 156.823 billion yuan in the first three quarters of 2024 [2] - Mobile subscribers increased by 14.9 million to 423 million, with 5G package users reaching 345 million, representing an 81.6% penetration rate [2] - Mobile ARPU remained stable at 45.6 yuan [2] Fixed Network and Smart Home Services - Fixed network and smart home service revenue increased 2.9% YoY to 95.624 billion yuan [2] - Broadband subscribers reached 196 million, with smart home revenue growing 17.0% YoY [2] - Broadband ARPU stood at 47.8 yuan, reflecting continuous value enhancement in smart home services [2] Industrial Digitalization - Industrial digitalization revenue grew 5.8% YoY to 105.549 billion yuan [2] - The company focused on integrating network, cloud, AI, and applications to meet digital transformation needs across industries [2] Financial Performance Costs and Expenses - Operating costs increased 3.0% YoY to 274.413 billion yuan, driven by investments in technological innovation and industrial digitalization [3] - R&D expenses rose 19.3% YoY to 8.750 billion yuan, reflecting increased focus on strategic emerging industries [3] - Sales and management expenses decreased by 3.2% and 0.6% respectively, demonstrating improved operational efficiency [3] Profitability and Valuation - The company is expected to achieve net profits of 33.064 billion yuan, 35.547 billion yuan, and 37.774 billion yuan in 2024-2026, with EPS of 0.36 yuan, 0.39 yuan, and 0.41 yuan respectively [4][6] - P/E ratios are projected at 18.24x, 16.96x, and 15.96x for 2024-2026, indicating attractive valuation levels [6] Shareholder Returns - China Telecom plans to increase cash dividend payout ratio to over 75% of net profit from 2024 onwards [4] - The company aims to enhance profitability and cash flow generation capabilities to create greater value for shareholders [4] Industry Outlook - The telecommunications industry continues to benefit from digital transformation trends, with 5G penetration and smart home services driving growth [2] - Integration of emerging technologies like cloud computing, AI, and quantum communication presents significant opportunities for industry players [2]

Financial Performance - Revenue for the first nine months of 2024 reached RMB 391.97 billion, a year-on-year increase of 2.9%[4] - Net profit attributable to shareholders of the company for the first nine months of 2024 was RMB 29.30 billion, up 8.1% year-on-year[4] - Basic earnings per share for the first nine months of 2024 were RMB 0.32, an increase of 8.1% compared to the same period last year[4] - Total revenue for the first three quarters of 2024 reached RMB 391.968 billion, a year-on-year increase of 2.9%, with service revenue at RMB 362.886 billion, up 3.8%[14] - Net profit attributable to shareholders was RMB 29.299 billion, a year-on-year increase of 8.1%, with basic earnings per share at RMB 0.32, also up 8.1%[14] - Total operating revenue for the first three quarters of 2024 reached 391.97 billion RMB, an increase from 381.10 billion RMB in the same period last year[18] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 29.30 billion RMB, up from 27.10 billion RMB in the same period last year[18] - Total revenue for the first three quarters of 2024 reached 336.23 billion RMB, compared to 326.89 billion RMB in the same period of 2023[25] - Net profit for the first three quarters of 2024 was 28.39 billion RMB, up from 25.65 billion RMB in the same period of 2023[25] - Operating profit for the first three quarters of 2024 was 39.03 billion RMB, an increase from 36.73 billion RMB in the same period last year[18] - Operating profit for the first three quarters of 2024 was 37.86 billion RMB, compared to 34.68 billion RMB in the same period of 2023[25] - Total comprehensive income for the first three quarters of 2024 was 28.97 billion RMB, compared to 27.29 billion RMB in the same period last year[19] - Total comprehensive income for the first three quarters of 2024 was 28.09 billion RMB, up from 25.66 billion RMB in the same period of 2023[25] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 865.47 billion, a 3.5% increase compared to the end of the previous year[5] - The company's total equity attributable to shareholders as of the end of the reporting period was RMB 448.45 billion, a 1.2% increase compared to the end of the previous year[5] - Total assets as of September 30, 2024, amounted to RMB 865.468 billion, compared to RMB 835.814 billion at the end of 2023[16] - Total liabilities as of the end of Q3 2024 amounted to 412.71 billion RMB, compared to 388.65 billion RMB at the end of Q3 2023[17] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 448.45 billion RMB, up from 442.93 billion RMB at the end of Q3 2023[17] - Total liabilities as of the end of the reporting period amounted to 369.42 billion RMB, an increase from 342.27 billion RMB in the previous year[23] - Total owner's equity stood at 422.42 billion RMB, slightly higher than 417.74 billion RMB in the previous year[23] - Total assets as of the end of the reporting period were 791.84 billion RMB, up from 760.00 billion RMB in the previous year[23] - Total assets as of September 30, 2024 were RMB 791.84 billion, an increase of 4.2% compared to RMB 760.00 billion as of December 31, 2023[22] Cash Flow - Net cash flow from operating activities for the first nine months of 2024 was RMB 97.41 billion, a decrease of 13.8% year-on-year[4] - Operating cash flow for the first three quarters of 2024 was RMB 97.41 billion, a decrease of 13.8% compared to RMB 112.99 billion in the same period of 2023[20] - Investment cash flow for the first three quarters of 2024 was negative RMB 67.32 billion, compared to negative RMB 60.24 billion in the same period of 2023[20] - Financing cash flow for the first three quarters of 2024 was negative RMB 37.77 billion, compared to negative RMB 42.82 billion in the same period of 2023[20] - Operating cash flow for the first three quarters of 2024 was RMB 103.87 billion, a decrease from RMB 120.58 billion in the same period of 2023[27] - Investment cash flow for the first three quarters of 2024 was negative RMB 71.02 billion, compared to negative RMB 56.31 billion in 2023[27] - Sales of goods and services generated RMB 330.90 billion in cash inflows for the first three quarters of 2024, up from RMB 318.72 billion in 2023[27] - Cash outflows for purchasing goods and services increased to RMB 127.02 billion in the first three quarters of 2024, up from RMB 101.39 billion in 2023[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 263,553[8] - China Telecom Group holds 63.90% of the company's shares, totaling 58.48 billion shares[9] - Hong Kong Securities Clearing (Nominees) Limited holds 15.13% of the company's shares, totaling 13.85 billion shares[9] - Guangdong Rising Holdings Group holds 5.24% of the company's shares, totaling 4.79 billion shares[9] - Total shareholders at the end of the reporting period were 263,553, including 261,981 A-share holders and 1,572 H-share holders[10] Subscriber Metrics - Mobile subscribers reached 422.67 million, with a net increase of 14.90 million[12] - 5G package subscribers reached 345.06 million, with a net increase of 26.40 million[12] - Mobile internet traffic totaled 6,615.35 TB, up from 5,219.02 TB in the previous year[13] - Fixed broadband subscribers reached 196.26 million, with a net increase of 6.10 million[13] - Fixed-line telephone subscribers decreased to 98.00 million, with a net decrease of 3.02 million[13] - Mobile communication service revenue reached RMB 156.823 billion, a year-on-year increase of 3.2%, with mobile users increasing by 14.9 million to 423 million, and 5G package users reaching 345 million, with a penetration rate of 81.6%[14] - Fixed-line and smart home service revenue reached RMB 95.624 billion, a year-on-year increase of 2.9%, with smart home revenue growing by 17.0%[14] - The company's mobile user ARPU remained stable at RMB 45.6, while the broadband comprehensive ARPU was RMB 47.8[14] Research and Development - R&D expenses increased by 19.3% year-on-year to RMB 8.75 billion, driven by increased investment in strategic emerging industries and future industries[14] - Research and development expenses for the first three quarters of 2024 increased to 8.75 billion RMB from 7.33 billion RMB in the same period last year[18] - Research and development expenses increased to 4.70 billion RMB in the first three quarters of 2024, up from 4.34 billion RMB in the same period of 2023[25] Guarantees and Subsidiaries - Total guarantees provided by subsidiaries in Q3 2024 amounted to RMB 3.60 million, with 15 guarantees issued[29] - The company's subsidiaries provided non-financing guarantees totaling RMB 47.92 million for 2024, valid until March 31, 2025[29] - The largest single guarantee in Q3 2024 was RMB 6.99 million, provided to China Telecom Digital Intelligence Technology's Jilin branch[30] - The total external guarantee balance of the company and its subsidiaries is RMB 75.48 million, accounting for 0.0169% of the company's latest audited net assets as of December 31, 2023[33] - The guarantee provided by China Telecom Smart Network Technology Co., Ltd. amounts to RMB 77,292.00, valid from August 15, 2024, to June 24, 2027[32] - China Telecom Digital Intelligence Technology Co., Ltd. provided a guarantee of RMB 15,100,430.00, valid from September 29, 2024, to January 31, 2028[32] - China Telecom Digital Intelligence Technology Co., Ltd. Heilongjiang Branch provided a guarantee of RMB 638,700.00, valid from September 2, 2024, to October 16, 2024[32] - China Telecom Digital Intelligence Technology Co., Ltd. Qinghai Branch provided two guarantees totaling RMB 581,479.90, valid from September 19, 2024, to August 8, 2027[32] - China Telecom Digital City Technology Co., Ltd. provided a guarantee of RMB 2,280,818.46, valid from September 29, 2024, to December 25, 2024[32] Other Financial Metrics - Weighted average return on equity (ROE) for the first nine months of 2024 was 6.48%, an increase of 0.32 percentage points year-on-year[4] - Non-recurring gains and losses for the first nine months of 2024 amounted to RMB 612.52 million, primarily due to government subsidies and other non-operating income[6][7] - The company's weighted average return on equity (ROE) increased by 0.32 percentage points to 6.48%[14] - Contract liabilities as of the end of Q3 2024 stood at 58.01 billion RMB, down from 65.42 billion RMB at the end of Q3 2023[17] - Interest expenses decreased to 1.70 billion RMB in the first three quarters of 2024, down from 2.15 billion RMB in the same period of 2023[25] - Other comprehensive income showed a loss of 303.33 million RMB in the first three quarters of 2024, compared to a gain of 16.02 million RMB in the same period of 2023[25] Cash and Cash Equivalents - Cash and cash equivalents at the end of September 2024 were RMB 73.34 billion, a decrease of 11% compared to RMB 82.45 billion at the end of September 2023[21] - The company's cash and cash equivalents at the end of Q3 2024 stood at RMB 39.00 billion, down from RMB 68.82 billion at the end of Q3 2023[27] Industrial Digitalization - Industrial digitalization revenue reached RMB 105.549 billion, a year-on-year increase of 5.8%[14] Accounts and Inventory - Accounts receivable as of September 30, 2024 were RMB 47.50 billion, a significant increase of 77% compared to RMB 26.84 billion as of December 31, 2023[22] - Prepayments as of September 30, 2024 were RMB 5.69 billion, an increase of 67.8% compared to RMB 3.39 billion as of December 31, 2023[22] - Inventory as of September 30, 2024 was RMB 1.76 billion, an increase of 15% compared to RMB 1.53 billion as of December 31, 2023[22] - Fixed assets as of September 30, 2024 were RMB 371.10 billion, a decrease of 3.6% compared to RMB 384.97 billion as of December 31, 2023[22] - Accounts payable as of September 30, 2024 were RMB 122.89 billion, an increase of 4.6% compared to RMB 117.51 billion as of December 31, 2023[22]