中新网10月28日电 久闻鸡山名，今日始得行。时逢深秋，风和日丽，我们从干江镇栈台码头出发，乘 船前往鸡山岛采访。 出生于1963年、从小在岛上长大的台属林文彪正在等着我们。回想起过去，林文彪打开了话匣子。他 说，鸡山乡曾有千余村民远渡台湾，在屏东县创立了名为"玉环新村"的家园，他的两个舅舅便在那儿安 家。 一弯浅浅的海峡，隔不断血浓于水的骨肉亲情。最初，舅舅是船员。路过香港时，他便趁机往家里寄 信。然而，受当时条件限制，信件往往要数月才能送达。即便收到，也无法回信。1987年两岸开放探亲 后，舅舅终于踏上了魂牵梦萦的故土。此后，双方往来日渐增多。时光流转至九十年代，林文彪家装上 了电话。彼时，两岸虽能直拨通话，但信号需经新加坡、日本等地转接，费用高昂。通常由舅舅主动拨 打，接听也要收费。每次通话，仅一两分钟。这些年，随着通信基础设施越来越完善，亲人间的联系变 得更加密切和便捷。"他们隔三五天就要打来一个视频电话，问我们有没有时间，一起聊聊天。我也会 给他们看看现在家里面怎么样。"林文彪笑着说。一通通视频电话，一份份关心和问候，让血脉亲情跨 越山海、时刻相连，而这得益于一座座立起来的铁塔。 林文彪在家中与台湾 ...

Core Insights - China Tower's operational data for the first three quarters of 2025 shows growth in both scale and quality, despite the data not being audited yet [1] Financial Performance - Revenue for the quarter reached 74.319 billion yuan, a 2.6% increase year-on-year. Net profit was 8.708 billion yuan, up 6.8%, indicating improved profitability as profit growth outpaced revenue growth [3] - The operator business, which is the company's core, generated 63.432 billion yuan, a 0.5% increase year-on-year. Tower business revenue was 56.509 billion yuan, slightly down 0.7%, while indoor distribution business revenue was 6.923 billion yuan, showing a strong growth of 11.3% [3] Strategic Framework - China Tower's strategy is defined as "one body, two wings," with the core being the operator business and the wings being smart connection and energy businesses [5] - The company has improved resource utilization efficiency through a sharing model, with the sharing rate of newly built towers increasing from 14.3% at inception to 85% currently. Over 95% of 5G base station construction has been achieved through shared resources, saving the industry over 210 billion yuan in investments [5] Growth Drivers - The growth momentum is primarily driven by the smart connection and energy businesses, which generated 7.093 billion yuan and 3.424 billion yuan in revenue, respectively, with year-on-year growth rates of 16.8% and 11.5%. These two segments now account for 14.2% of total revenue, up from 12.6% a year ago [7] - The smart connection business is crucial for the company's transformation, with over 237,000 communication towers upgraded to "digital towers" serving various sectors such as land, environmental protection, forestry, and water conservancy [7] Innovation and Development - At the World Artificial Intelligence Conference, China Tower unveiled its AI strategy and innovations, including the Tower Vision platform and specialized algorithms, integrating "Tower + Big Data + AI" to enhance capabilities across industries [9] - In the energy sector, the company focuses on battery swapping and backup power, with approximately 1.47 million battery swap users as of June 30, 2025, reflecting a year-on-year increase of 166,000 users, maintaining a leading position in the low-speed electric vehicle battery swap market [9] Transformation and Future Outlook - Over the years, China Tower has deepened reforms, transitioning from a "communication tower" to a "digital tower," and is actively developing in new areas such as computing networks, low-altitude economy, and artificial intelligence [11] - The company's ambition and determination for transformation are evident in both financial data and strategic positioning, aiming to become a key provider of new infrastructure in the construction of a digital China [11]

Core Viewpoint - UBS reports that China Tower (00788) experienced a year-on-year revenue, EBITDA, and net profit growth of 2.1%, 0.4%, and 4.5% respectively, which fell short of market expectations by approximately 1% to 3% due to reduced tower revenue, increased maintenance costs, and credit impairment [1] Financial Performance - China Tower's Q3 revenue growth was 2.1% year-on-year, while EBITDA and net profit grew by 0.4% and 4.5% respectively, indicating a slight underperformance compared to market forecasts [1] - The company has adjusted its profit forecasts for 2025 to 2028 downwards by 4% to 19% due to lowered revenue expectations and increased operating expense forecasts [1] Target Price and Rating - UBS has reduced the target price for China Tower from HKD 15 to HKD 13.5 while maintaining a "Buy" rating [1] Accounting Changes - China Tower has extended the depreciation period for its DAS assets from 7 years to 10 years, which is expected to reduce depreciation expenses by approximately RMB 870 million this year [1] - This accounting change is anticipated to support the company's net profit and help maintain stable dividend growth amid macroeconomic headwinds [1]

Core Viewpoint - UBS reported that China Tower (00788) experienced a year-on-year revenue, EBITDA, and net profit growth of 2.1%, 0.4%, and 4.5% respectively in Q3, which fell short of market expectations by approximately 1% to 3% due to reduced tower revenue, increased maintenance costs, and credit impairment [1] Financial Performance - China Tower's Q3 revenue growth was 2.1% year-on-year, while EBITDA and net profit grew by 0.4% and 4.5% respectively [1] - The company's performance was below market forecasts, attributed to declining tower revenue and rising operational costs [1] Profit Forecast Adjustments - UBS has revised its net profit forecasts for China Tower downwards by 4% to 19% for the years 2025 to 2028 [1] - The target price for the stock has been reduced from HKD 15 to HKD 13.5, while maintaining a "Buy" rating [1] Accounting Changes - China Tower has extended the depreciation period for its DAS assets from 7 years to 10 years due to technological improvements and maintenance enhancements [1] - This accounting change is estimated to reduce the company's depreciation expenses by approximately RMB 870 million this year, which is expected to support net profit and maintain stable dividend growth amid macroeconomic headwinds [1]

Core Viewpoint - UBS reported that China Tower's Q3 revenue, EBITDA, and net profit grew by 2.1%, 0.4%, and 4.5% year-on-year, respectively, but fell short of market expectations by approximately 1% to 3% due to reduced tower revenue, increased maintenance costs, and credit impairment [1] Financial Performance - Q3 revenue growth of 2.1% year-on-year [1] - EBITDA growth of 0.4% year-on-year [1] - Net profit growth of 4.5% year-on-year [1] Market Expectations - Financial results were approximately 1% to 3% below market forecasts [1] - Factors contributing to underperformance include decreased tower revenue, rising maintenance costs, and credit impairment [1] Accounting Changes - China Tower extended the depreciation period of DAS assets from 7 years to 10 years due to technological improvements and maintenance enhancements [1] - This accounting change is estimated to reduce the company's depreciation expenses by approximately 870 million yuan this year [1] Profit Forecast Adjustments - UBS adjusted its net profit forecasts for China Tower down by 4% to 19% for the years 2025 to 2028 [1] - Target price revised from 15 HKD to 13.5 HKD while maintaining a "Buy" rating [1]

Core Viewpoint - China Tower, established in 2014, has become the world's largest communication infrastructure service provider, supported by the three major telecom operators in China, with a mission to provide essential communication infrastructure and services [1][2]. Group 1: Company Overview - As of June 2025, China Tower's site scale exceeds 2.1 million, with total assets over 330 billion yuan and net assets exceeding 200 billion yuan [1]. - The company has adopted a "one body, two wings" strategy, focusing on operator business while expanding into cross-industry and energy operations, leading to steady revenue growth [1]. Group 2: Financial Performance - Revenue increased from 71.82 billion yuan in 2018 to 97.77 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.28% [1]. - Net profit grew from 2.65 billion yuan in 2018 to 10.73 billion yuan in 2024, with a CAGR of 26.25% [1]. Group 3: Business Segments - Tower business contributes over 70% of revenue, serving as a stable cash flow source, with site sharing levels improving as the 5G base station construction nears completion [1]. - As of June 2025, the number of tower sites reached 2.119 million, with operator tenants increasing to 3.579 million [1]. Group 4: Two Wings Business Development - The smart connection business, leveraging products like "Tower Vision," has seen double-digit revenue growth, with tenant numbers rising from 199,000 in 2021 to 265,000 in H1 2025 [2]. - The energy business, centered on battery swapping, has established a significant presence in the domestic market, with operations in over 320 cities and 81,000 battery swap points [2]. Group 5: Shareholder Returns - The dividend payout ratio has increased from 14.98% in 2018 to 68.19% in 2024, with the company distributing its first interim dividend in 2024 [3]. - As depreciation costs from large-scale tower construction decrease, profits are expected to accelerate, enhancing shareholder returns [3].

Core Viewpoint - The company's performance in the first three quarters of 2025 met expectations, with revenue and net profit showing modest growth compared to the previous year [1][2]. Performance Review - For 1-3Q25, the company reported revenue of 74.32 billion yuan, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 8.71 billion yuan, up 6.8% year-on-year, aligning with expectations [1]. - In 3Q25, revenue reached 24.72 billion yuan, reflecting a year-on-year growth of 2.1%, while net profit was 2.95 billion yuan, up 4.5% year-on-year [1][2]. Development Trends - Revenue from the two wings of the business maintained high growth, while revenue from tower-related services showed a slowdown. For 1-3Q25, revenue growth rates for tower, indoor distribution, smart connection, and energy businesses were -0.7%, +11.3%, +16.8%, and +11.5%, respectively [1]. - In 3Q25, the quarterly growth rates for these segments were -1.2%, +9.8%, +13.2%, and +15.9% [1]. - The number of tower sites reached 2.137 million by the end of 3Q, an increase of 2.1% from the beginning of the year, with an average of 1.81 tenants per site, unchanged from the start of the year [1]. EBITDA and Profitability - EBITDA for the first three quarters grew by 2.5% year-on-year, while in 3Q25, it was 16.73 billion yuan, reflecting a slight increase of 0.4% year-on-year [2]. - The company announced a change in the depreciation period for indoor distribution assets, extending it from 7 years to 10 years, which is expected to reduce depreciation expenses by approximately 870 million yuan in 2025 [2]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to 3.7 and 3.5 times the EV/EBITDA for 2025 and 2026, respectively [2]. - The target price is set at 14.00 HKD, implying a potential upside of 20.1% from the current stock price, corresponding to 4.2 and 4.1 times the EV/EBITDA for 2025 and 2026 [2].

Investment Rating - The report assigns an "Accumulate" rating for China Tower (00788) as a first-time coverage [6]. Core Viewpoints - China Tower, established in 2014, is the world's largest communication infrastructure service provider, backed by the three major telecom operators in China, ensuring a solid industry leadership position [1][15]. - The company has adopted a "one body, two wings" strategy, focusing on operator business while expanding into cross-industry and energy operations, leading to steady revenue growth [2][24]. - The tower business remains a stable cash flow source, contributing over 70% of revenue, while the indoor distribution and energy businesses are rapidly growing [3][4]. Summary by Sections Company Overview - China Tower was established to address the issue of redundant construction in the telecom industry, providing site space, supporting facilities, maintenance, and power services [15][18]. - As of June 2025, the company has over 2.1 million sites and total assets exceeding 330 billion yuan [1][15]. Business Strategy - The "one body, two wings" strategy integrates operator business as the core, with intelligent connection and energy businesses as the wings, enhancing growth potential [2][24]. - The company has seen a shift in revenue structure, with the tower business's share decreasing from 93.4% in 2019 to 76.2% in H1 2025, while the contributions from intelligent connection and energy businesses are increasing [25][24]. Financial Performance - Revenue has grown from 71.82 billion yuan in 2018 to an expected 97.77 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.28% [2][28]. - Net profit has increased significantly from 2.65 billion yuan in 2018 to an expected 10.73 billion yuan in 2024, with a CAGR of 26.25% [2][31]. - The company has a high dividend payout ratio, increasing from 14.98% in 2018 to 68.19% in 2024, reflecting a commitment to shareholder returns [5][45]. Business Segments - The tower business is entering a phase of stock operation, with site sharing levels improving; as of June 2025, the number of tower sites reached 2.119 million [3][81]. - The indoor distribution business has seen rapid growth, with revenue increasing from 1.82 billion yuan in 2018 to 8.43 billion yuan in 2024, maintaining a CAGR of 29% [93]. - The energy business, focusing on battery swapping, has expanded rapidly, with over 320 cities offering services and a market share nearing 50% [4][34]. Market Position - China Tower leads the global market in terms of revenue, with 97.77 billion yuan in 2024, while also facing competition from American and Indian tower companies [53][56]. - The company benefits from a stable ownership structure, primarily held by the three major telecom operators, ensuring a solid operational foundation [20][24].

智通财经APP获悉，中金发布研报称，维持中国铁塔(00788)2025年和2026年盈利预测不变。当前股价对 应3.7/3.5倍2025/2026年EV/EBITDA。维持跑赢行业评级和14.00港元目标价，对应4.2/4.1倍2025/2026年 EV/EBITDA，目标价较当前股价有20.1%的上行空间。 中金主要观点如下： 公司发布会计估计变更公告，自2025年7月1日起，将室分资产的折旧年限由7年调整为10年，预计减少 2025年室分资产折旧额约8.7亿元。公司披露变更原因为公司针对室分系统的日常运维、故障排查体系 不断优化，延长了资产使用寿命，同时也参考了通信运营商的情况。该行认为该折旧政策调整符合固定 资产使用年限和资产实际使用情况;该行认为有助于公司2025年利润、分红基数提升，提振股东回报。 风险提示：存量资产折旧到期影响不及预期;经营活动现金流不及预期。 分业务，1-3Q25公司塔类/室分/智联/能源业务收入分别同比-0.7%/+11.3%/+16.8%/+11.5%;3Q25各业务 单季度增速分别为-1.2%/+9.8%/+13.2%/+15.9%。3Q25运营商业务收入同比-0.2%，该 ...

中金发布研报称，维持中国铁塔(00788)2025年和2026年盈利预测不变。当前股价对应3.7/3.5倍 2025/2026年EV/EBITDA。维持跑赢行业评级和14.00港元目标价，对应4.2/4.1倍2025/2026年 EV/EBITDA，目标价较当前股价有20.1%的上行空间。 中金主要观点如下： 室分资产折旧年限变更，预计减少2025年室分资产折旧额约8.7亿元 公司发布会计估计变更公告，自2025年7月1日起，将室分资产的折旧年限由7年调整为10年，预计减少 2025年室分资产折旧额约8.7亿元。公司披露变更原因为公司针对室分系统的日常运维、故障排查体系 不断优化，延长了资产使用寿命，同时也参考了通信运营商的情况。该行认为该折旧政策调整符合固定 资产使用年限和资产实际使用情况;该行认为有助于公司2025年利润、分红基数提升，提振股东回报。 风险提示：存量资产折旧到期影响不及预期;经营活动现金流不及预期。 发展趋势： 两翼业务收入维持高增，塔类业务收入放缓 分业务，1-3Q25公司塔类/室分/智联/能源业务收入分别同比-0.7%/+11.3%/+16.8%/+11.5%;3Q25各业务 单季度增 ...