定位"新一代综合智慧服务商"，持续深化创新转型。中国通信服务是全球最大的通信基础设施建设者和 全球领先的信息通信支撑一体化服务提供商，提供涵盖规划设计、工程建设、信息化技术与产品、运维 运营等一体化服务，致力于成为新一代信息通信、通智超算等新基建总包总集一体化服务商。 推荐逻辑1：运营商持股，分红稳步提升。公司是由中国电信控股、中国移动和中国联通参股的国有大 型企业，受国资委相关市值管理考核。公司高度重视股东回报，实施"持续增长、稳步提升"股息政策， 近五年分红比例由36%提升至42%，持续回馈股东。截至2024 年底，公司现金及存款达381.1 亿元 （注：当前市值仅约310 亿港元），同比增长7.5%；2024 年，公司净营业周期为-20.3 天，同比扩大 68.7%，资金管理能力和企业运营效率不断提升。 机构：招商证券 研究员：梁程加/李哲瀚 推荐逻辑2：战略新兴领域布局成果斐然，已成为主要增长引擎。公司深耕数字基建、绿色低碳、智慧 城市、应急安全等四大战略新兴领域。2024 年，公司总新签合同额为2,110 亿元，其中战略新兴业务新 签合同额超780 亿元，同比增长30%，占总新签合同额的37%，同比 ...

证券研究报告 | 公司深度报告 2025 年 06 月 03 日 中国通信服务（00552.HK） 中国综合智慧服务龙头，AI 大模型浪潮点燃增长新引擎 TMT 及中小盘/通信 ❑ 风险提示：电信业资本开支下降风险、营运资金需求增加的风险、国际业务 运营及有关风险、算力资本支出不及预期风险、战略新兴产业发展风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 149139 | 150536 | 154438 | 159884 | 166007 | | 同比增长 | 6% | 1% | 3% | 4% | 4% | | 营业利润(百万元) | 2849 | 3057 | 3244 | 3382 | 3553 | | 同比增长 | 16% | 7% | 6% | 4% | 5% | | 归母净利润(百万元) | 3584 | 3607 | 3731 | 3901 | 4105 | | 同比增长 | 7% | 1% | 3% | 5% | 5% | ...

证券研究报告 | 公司深度报告 2025 年 06 月 03 日 中国通信服务（00552.HK） 中国综合智慧服务龙头，AI 大模型浪潮点燃增长新引擎 TMT 及中小盘/通信 ❑ 风险提示：电信业资本开支下降风险、营运资金需求增加的风险、国际业务 运营及有关风险、算力资本支出不及预期风险、战略新兴产业发展风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 149139 | 150536 | 154438 | 159884 | 166007 | | 同比增长 | 6% | 1% | 3% | 4% | 4% | | 营业利润(百万元) | 2849 | 3057 | 3244 | 3382 | 3553 | | 同比增长 | 16% | 7% | 6% | 4% | 5% | | 归母净利润(百万元) | 3584 | 3607 | 3731 | 3901 | 4105 | | 同比增长 | 7% | 1% | 3% | 5% | 5% | ...

联合研究丨港股公司深度丨中国通信服务（0552.HK） [Table_Title] 稳中有进，向新而行 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% 报告要点 [Table_Summary] 得益于运营商和非运营商集客回款质量较好，且公司将大量低毛利承包业务分包，公司在手现 金充裕，自由现金流稳中有升。近年来，公司每股派息逐年提升，派息率保持稳中有升，2024 年派息率为 42%，派息率提升弹性较大。公司依托运营商持续稳固业绩基本盘，乘算力建设的 东风，在战略新兴及 ACO 业务的不断发力，扣非增速近三年保持约双位数增长，结合公司稳 中向好的派息比例，当前估值具备吸引力。 分析师及联系人 [Table_Author] 张弛 于海宁 张智杰 SAC：S0490520080022 SAC：S0490517110002 SAC：S0490522060005 SFC：BUT917 SFC：BUX641 温筱婷 袁志芃 龚子逸 SAC：S0490524100002 请阅读最后评级说明和重要声明 2 / 26 research.95579.com 2 中国通信 ...

Financial Performance - Operating revenue for 2024 is projected to be RMB 150 billion, a 0.9% increase from RMB 148.615 billion in 2023[41] - Profit attributable to shareholders is expected to reach RMB 3.607 billion, reflecting a 0.6% growth from RMB 3.584 billion in the previous year[41] - Free cash flow is anticipated to increase by 20.4% to RMB 5.214 billion, up from RMB 4.333 billion in 2023[41] - Basic earnings per share are forecasted to be RMB 0.521, a slight increase of 0.6% from RMB 0.518 in 2023[41] - The company achieved operating revenue of RMB 150 billion, a year-on-year increase of 0.9%[56] - Net profit amounted to RMB 3.607 billion, showing a year-on-year increase of 0.6%[56] - Free cash flow improved to RMB 5.214 billion, indicating good growth[56] - Return on equity (ROE) stood at 8.2%[56] - The board proposed a final dividend of RMB 0.2187 per share, with a payout ratio of 42%[56] - The free cash flow for the year was RMB 5,214 million, with a healthy profit cash ratio of 172.5%[144] - The company's net profit attributable to shareholders in 2024 was RMB 3,607 million, a 0.6% increase from RMB 3,584 million in 2023, with basic earnings per share of RMB 0.521[172] Revenue Breakdown - Service revenue reached RMB 146.212 billion, reflecting a year-on-year growth of 1.9%[56] - Telecommunications infrastructure service revenue reached RMB 75,172 million, a year-on-year decrease of 1.3%, accounting for 50.1% of total operating revenue[57] - Revenue from overseas customers in telecommunications infrastructure services grew by 17.5% year-on-year[57] - Business process outsourcing service revenue was RMB 43,459 million, down 0.2% year-on-year, representing 29.0% of total operating revenue[57] - Revenue from applications, content, and other services increased by 8.4% year-on-year to RMB 31,369 million, surpassing 20% of total operating revenue at 20.9%[57] - Revenue from domestic telecommunications operators reached RMB 83,603 million, a year-on-year increase of 2.3%[59] - Revenue from the domestic non-telecom operator market was RMB 62,169 million, down 2.0% year-on-year[59] - Overseas market revenue grew by 22.3% year-on-year, reaching RMB 4,228 million[59] Strategic Initiatives - The company plans to enhance its focus on cutting-edge technologies such as 5G-A, blockchain, and artificial intelligence[8] - The acquisition of a 49% stake in the China-UK submarine system company has been completed, making it a wholly-owned subsidiary[36] - The company aims to strengthen its integration capabilities across various sectors, providing comprehensive services in cloud, AI, and security[7] - The establishment of a wholly-owned subsidiary for smart property development is part of the company's strategy for market expansion[34] - The company is focusing on digital infrastructure, green low-carbon solutions, and smart city services, aligning with national strategies[84][85] - The company is actively participating in national data center construction projects, contributing to the "East Data West Computing" initiative[84] - The company is actively pursuing opportunities for mergers and acquisitions to enhance its competitive position in the market[192][193][194][195][196][197][198][199] Awards and Recognition - The company has been recognized as one of the top four software and information technology service companies in China for three consecutive years[30] - The company has been recognized with over 30 significant technology awards at national and provincial levels in recent years[49] - The company ranked 1,429th in the 2024 Forbes Global 2000, improving by 70 places from the previous year[48] - The company received multiple accolades for corporate governance and ESG performance, including recognition in the 2024 Forbes Global 2000 list[75] Research and Development - Research and development investment exceeded RMB 5.5 billion in 2024, focusing on strategic emerging industries[110] - The company has developed over 40 self-controlled cybersecurity products and a one-stop overall solution, responding to the data security needs of various industries[65] - The company has launched nearly 100 key industry products focusing on smart photovoltaic, smart buildings, and smart sports, addressing customer needs for intelligence and safety[67] Operational Efficiency - The company has implemented over 12 comprehensive solutions across more than 50% of provinces in the country, significantly enhancing operational efficiency[67] - The company's total assets as of the end of 2024 were RMB 136,618 million, an increase of RMB 14,828 million from RMB 121,790 million at the end of 2023[178] - The total liabilities at the end of 2024 were RMB 90,004 million, an increase of RMB 11,882 million from RMB 78,122 million at the end of 2023, with a debt-to-asset ratio of 65.9%, up 1.8 percentage points[178] Corporate Governance - The company has a strong management team with over 20 years of experience in the telecommunications industry, including expertise in finance, auditing, and corporate governance[192][193][194][195][196][197][198][199] - The company has a diverse board of directors with extensive backgrounds in law, finance, and corporate management, ensuring robust governance practices[191][192][193] - The company is committed to maintaining high standards of corporate governance and compliance, as evidenced by the qualifications of its board members and management[191][192][193]

各位投资者大家晚上好今天的一个核心的话简短的就是汇报一下我们最近一圈的一个讨论调研的一个情况然后今天下午是邀请了海南华铁的总经理胡总然后昨天是在润建股份的公司高管调研了在广西五项云股IDC包括AIDC建设的一个情况然后前期我们也组织了包括像 尤克德的董事长齐心华齐总还有首都在线以及南京股份的公司在做了很多次这种调研录演和录演研究交流活动那么更新一下核心那个最新的一个情况就是核心那个AI算力的逻辑我们仍然说认为说整个dipstick它其实不是一个题材更多的是一种 对整个AI应用产业发展是有偏基本面的这样的一个影响核心的逻辑的话针对这个讨论关注我们前几次的电话会议的公开交流的一个内容那么这几家我们核心推荐的公司就是优克德海南华铁润肩股份以及南星股份等等近况的一个更新那么首先第一个的话就是我更新一下海南华铁的一个情况因为今天整个市场其实 有一个大幅的调整但是我们的海南华界还是在涨停的一个状态并且我们推荐了很多标的还在不断的创新高那么海南华界的话我觉得目标市值我们计算大概在291这样的一个目标市值看2026年公司的传统主义业务的话基本上2026年大概是在10亿级别左右的利润给予一个15倍左右这样的PE 然后AI这块根 ...

未经中信证券和演讲嘉宾出面许可,任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改等。如有上述违法行为,中信证券保留追究相关方法律责任的权利。 尊敬的投资人 大家下午好 我是中信证券通信组的分析师李和强那非常荣幸今天下午能跟大家来聊一聊运营商铁塔以及中科署我们最近的观点那其实可以看到啊 其实最近虽然一段时间A股的三大运营商表现的其实没有说那么好 但是其实我们从把时间再拉长一点从港股的视角像这个电信联通他们从去年年底港股这边的股价其实累计都已经涨了30%以上了以色列基本上涨了20%多那么以及像我们年初推荐的这个中国铁塔目前其实也有一个比较好的表现那么今天的开这个会主要想跟大家介绍今天上周台湾发的一个新的公司叫做中国通信服务 中国通信服务我们觉得这个公司是可以在运营商和中国铁塔之外做一个额外去配置的也是运营商体系内一个非常优质的优质的基本面然后有良好的这个市值管理以及持续提升股东回报的这么一个公司简单的来讲就中通服这个公司今年的 可能接近7%左右是相当的有性价比那么除了推荐真空谱之外呢我们也将会对最近的这个运营商和铁卡做一个系统性的更新那么首先来聊聊真空谱这个公司其实真空 ...

发言人 45:30 更多一手调研纪要和研报数据加V：shuinu9870 发言人 54:45 但是核电的燃料，它的这个物流环节，或者说是储运环节，它是和我们传统的火电在煤炭上还 是有很大的差异的。相对来说核燃料的成本波动会更加的稳健，所以并不会对于核电的边际成 本形成周期性的影响。这一点它和水电就会比较相似。另外就是核电一旦投产，它的利用小时 数相对于水电可能还会更加的稳健。因为我们基本上核电只有大修检修期间，它会有利用小时 数的影响。但是大部分时间都是满负荷的运行。这一点和水电的丰枯水期以及来水大小年相比， 它的稳定性可能会更强。所以核电的估值的话，我们认为一旦进入一个集中投产期，盈利能力 和现金流大幅改善的时候，它的商业模式和运营的稳定性来讲的话，会媲美于水电公司。 发言人 48:06 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 中国通信服务 20240603_原文 发言人 00:00 发言人 00:22 发言人 00:55 发言人 01:33 更多一手调研纪要和研报数据加V：shuinu9870 一共持有中通服 60%的股权。这个其实和铁塔 ...