中国铁塔(00788) - 2024 - 年度财报

Financial Performance - In 2024, the company achieved operating revenue of RMB 97.772 billion, a year-on-year increase of 4.0%[5] - EBITDA for 2024 reached RMB 66.559 billion, reflecting a growth of 4.7% compared to the previous year, with an EBITDA margin of 68.1%[22] - Profit attributable to shareholders was RMB 10.729 billion, marking a 10.0% increase from 2023[5] - The company reported a net cash flow from operating activities of RMB 49.468 billion, an increase of RMB 16.628 billion year-on-year[22] - Operating profit reached RMB 16.33 billion, reflecting a year-on-year growth of 12.6%[83] - Operating cash flow increased significantly by 50.6% to RMB 49.47 billion[83] Revenue Breakdown - In 2024, the operator business achieved revenue of RMB 84.119 billion, a year-on-year increase of 2.4%[25] - The tower business generated revenue of RMB 75.689 billion in 2024, with a year-on-year growth of 0.9% and a total of 2.094 million tower sites, an increase of 48,000 sites from the previous year[26] - The indoor distribution business reported revenue of RMB 8.430 billion, reflecting an 18.1% year-on-year growth, with a cumulative coverage area of 12.68 billion square meters, up 24.9%[28] - The two wings business achieved revenue of RMB 13.388 billion, accounting for 13.7% of total revenue, an increase of 1.5 percentage points year-on-year[29] - The smart connection business generated revenue of RMB 8.911 billion, a year-on-year increase of 22.4%, with the tower vision business contributing RMB 5.539 billion, representing 62.2% of smart connection revenue[30] - The energy business reached revenue of RMB 4.477 billion, a 6.2% year-on-year growth, with the battery swap business accounting for RMB 2.500 billion, or 55.8% of energy revenue[31] Capital Expenditures and Investments - Capital expenditures for 2024 amounted to RMB 31.941 billion, slightly up by 0.7% from the previous year[5] - Capital expenditure for new site construction and shared renovations was RMB 17.972 billion, up 5.4% year-on-year, accounting for 56.3% of total capital expenditure[105] - The company increased R&D investment by 40% and the number of R&D personnel by 60% in 2024, with patent applications and authorizations rising by 58% and 68% respectively compared to 2023[32] Shareholder Returns - The proposed final dividend for the year is RMB 0.30796 per share, leading to a total dividend of RMB 0.41696 per share for the year, an increase of 11.5%[22] - The company aims to distribute at least 50% of the annual distributable profits as dividends, considering factors such as operating performance and cash flow[167] - The final dividend, if approved, is expected to be paid around June 30, 2025[169] Tower and Tenant Growth - The total number of tower sites managed by the company reached 2.094 million, an increase of 2.3% year-on-year[11] - The number of tower tenants increased to 3.791 million, representing a growth of 3.6% compared to the previous year[11] - The average annual revenue per tower site was RMB 40,870, up by 1.8% from 2023[11] - The company expanded its tower site sharing level, with the average number of tenants per site increasing from 1.68 to 1.72[26] Strategic Initiatives - The company aims to enhance its core competitiveness and maintain high-quality development through its "one body, two wings" strategic layout[46] - The company is focusing on optimizing its battery swap network and expanding its user base to strengthen its leading position in the battery swap market[37] - The company actively promoted green energy applications, including photovoltaic power generation and energy storage systems, to fulfill its "dual carbon" responsibilities[35] Management and Governance - The company continues to expand its board with experienced professionals to enhance governance and strategic oversight[141] - The management team includes professionals with advanced degrees and qualifications, ensuring a high level of expertise in financial and operational matters[149][153][156] - The ongoing recruitment of independent directors reflects the company's commitment to strong corporate governance and accountability[136] Market Presence and Coverage - The company operates in 31 provinces in mainland China, focusing on communication tower infrastructure and energy application services[164] - The total coverage of subway lines reached 13,126 kilometers, growing by 12.9% compared to the previous year[62] - The total coverage of high-speed rail tunnels reached 16,189 kilometers, marking a 30.1% increase year-on-year[62] Share Capital and Structure - The company's registered capital totals RMB 10,000 million, with initial share subscriptions from China Mobile, China Unicom, and China Telecom at 40%, 30.1%, and 29.9% respectively[182] - As of December 31, 2024, the total issued share capital is RMB 176,008,471,024, consisting of 176,008,471,024 shares with a par value of RMB 1.00 each[185] - The shareholding structure shows that domestic shares account for approximately 73.49% of the total issued capital, while H shares account for 26.51%[185]