Core Viewpoint - The company aims to position itself as a "new generation comprehensive intelligent service provider," focusing on continuous innovation and transformation in the telecommunications infrastructure sector [1] Group 1: Shareholder Returns - The company is a state-owned enterprise with significant shareholding from major telecom operators, emphasizing shareholder returns through a policy of "sustained growth and steady increase" in dividends, with the payout ratio rising from 36% to 42% over the past five years [1] - As of the end of 2024, the company's cash and deposits are projected to reach 38.11 billion yuan, a year-on-year increase of 7.5%, while the net operating cycle is expected to be -20.3 days, an expansion of 68.7% year-on-year, indicating improved capital management and operational efficiency [1] Group 2: Strategic Emerging Fields - The company has made significant strides in four strategic emerging fields: digital infrastructure, green low-carbon initiatives, smart cities, and emergency safety, with total new contract signings in 2024 reaching 211 billion yuan [2] - New contracts in strategic emerging businesses exceeded 78 billion yuan, a year-on-year growth of 30%, accounting for 37% of total new contracts, up 7 percentage points year-on-year, marking these areas as the main growth drivers [2] - In the digital infrastructure sector, the company secured 21 projects worth over 100 million yuan, representing 51% of major new projects, benefiting directly from the AI model wave [2] Group 3: Profitability and R&D Investment - The company's revenue is expected to surpass 150 billion yuan in 2024, with gross margin increasing from 11.03% to 11.73% over the past three years, reflecting ongoing improvements in profitability [2] - The company is responding to fluctuations in telecom operators' capital expenditures (CAPEX) by seizing opportunities in AI computing power and increasing its share in the operating expenses (OPEX) market, with a projected 2.3% growth in revenue from this sector in 2024 [2] - R&D investment is anticipated to exceed 5.5 billion yuan in 2024, focusing on the intelligent and green transformation of data centers, as well as expanding demands in AI and cloud computing, thereby enhancing the company's high-tech attributes [2] Group 4: Business Segments and Profit Forecast - The company is strategically positioned in three business segments: TIS (telecom infrastructure services related to CAPEX), BPO (business process outsourcing related to OPEX), and ACO (application, content, and other software services), with the latter showing a compound annual growth rate of over 14% over the past decade [3] - Profit forecasts for the company are 3.731 billion yuan, 3.901 billion yuan, and 4.105 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 7.6X, 7.3X, and 6.9X, leading to a strong buy recommendation [3]
中国通信服务(0552.HK)：中国综合智慧服务龙头 AI大模型浪潮点燃增长新引擎