招银国际：中国铁塔中期业绩符预期 维持“持有”评级

Core Viewpoint - China Tower's (00788) performance in the first half of the year met expectations, with revenue increasing by 2.8% to RMB 49.6 billion and net profit rising by 8% to RMB 5.8 billion, aligning closely with market forecasts of RMB 49.7 billion and RMB 5.7 billion respectively [1] Financial Performance - Revenue for the first half reached 49% of the full-year forecast for 2025, while net profit accounted for 50% of the same forecast, indicating stable performance compared to the previous year [1] - The company declared an interim dividend of RMB 0.13 per share, with management reaffirming intentions to enhance shareholder returns [1] Analyst Rating - CMB International maintains a "Hold" rating on the stock, adjusting the target price from HKD 13.7 to HKD 13.1 [1]