智通财经网·2025-08-06 09:17Group 1 - The core viewpoint of the report is that the revenue growth of the Chinese telecommunications sector is expected to slow down to approximately 1% to 2% due to macroeconomic weakness and cautious customer behavior affecting industrial internet revenue [1] - Despite the AI boom driving demand for IDC, telecommunications companies' AI cloud products are not yet mature, and mobile service revenue is facing saturation and intensified competition [1] - The report anticipates that through strict cost control and a decrease in capital expenditures, net profit is expected to grow by 3% to 9%, with dividend yields maintained at an attractive level of 5% to 6% [1] Group 2 - China Mobile (00941), China Telecom (00728), and China Unicom (00762) are forecasted to achieve mid-term service revenue growth of 1.3%, 1.1%, and 2.4%, reaching RMB 469 billion, RMB 249 billion, and RMB 180 billion respectively [1] - Net profit predictions for these companies are 3.4%, 7%, and 8.8% growth, amounting to RMB 82.9 billion, RMB 23.3 billion, and RMB 15 billion respectively [1] - The expected annual dividend yield for China Mobile, China Telecom, and China Unicom is projected to be 6.4%, 5%, and 5.6% respectively [1] Group 3 - The report favors China Mobile as the top pick due to its higher dividend yield, assigning "outperform" ratings to China Mobile, China Telecom, and China Unicom with target prices of HKD 86, HKD 6.2, and HKD 9.5 respectively [1]