Zhi Tong Cai Jing·2025-08-06 09:17Core Viewpoint - China Tower's (00788) profit for the first half of the year increased by 8% year-on-year to 5.76 billion RMB, aligning with market expectations and representing 46% of the annual profit forecast by the bank [1] Financial Performance - The revenue from the "two wings" business accounted for 14% of the group's total revenue, driven by double-digit growth in cross-industry site applications and energy business [1] - EBITDA margin improved by 0.4 percentage points to 69% in the second quarter, indicating effective management of operating expenses and enhanced economies of scale from the two wings business [1] Management Outlook - Management expects to maintain high single-digit growth for the full year, with a dividend payout ratio not less than 76% [1] Analyst Rating and Forecast Adjustments - The bank reiterated a "buy" rating for China Tower but adjusted the depreciation expense forecast, leading to a 3% downward revision of profit forecasts for 2025 to 2027, now projected at 10.8 billion RMB [1] - The target price has been revised down to 12.73 HKD [1]