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研报掘金丨民生证券:维持中国电信“推荐”评级,看好公司基础业务稳步发展
Ge Long Hui A P P·2025-08-19 06:33

Core Viewpoint - China Telecom achieved a net profit attributable to shareholders of 23.017 billion yuan in the first half of the year, representing a year-on-year growth of 5.5%, with stable growth in core business and rapid increase in mobile user numbers, while maintaining stable ARPU [1] Group 1: Financial Performance - The net profit attributable to shareholders for the first half of the year was 23.017 billion yuan, reflecting a 5.5% year-on-year increase [1] - Capital expenditure for the first half of the year was 34.2 billion yuan, accounting for 12.7% of revenue [1] - Full-year capital expenditure for 2025 is expected to be less than 83.6 billion yuan [1] Group 2: Business Development - The company is strengthening its strategic emerging business expansion, including enhancing computing power supply with self-owned intelligent computing reaching 43 EFLOPS and over 580,000 data center racks [1] - The company has deployed quantum security facilities in 16 cities to build a national integrated quantum security infrastructure [1] - The Internet of Things (IoT) user connections have reached nearly 700 million [1] - In satellite business, over 20 million mobile satellite terminal connections have been established, with partnerships with six automotive companies for direct satellite connections [1] Group 3: Market Position and Outlook - The company holds the largest market share in the aviation internet connectivity fleet [1] - The combination of precise management and investment is expected to further enhance profitability [1] - The outlook remains positive for steady growth in core business and accelerated expansion in strategic emerging businesses [1]