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研报掘金丨浙商证券:维持中国移动“买入”评级,盈利能力持续提升
Ge Long Hui A P P·2025-10-21 09:41

Group 1 - The core viewpoint of the report indicates that China Mobile's Q3 2025 revenue reached 794.7 billion yuan, showing a year-on-year growth of 0.4%, with a positive sequential growth compared to a -0.5% year-on-year decline in H1 2025 [1] - The company's profitability continues to improve, with an EBITDA margin of 33.4%, up by 0.2 percentage points year-on-year, and a net profit margin of 14.5%, up by 0.5 percentage points year-on-year [1] - Based on the latest closing prices, the expected dividend yield for China Mobile's Hong Kong stock in 2025 is 6.3%, while the expected yield for its A-shares is 4.6% [1] Group 2 - The optimistic scenario suggests that the introduction of direct satellite connectivity for mobile phones could increase the overall service revenue of the industry by 17% and net profit by 31% [1] - The company has announced an upgrade to its "AI+" action plan, aiming to double its overall investment in the AI sector by the end of 2028, establishing the largest intelligent computing infrastructure in the country, with a computing scale exceeding 100 EFLOPS, which is expected to significantly boost AI revenue [1] - The report maintains a "buy" rating for the company [1]