中银国际：中国电信第三季业绩大致符合预期利润率改善 准备迎接更高AI需求

Core Viewpoint - Zhongyin International reiterates a "Buy" rating for China Telecom with a target price unchanged at HKD 9.84, maintaining it as the preferred choice among Chinese telecom operators [1] Financial Performance - China Telecom's Q3 2025 profit increased by 3.6% year-on-year, slightly below expectations, with service revenue growing only 0.5% year-on-year [1] - The group's Q3 EBITDA margin improved by 0.6 percentage points to 29.9%, while operating expenses decreased [1] - Depreciation and amortization expenses rose by 3% year-on-year, indicating excess capacity in its AI cloud infrastructure, which is crucial for meeting the robust domestic demand for all-IP/hardware AI cloud services [1]