Zhi Tong Cai Jing·2025-10-23 06:46Core Viewpoint - Morgan Stanley's report indicates that China Mobile's Q3 service revenue reached 216 billion RMB, reflecting a year-on-year growth of 0.8%, which is 0.7 percentage points higher than the bank's expectations [1] Financial Performance - EBITDA decreased by 1.7% year-on-year to 79 billion RMB, which is 2.8 percentage points lower than Morgan Stanley's forecast, primarily due to higher-than-expected other operating expenses [1] - The service profit margin for China Mobile declined by 0.9 percentage points year-on-year to 36.8% [1] - Net profit increased by 1.4% year-on-year to 31 billion RMB, which is 1.2% below the bank's expectations, partially offset by better non-recurring items [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating on China Mobile with a target price of 90 HKD [1]