Zhi Tong Cai Jing·2026-03-31 05:08Group 1 - The core viewpoint of the article indicates that China Tower's revenue for the fiscal year 2025 is expected to increase by 2.7% year-on-year to 100.4 billion RMB, aligning closely with the bank's forecast of 101.4 billion RMB and the consensus estimate of 100.87 billion RMB [1] - Net profit is projected to rise by 8.4% year-on-year to 11.6 billion RMB, slightly exceeding the bank's estimate by 1% but falling short of the consensus by 3.5% [1] - The net profit margin improved by 0.6 percentage points to 11.6%, primarily due to a decrease in depreciation and amortization (D&A) expense ratio, as the tower assets acquired in 2015 will complete their depreciation period in November 2025 [1] Group 2 - EBITDA is expected to decrease by 1.1% year-on-year to 65.8 billion RMB, with the EBITDA margin narrowing by 2.6 percentage points to 65.5%, attributed to increased bad debt provisions and reduced asset disposal gains, leading to a significant 23.5% year-on-year rise in other operating expenses [1] - In Q4 2025, the company's revenue is projected to be 26.1 billion RMB, reflecting a year-on-year increase of 3% and a quarter-on-quarter increase of 5.6%, indicating a typical seasonal recovery [1] - The company announced a dividend of 0.458 RMB per share, representing a year-on-year increase of 9.8%, with a payout ratio of 77%, higher than the period from 2021 to 2024 [1] Group 3 - CMB International has revised its target price for China Tower from 13.1 HKD to 12.1 HKD while maintaining a "Hold" rating [2]