Workflow
中国移动：维持稳健增长，派系比例持续提升
安信国际·2024-08-13 08:13

Investment Rating - The report maintains a "Buy" rating for China Mobile with a target price of 86 HKD, based on a 12x PE for 2024 [5][3]. Core Insights - China Mobile reported a revenue of 546.7 billion RMB for the first half of 2024, representing a year-on-year growth of 3%. The net profit attributable to shareholders was 80.2 billion RMB, up 5.3% year-on-year. The company declared an interim dividend of 2.60 HKD per share, indicating a continued focus on shareholder returns [2][3]. Revenue Breakdown - Personal Market: Revenue decreased by 1.6% to 255.2 billion RMB. The number of 5G network users increased by 49 million to 514 million, with a penetration rate of 51.4%, up 11.5 percentage points year-on-year. However, the mobile ARPU fell by 2.7% to 51 RMB due to the slow development of high-traffic applications and family scene segmentation [2]. - Home Market: Revenue grew by 7.5% to 69.8 billion RMB, with a net increase of 8.48 million broadband users, reaching 272 million. The penetration rate of gigabit broadband rose to 33.5%, and the comprehensive ARPU increased by 0.2% to 43.4 RMB [2]. - Government and Enterprise Market: Revenue increased by 7.3% to 112 billion RMB, with mobile cloud revenue reaching 50.4 billion RMB, up 19.3%. The company maintained a leading position in the industry with a market share increase of 4.1 percentage points to 18.4% [2]. - Emerging Markets: Revenue grew by 13.2% to 26.6 billion RMB, driven by optimization of international business layout and innovation in fintech [2]. Financial Performance - Operating cash flow for the first half of 2024 was 131.4 billion RMB, down 18.2% year-on-year, while free cash flow was 67.4 billion RMB, down 14.9%. This decline was attributed to extended payment cycles from government and enterprise clients and accelerated payment processes to support the development of the industry chain [2]. - Capital expenditures (CAPEX) for the first half of 2024 were 64 billion RMB, a decrease of 21.4% year-on-year, with full-year guidance below 173 billion RMB, representing less than 20% of revenue [2]. Future Projections - The report forecasts net profits attributable to shareholders of 140.8 billion RMB, 150.1 billion RMB, and 159.9 billion RMB for 2024, 2025, and 2026, respectively [3].