中国移动：利润持续良好增长，派息率稳步提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to market indices [2][7]. Core Views - The company reported a revenue of approximately 546.74 billion yuan for the first half of 2024, reflecting a year-on-year increase of 3.02%. The net profit attributable to shareholders was 80.20 billion yuan, up 5.29% year-on-year [1]. - The revenue structure is continuously optimized, with a focus on digital transformation as a second growth curve, achieving a 11% increase in digital transformation revenue to 147.1 billion yuan [1]. - The company has adjusted its depreciation policy, resulting in a 7.1% decrease in depreciation and amortization costs, which supports good profit growth [1]. Summary by Sections Financial Performance - For Q2 2024, the company achieved a revenue of 283.04 billion yuan, a year-on-year increase of 1.09% and a quarter-on-quarter increase of 7.33%. The net profit for Q2 was 50.59 billion yuan, up 5.17% year-on-year and 70.87% quarter-on-quarter [1]. - The company expects net profits for 2024-2026 to be 138.70 billion, 147.01 billion, and 155.63 billion yuan, respectively, with corresponding PE ratios of 10.4, 9.8, and 9.2 [1][4]. Business Segments - Personal business saw a net increase of 9.26 million mobile customers, with a total exceeding 1 billion. The 5G network customer base increased by 49 million to 514 million, with a penetration rate of 51.4% [1]. - The family business segment reported a net increase of 8.48 million broadband customers, with a total of 272 million, and a gigabit broadband penetration rate of 33.5% [1]. - The government and enterprise business segment leveraged cloud-network integration, achieving a 19.3% increase in mobile cloud revenue to 50.4 billion yuan [1]. Dividend Policy - The company announced an interim dividend of 2.60 HKD per share for 2024, representing a year-on-year increase of 7.0%, indicating a commitment to enhancing shareholder returns [1].