通信行业运营商专题-中报总结：行稳致远、攻防兼备

Investment Rating - The report suggests a focus on Hong Kong-listed China Mobile, China Telecom, and China Unicom, as well as their A-share counterparts [3]. Core Insights - The overall revenue and net profit of the operators showed steady growth in the first half of 2024, with revenue structures continuously optimizing. China Mobile, China Telecom, and China Unicom reported revenues of CNY 546.7 billion, CNY 266.0 billion, and CNY 197.3 billion respectively, with year-on-year growth rates of 3.0%, 2.8%, and 2.9%. Net profits were CNY 80.2 billion, CNY 21.8 billion, and CNY 6.0 billion, reflecting year-on-year growth of 5.3%, 8.2%, and 10.9% respectively, indicating profit growth outpacing revenue growth [2][6][10]. Summary by Sections 1. Mid-Year Report Analysis - The revenue growth of the telecom operators has slowed down due to macroeconomic factors, but the net profit growth remains robust, driven by new business segments such as cloud computing and IoT [6][8]. 2. Business Analysis - C-end data traffic business faced pressure but is expected to improve, while H-end user numbers and ARPU remain stable. The B-end is anticipated to benefit from AI computing and model advancements [2][39][61]. - The C-end mobile data traffic revenue decreased by 2.3% year-on-year, accounting for 36.7% of telecom business revenue [39]. - The new business revenue for the three operators reached CNY 227.9 billion, growing by 11.4% year-on-year, contributing 25.5% to telecom business revenue [56][58]. 3. Operational Governance - The operators are expected to increase dividends, with China Mobile and China Telecom aiming for a 75% payout ratio over the next three years. Capital expenditures are decreasing, and depreciation ratios are declining, which will enhance profit margins [2][77][82]. - The report highlights that the operators' PB and PE valuations are lower than global comparables, indicating potential undervaluation [82]. 4. Investment Recommendations - The report emphasizes the importance of monitoring the performance of the three major operators in both Hong Kong and A-share markets, given their stable growth prospects and high dividend yields [3][87].