三大运营商24年半年报业绩点评：运营商业绩稳定性显著，新兴业务构筑成长新起点

Investment Rating - The industry investment rating is "Overweight (Maintain)" [5] Core Viewpoints - The performance of telecom operators shows stable growth, with revenue and profit margins gradually increasing. In H1 2024, the revenues for China Mobile, China Unicom, and China Telecom were 546.744 billion, 197.341 billion, and 265.973 billion yuan respectively, with year-on-year growth rates of 3.0%, 2.9%, and 2.8%. The net profits were 80.201 billion, 6.039 billion, and 21.812 billion yuan, with year-on-year growth rates of 5.3%, 10.9%, and 8.2% [6][13][14] - Profit margins are gradually improving, with China Mobile showing a slight advantage. The gross profit margins for the three operators are stable, while net profit margins have increased to 14.68%, 6.97%, and 8.26% respectively. The optimization of three expense categories has been a key factor in the improvement of net profit margins [16][21] - Capital expenditures continue to decrease, with an ongoing optimization of expenditure structure. In H1 2024, capital expenditures for China Mobile, China Unicom, and China Telecom were 64 billion, 23.9 billion, and 47.2 billion yuan, showing changes of -21.38%, -13.37%, and 13.46% year-on-year [21][24] Summary by Sections 1. Stable Growth in Performance - The telecom operators' mid-year reports indicate a clear logic of stable growth. In H1 2024, the revenues and net profits of the three major operators reflect a consistent upward trend [13][14] - The performance metrics highlight the advantages of the operators, with China Mobile leading in net profit margin [16][21] 2. Consumer Market Steadily Expanding - The C-end business is progressing steadily, with mobile customer numbers increasing significantly. By H1 2024, the mobile customer numbers for China Mobile, China Unicom, and China Telecom reached over 1 billion, 272 million, and 340 million respectively [28][29] - The broadband customer numbers also saw growth, with China Mobile, China Telecom, and China Unicom reaching 272 million, 193 million, and 117 million households respectively [28] 3. Rapid Expansion of Emerging Businesses - The operators are embracing the construction of computing power infrastructure to enhance AI model development. By H1 2024, China Mobile's general computing power reached 8.2 EFLOPS, while China Telecom achieved 21 EFLOPS in intelligent computing power [35][37] - The development of large models showcases AI service capabilities, with China Mobile launching the "Nine Heavens" AI base and China Telecom introducing the "Starry Sky" voice model [36][37] 4. B&G Business as a Revenue Growth Driver - The B&G segment is becoming a major revenue driver, with significant growth in cloud services and 5G applications. By H1 2024, the revenue from cloud computing for China Mobile, China Unicom, and China Telecom reached 504 billion, 317 billion, and 552 billion yuan respectively, with year-on-year growth rates of 19.3%, 24.3%, and 20.4% [32][33]