运营商系列报告之概览：行稳致远，新兴业务孕育新动能

Investment Rating - The report assigns a "Buy" rating for the telecom industry, particularly highlighting the three major operators as high dividend assets with stable core businesses and growth potential in emerging sectors [5]. Core Insights - The telecom industry is experiencing steady growth, with total revenue reaching 894.1 billion yuan in H1 2024, a year-on-year increase of 3%. The total telecom business volume grew by 11.1% year-on-year when adjusted for last year's prices [3][13]. - Emerging businesses are expanding significantly, with revenue from these sectors reaching 227.9 billion yuan, marking an 11.4% year-on-year growth. Key areas include cloud services and digital transformation [3][31]. - The report emphasizes the importance of cost reduction and efficiency improvements, with optimistic guidance on dividend payout ratios due to stable profit growth and effective management [4][5]. Summary by Sections 1. Traditional Business Stability and High Growth in New Business - The telecom industry revenue is driven by fixed internet broadband and emerging business growth, with mobile data revenue slightly declining to 328 billion yuan, a decrease of 2.3% year-on-year [3][13]. - The number of mobile phone users continues to grow, with 5G users reaching 927 million, accounting for 52.4% of total mobile users [3][18]. - Fixed broadband revenue reached 136.5 billion yuan, growing by 5.4% year-on-year, with gigabit broadband users increasing to 187 million [3][27]. - Emerging business revenue is significantly increasing, with cloud and digital transformation services becoming key revenue drivers [3][31]. 2. Capital Expenditure Reduction and Optimistic Dividend Guidance - The three major operators have maintained stable revenue and profit growth while optimizing management, leading to a stable gross margin and reduced operating expenses [4][41]. - Capital expenditure is being reduced, with a structural shift towards investments in strategic emerging industries [4][41]. - The report indicates a positive outlook for dividend payouts, supported by steady profit growth and effective cost management [5][41]. 3. Company Profit Forecasts - China Mobile, China Telecom, and China Unicom are all rated as "Hold" with expected earnings per share (EPS) growth in the coming years, reflecting their stable business models and growth potential in emerging sectors [6].