SINOLINK SECURITIES·2024-10-22 09:12Investment Rating - The investment rating for China Mobile is "Buy" (maintained) [2][3] Core Views - In the first three quarters of 2024, China Mobile achieved operating revenue of 791.5 billion RMB, a year-on-year increase of 2.0%, and a net profit attributable to shareholders of 110.9 billion RMB, up 5.1% year-on-year [2] - The company is actively promoting its "two new types" upgrade plan, leading to steady growth in its main business revenue, which reached 678 billion RMB, also a 2.0% increase year-on-year [2] - The EBITDA for the first three quarters was 263.1 billion RMB, a decrease of 2.0% year-on-year, with an EBITDA margin of 38.8% [2] - The gross profit margin improved to 30.81%, up 2.06 percentage points year-on-year, while the net profit margin increased to 14.02%, up 0.40 percentage points [2] - The personal and family business segments are developing steadily, while the government and enterprise sectors, along with emerging markets, are experiencing rapid growth [2] Summary by Sections Operating Analysis - As of September 30, 2024, the total number of mobile customers reached 1.004 billion, with mobile internet traffic increasing by 2.1% year-on-year and mobile ARPU at 49.5 RMB [2] - The number of broadband customers reached 314 million, with a net increase of 15.36 million in the first three quarters, and the comprehensive ARPU for family customers was 43.2 RMB [2] - The DICT business revenue showed good growth, and the company is enhancing its competitive advantage in content media through a "content + technology + integration innovation" strategy [2] Financial Forecast and Valuation - The projected operating revenues for 2024-2026 are 1,062.7 billion RMB, 1,119.2 billion RMB, and 1,176.7 billion RMB, respectively, with net profits of 139.8 billion RMB, 148.2 billion RMB, and 156.8 billion RMB [3] - The corresponding P/E ratios are expected to be 16, 15, and 15 times for the respective years [3]