Haitong Securities·2024-10-23 04:07Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 791.46 billion yuan for the first three quarters, a year-on-year increase of 2.05%, with a net profit of 110.88 billion yuan, up 5.09% year-on-year [4][5] - The company expects to maintain stable performance in its mobile business, with a net increase of 12.98 million mobile customers, reaching a total of 1.004 billion [5] - The operating cash flow has significantly improved, with a net cash flow of 224.08 billion yuan for the first three quarters, a decrease of only 5.76% year-on-year, compared to a 18% decline in the first half of the year [5] - The company anticipates an increase in dividend yield, with current yields of 6.8% for H shares and 4.3% for A shares [5] Financial Summary - For Q3, the company reported a revenue of 244.71 billion yuan, a slight decrease of 0.05% year-on-year, with a net profit of 30.68 billion yuan, up 4.59% year-on-year [4] - The gross profit margin for the first three quarters was 30.81%, an increase of 2.07 percentage points year-on-year [4] - The company forecasts revenues of 1.05 trillion yuan, 1.09 trillion yuan, and 1.14 trillion yuan for 2024, 2025, and 2026 respectively, with net profits of 139.07 billion yuan, 147.63 billion yuan, and 155.38 billion yuan for the same years [6][9] Business Performance - The company has seen a net increase of 15.36 million fixed broadband customers, reaching a total of 314 million, with a household ARPU of 43.2 yuan, up 2.6% year-on-year [5] - The DICT business is experiencing good growth, with the launch of the largest single cluster intelligent computing center in the global telecom industry [5] - The company maintains a stable net profit margin of 14.01% for the first three quarters, an increase of 0.41 percentage points year-on-year [4]