INDUSTRIAL SECURITIES·2024-10-27 13:44Investment Rating - The report maintains an "Accumulate" rating for China Mobile [1][3] Core Views - The company has achieved stable growth in its traditional business, although ARPU (Average Revenue Per User) is under short-term pressure [3] - The company continues to optimize its revenue structure and promote digital transformation, with a focus on enhancing productivity [3] - The capital expenditure (CAPEX) for the year is planned to be no more than 173 billion yuan, aiming for steady revenue growth and cost reduction [3] Financial Summary - For the first three quarters of 2024, the company reported operating revenue of approximately 791.46 billion yuan, a year-on-year increase of 2.05%, and a net profit attributable to shareholders of 110.88 billion yuan, up 5.09% year-on-year [3] - In Q3 2024, the operating revenue was 244.71 billion yuan, a slight decrease of 0.05% year-on-year, and a significant decrease of 39.36% quarter-on-quarter [3] - The company aims to maintain a stable mobile ARPU value, which has decreased by 1.7 yuan to 49.5 yuan year-on-year [3] Customer and Business Growth - The mobile customer base increased by 3.72 million in Q3, reaching a total of 1.004 billion, with 5G network customers increasing by 25.21 million to 539 million, achieving a penetration rate of 53.7% [3] - The number of broadband customers increased by 4.43 million in Q3, reaching 314 million, with a family customer ARPU increasing by 1.1 yuan to 43.2 yuan [3] - The company is advancing integrated construction in key areas such as "network + cloud + DICT," maintaining good growth in its enterprise business [3] Earnings Forecast - The profit forecast has been adjusted, with expected net profits for 2024-2026 at 139.04 billion, 146.49 billion, and 154.68 billion yuan respectively [3] - Based on the closing price on October 22, the corresponding price-to-earnings (PE) ratios are 16.1, 15.3, and 14.5 [3]