Shanxi Securities·2024-11-04 09:00Investment Rating - The report maintains a "Buy-A" rating for China Mobile, indicating an expected price increase of over 15% relative to the benchmark index [2][12]. Core Views - The company has shown good revenue growth in its DICT business, with rapid growth in content media and international business, maintaining innovation vitality under a large business scale [2][3]. - The report expresses confidence in the company's development in both B2B and B2C markets, with expectations for continued advancement in the mobile cloud market and new sectors such as vehicle networking and digital government [2][3]. - The company is transitioning from traditional flow business to new information services, leveraging its solid customer, data, and computing power foundations to accelerate AI-driven growth [6][7]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 791.5 billion yuan, a year-on-year increase of 2.0%, with a net profit of 110.9 billion yuan, up 5.1% year-on-year [3][4]. - The company’s EBITDA for the same period was 263.1 billion yuan, reflecting a decrease of 2.0% year-on-year [3]. - The report forecasts net profits for 2024-2026 to be 136.9 billion, 141.7 billion, and 148.4 billion yuan respectively, with corresponding EPS of 6.38, 6.61, and 6.92 yuan [7][9]. Market Performance - As of Q3 2024, the total number of mobile customers reached 1.004 billion, with a net increase of 13 million customers since the beginning of the year, and 5G network customers reached 539 million, an increase of 7.4 million [4][5]. - The average revenue per user (ARPU) for mobile services remained stable at 49.5 yuan, while the ARPU for home broadband customers was 43.2 yuan, reflecting a slight increase [5][6]. Strategic Initiatives - The company is actively building a "full gigabit + cloud life" smart home ecosystem and aims to achieve a net increase of 18 million home users by the end of the year [5][6]. - The "AI+" initiative is expected to enhance the monetization of intelligent computing and support the company's growth in the AI sector [6][7].