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AI系列跟踪专题报告：三大运营商加速竞逐AI赛道，转型红利已现
Bank of China Securities·2025-03-31 12:47

Investment Rating - The industry investment rating is "Outperform the Market" [3][11]. Core Viewpoints - The three major telecom operators are significantly benefiting from the performance growth and value reassessment brought by intelligent computing business under the AI wave. They are considered defensive growth assets within the AI chain, possessing both growth potential and scarcity [3][4]. - The operators have made substantial investments in computing power, with a clear commitment to transformation. By 2024, China Mobile's intelligent computing scale is expected to reach 29.2 EFLOPS, with a net increase of 19.1 EFLOPS. China Telecom's self-owned intelligent computing power will reach 35 EFLOPS, and China Unicom's intelligent computing scale will exceed 17 EFLOPS [3][4]. Summary by Sections Investment Recommendations - Focus on the three major operators: China Mobile, China Telecom, and China Unicom. Additionally, consider partnerships with computing service providers such as Runze Technology, Pingzhi Information, Zhongbei Communication, ZTE, Fenghuo Communication, and Unisplendour [3]. Performance Metrics - China Mobile's intelligent revenue surpassed 100 billion RMB, reaching 1,004 billion RMB, with a year-on-year growth of 20.4%. China Telecom's intelligent revenue reached 8.9 billion RMB, growing by 195.7%, while its Tianyi Cloud revenue reached 113.9 billion RMB, up 17.1% [3]. - China Unicom's cloud revenue was 68.6 billion RMB, an increase of 17.1%, and its data center revenue was 25.9 billion RMB, up 7.4% [3]. Future Investment Outlook - Both China Mobile and China Telecom have indicated that their investments in computing power will have no upper limit. China Mobile plans to invest 37.3 billion RMB in computing power, accounting for 25% of its total capital expenditure. China Telecom plans a 22% year-on-year increase in computing investment, while China Unicom aims for a 28% increase [3][4]. Industry Positioning - Telecom operators are positioned as core assets in the domestic computing power chain, with the rapid development of AI driving growth in cloud computing and data center businesses. Their strong cash flow and high dividends provide a safety net, allowing them to withstand external shocks while maintaining valuation flexibility [3].