CHINA MOBILE(600941) 天风证券·2025-04-03 07:42Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a steady revenue growth of 3.1% year-on-year, reaching 1,040.8 billion yuan in 2024, with a net profit of 138.4 billion yuan, reflecting a 5.0% increase [1][6]. - The digital transformation efforts have shown significant results, with digital transformation revenue growing by 9.9% to 278.8 billion yuan, accounting for 31.3% of the main business revenue [2][6]. - The company aims to enhance shareholder returns with a dividend payout ratio of 73% and plans to increase cash distributions to over 75% of net profit in the next three years [5][6]. Financial Performance Summary - Revenue: 2024 revenue reached 1,040.8 billion yuan, a 3.1% increase from the previous year [1][11]. - Net Profit: The net profit attributable to shareholders was 138.4 billion yuan, up 5.0% year-on-year [1][11]. - Free Cash Flow: Free cash flow increased by 22.9% to 151.7 billion yuan [1]. Business Segment Performance - Personal Market: Revenue of 483.7 billion yuan, with mobile customers exceeding 1 billion, and 5G network customers reaching 552 million [2][3]. - Home Market: Revenue of 143.1 billion yuan, with broadband customers growing to 278 million, including 99 million gigabit broadband customers [3]. - Government and Enterprise Market: Revenue of 209.1 billion yuan, with significant growth in mobile cloud services [3]. - Emerging Markets: Revenue of 53.6 billion yuan, with international business revenue of 22.8 billion yuan [3]. Capital Expenditure and Infrastructure Development - The company completed capital expenditures of 164 billion yuan in 2024, focusing on 5G networks and computing power [4]. - The company has established over 2.4 million 5G base stations and aims to enhance its computing power network significantly [4]. Future Outlook - The company targets steady revenue growth and profit increases for 2025, with specific goals for customer growth across various segments [5][6]. - The projected net profit for 2025 is estimated at 145.3 billion yuan, with continued growth expected in subsequent years [6][11].