CHINA MOBILE(600941) 天风证券·2025-04-03 08:23Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company has demonstrated steady revenue growth, with total revenue reaching 1,040.8 billion yuan in 2024, a year-on-year increase of 3.1%. The net profit attributable to shareholders was 138.4 billion yuan, up 5.0% year-on-year, and free cash flow increased by 22.9% to 151.7 billion yuan [1][6]. - The digital transformation efforts have shown significant results, with digital transformation revenue reaching 278.8 billion yuan, a growth of 9.9% year-on-year, accounting for 31.3% of the main business revenue [2][6]. - The company is focusing on enhancing 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]. Summary by Sections Financial Performance - In 2024, the company's main business revenue was 889.5 billion yuan, a 3.0% increase year-on-year. The total revenue was 1,040.8 billion yuan, with a net profit of 138.4 billion yuan, reflecting a 5.0% growth [1][6]. - The company achieved a free cash flow of 151.7 billion yuan, marking a 22.9% increase [1]. Market Segments - Personal Market: Revenue reached 483.7 billion yuan, with mobile customers exceeding 1 billion, and 5G network customers at 552 million, a penetration rate of 55.0% [2]. - Family Market: Revenue was 143.1 billion yuan, an 8.5% increase, with broadband customers reaching 278 million [3]. - Government and Enterprise Market: Revenue grew by 8.8% to 209.1 billion yuan, with significant growth in mobile cloud services [3]. - Emerging Markets: Revenue was 53.6 billion yuan, with international business revenue at 22.8 billion yuan, a 10.2% increase [3]. Digital Transformation - The company has made substantial progress in digital transformation, with digital revenue accounting for 31.3% of main business revenue, up 1.9 percentage points from the previous year [2]. - The CHBN (Consumer, Home, Business, New) strategy has been effectively implemented, with HBN contributing 45.6% to main business revenue [2]. Capital Expenditure and Infrastructure - In 2024, capital expenditure was 164 billion yuan, with a focus on 5G networks and computing power [4]. - The company has established over 2.4 million 5G base stations and is leading in the development of AI and computing infrastructure [4]. Future Outlook - The company aims for steady revenue growth and profit increase in 2025, with specific targets for each market segment [5]. - The projected net profit for 2025 is 145.3 billion yuan, with continued focus on digital transformation and market expansion [6].