Shenwan Hongyuan Securities·2025-04-06 09:49Investment Rating - The report maintains a positive outlook on the telecommunications industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][4]. Core Insights - The report analyzes the annual performance of telecom operators from four perspectives: C-end business, government-enterprise business, computing power layout, and dividend allocation [4][5]. - The overall growth trend in communication consumption demand remains resilient, driven by the continuous strengthening of user base and scale effects [7][8]. - The telecom operators are positioned at the intersection of "big security," "central enterprise valuation system," and "digital economy," with significant growth potential in AI domestic computing power and industry customer digital transformation [16][26]. Summary by Sections C-end Business - China Mobile reported a personal market revenue of 483.7 billion yuan in 2024, a year-on-year decrease of 1.3%, while value-added services contributed positively [6][8]. - China Telecom's mobile communication service revenue reached 202.5 billion yuan, growing by 3.5% year-on-year, with a mobile user base of 425 million [6][8]. - China Unicom's internet communication business revenue was 261.3 billion yuan, with a year-on-year growth of 1.5% and a 5G penetration rate of 83% [6][8]. Government-Enterprise Business - China Mobile's government-enterprise market revenue reached 209.1 billion yuan, growing by 8.8% year-on-year, with cloud business revenue exceeding 100 billion yuan [9][10]. - China Telecom's digital industry revenue was 146.6 billion yuan, a year-on-year increase of 5.5%, with its cloud service revenue maintaining industry leadership [10][16]. - China Unicom's smart computing business achieved revenue of 82.5 billion yuan, growing by 9.6% year-on-year, with significant growth in cloud revenue [12][16]. Computing Power Layout - China Mobile plans to invest 37.3 billion yuan in computing power by 2025, accounting for 25% of its capital expenditure [17][19]. - China Telecom's self-developed computing platform has connected with 50 partners, with a total computing power of 62 EFLOPS [19][23]. - China Unicom's computing power layout is expected to grow by 28% in 2025, focusing on AI infrastructure and major projects [23][26]. Dividend Allocation - China Mobile proposed a dividend payout ratio of 73% for 2024, with a total dividend of 5.09 HKD per share, reflecting a year-on-year increase of 5.4% [27][28]. - China Telecom plans to distribute a dividend of 0.2598 yuan per share for 2024, with a payout ratio of 72% [27][28]. - China Unicom's total dividend for 2024 is expected to be 0.4043 yuan per share, with a payout ratio of 60% [27][28].