24年年报总结：Capex向算力侧倾斜，价值创造能力持续夯实

Investment Rating - The report maintains a "Buy" investment rating for the telecommunications industry, indicating a positive outlook for the sector's growth potential [8]. Core Insights - The telecommunications industry is experiencing a shift in capital expenditure (Capex) towards computing power, enhancing value creation capabilities. The three major operators are expected to continue their revenue and profit growth, with net profit growth outpacing revenue growth [2][43]. - In the first two months of 2025, the telecommunications industry reported a slight revenue increase of 2,950 billion yuan, reflecting a year-on-year growth of 0.9%. The user base continues to expand, with a notable increase in 5G penetration [1][14]. - The report highlights the importance of emerging businesses, particularly in the areas of cloud computing and Internet Data Center (IDC) services, which are expected to drive future growth [2][43]. Summary by Sections 1. Ministry of Industry and Information Technology Data Analysis (January-February 2025) - Telecommunications revenue reached 2,950 billion yuan, with a year-on-year growth of 0.9%. The growth rate has slightly declined due to a high base in Q1 2024 and a complex macroeconomic environment [14]. - Mobile user growth is steady, with 5G penetration reaching 58.6%, an increase of 1.9 percentage points from the end of the previous year [2][19]. 2. Annual Report Summary of Major Operators for 2024 - Revenue for the three major operators increased steadily, with net profit growth consistently outpacing revenue growth. The overall performance is expected to show a "front low and back high" trend in 2025 [2][43]. - Capex continues to decline, with a focus on computing power, which is expected to enhance free cash flow and strengthen the core asset attributes of the operators [2][3]. - The share of emerging business revenue in total service revenue increased to 57.4%, reflecting a year-on-year increase of 7.0 percentage points [2][43]. 3. Cash Flow and Dividend Analysis - Free cash flow for the three major operators continued to grow rapidly in 2024, with a dividend payout ratio of 71.3%, an increase of 2.1 percentage points year-on-year [3][42]. - The report indicates that the operators' ability to create value is being reinforced, with a focus on managing accounts receivable effectively to enhance cash flow [3][42]. 4. Key Financial Metrics of Major Companies - China Mobile, China Telecom, and China Unicom are highlighted with strong recommendations, showing robust earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [9].