Investment Rating - The investment rating for China Tower Corp Ltd is Overweight, with an industry view classified as Attractive [4][62]. Core Insights - The total revenue for 1Q25 was Rmb24.8 billion, reflecting a year-over-year increase of 3.3% [7]. - The tower business revenue decreased by 0.4% year-over-year, while the DAS business grew by 15.2% year-over-year [2][7]. - The smart tower and energy business saw a year-over-year increase of 17.9%, although it experienced a quarter-over-quarter decline of 18.5% [2][7]. - EBITDA increased by 4.2% year-over-year to Rmb17.3 billion, with a margin expansion of 0.6 percentage points [7]. - Net profit rose by 8.6% year-over-year to Rmb3 billion, with a margin increase of 0.6 percentage points [7]. Summary by Sections Financial Performance - Tower business revenue: Rmb18,877 million, down 0.4% YoY, up 0.5% QoQ [2]. - DAS business revenue: Rmb2,347 million, up 15.2% YoY, up 6.3% QoQ [2]. - Smart Tower and Energy business revenue: Rmb3,457 million, up 17.9% YoY, down 18.5% QoQ [2]. - Total revenue: Rmb24,771 million, up 3.3% YoY, down 2.2% QoQ [2]. - EBITDA: Rmb17,295 million, up 4.2% YoY, margin at 69.8% [2][7]. - Profit before taxation: Rmb4,006 million, up 8.6% YoY, margin at 16.2% [2]. - Net profit: Rmb3,024 million, up 8.6% YoY, margin at 12.2% [2]. Market Position - Current market capitalization is US33.99 billion [4]. - The average daily trading value is US$71 million [4].
摩根士丹利：中国铁塔-2025 年第一季度业绩速评