中国移动（600941）：业绩稳健增长，管控成本费用提升盈利能力

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 110.84 CNY [6]. Core Insights - The company reported a steady revenue growth of 2,637.60 billion CNY in Q1 2025, a slight increase of 0.02% year-on-year, with a net profit of 306.31 billion CNY, up 3.45% year-on-year [1]. - The company has effectively controlled costs, leading to improved profitability, with a gross margin of 26.93%, an increase of 0.75 percentage points year-on-year, and a net profit margin of 11.61%, up 0.38 percentage points year-on-year [3]. - The company is actively building a converged computing network infrastructure, which includes various types of computing power, enhancing its competitive edge in the market [4]. Summary by Sections Financial Performance - In Q1 2025, the company's main business revenue reached 2,638 billion CNY, a year-on-year increase of 1.4%, while other business revenue decreased by 6.8% to 414 billion CNY [2]. - The company’s EBITDA for Q1 2025 was 807 billion CNY, reflecting a year-on-year growth of 3.4%, with an EBITDA margin of 30.5%, up 1.0 percentage points [3]. - The forecast for net profit attributable to shareholders is projected to be 1,458 billion CNY in 2025, 1,539 billion CNY in 2026, and 1,627 billion CNY in 2027, with respective growth rates of 5%, 6%, and 6% [4][5]. Market Position - The personal market saw a total mobile customer base of 1.003 billion, with a net decrease of 936,000 customers in the quarter, while the average revenue per user (ARPU) for mobile decreased by 1.6 CNY to 46.9 CNY [2]. - The company is focusing on enhancing its presence in the government and enterprise sectors, with a growing revenue share from AI and DICT projects [2]. Cost Management - The company has implemented strict cost control measures, resulting in a decrease in sales, management, and R&D expense ratios, with sales and management expense ratios declining by 0.21 percentage points and 0.09 percentage points, respectively [3].