Changjiang Securities·2025-04-29 10:14Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's operating performance remains stable, with traditional mobile communication business developing steadily and new emerging businesses, particularly IDC, experiencing accelerated growth [2][6] - For Q1 2025, the company achieved operating revenue of 134.5 billion yuan, flat year-on-year, and a net profit attributable to shareholders of 8.9 billion yuan, representing a year-on-year increase of 3.1% [6][12] - The company has provided clear guidance for the year, indicating expectations for good growth in revenue, EBITDA, and net profit [2][12] Summary by Sections Operating Performance - In Q1 2025, the mobile communication business showed steady growth, with 5G network users reaching 270 million, a penetration rate of 62.0%, and mobile internet traffic increasing by 14.2% year-on-year [12] - The smart home business also performed well, with revenue growth of 11.5% year-on-year [12] Emerging Business Growth - IDC revenue reached 9.5 billion yuan in Q1 2025, a year-on-year increase of 10.4%, with significant growth in intelligent revenue (151.6% year-on-year), video internet revenue (58.4% year-on-year), satellite communication revenue (37.2% year-on-year), and quantum revenue (81.1% year-on-year) [12] - The company is leveraging its cloud-network integration advantages to drive innovation and expand new business scales [12] Cash Flow and Accounts Receivable - The net operating cash flow for Q1 2025 was 10.83 billion yuan, down 48.1% year-on-year, primarily due to longer payment cycles in the digitalization business [12] - However, the growth rate of accounts receivable has begun to decline, indicating improved control over accounts receivable [12] Financial Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 35.1 billion yuan, 37.2 billion yuan, and 39.3 billion yuan, corresponding to year-on-year growth rates of 6.4%, 6.1%, and 5.4% respectively [12]