Guoxin Securities·2025-08-17 05:20Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][19] Core Views - The company achieved a steady growth in operating performance in the first half of 2025, with revenue reaching 269.4 billion yuan (up 1.3% year-on-year) and net profit of 23 billion yuan (up 5.5% year-on-year) [1][9] - The company plans to increase its dividend per share to 0.18 yuan for the mid-2025 period, representing an 8.4% increase year-on-year [4][19] - The company is focusing on building a smart cloud system and advancing its "AI+" initiatives, which include developing over 160 AI applications across 21 key areas [3][16] Summary by Sections Financial Performance - In the first half of 2025, the company reported a communication service revenue of 249.1 billion yuan (up 1.2% year-on-year) and an EBITDA margin of 30.3%, which is an increase of 3.03 percentage points year-on-year [1][9] - The company’s mobile communication service revenue reached 106.6 billion yuan (up 1.3% year-on-year), with mobile users totaling 433 million and broadband users at 199 million [2][12] Strategic Development - The company is experiencing rapid growth in strategic emerging businesses, with significant increases in revenue from key products such as Tianyi Cloud (57.3 billion yuan) and quantum revenue (up 171.1% year-on-year) [2][12] - The company is also enhancing its AI capabilities, serving over 20,000 industry clients and collaborating with more than 30 central enterprises to create AI application benchmarks [3][16] Capital Expenditure and Valuation - The company completed capital expenditures of 34.2 billion yuan in the first half of 2025, with a full-year plan of less than 83.6 billion yuan [3][15] - The profit forecasts for the company are as follows: net profit of 35.1 billion yuan in 2025, 37 billion yuan in 2026, and 38.9 billion yuan in 2027, with corresponding PE ratios of 15, 14, and 13 times for H shares [4][19]