Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [7]. Core Insights - The company reported a revenue of 769.39 billion RMB for the first half of 2025, reflecting a year-on-year growth of 3.4%. The revenue structure is diversifying, with over half coming from the customer market and overseas markets. The gross profit for the same period was 78.88 billion RMB, with a gross margin of 10.3%, down 0.6 percentage points year-on-year [1]. - The AI-driven infrastructure and application deployment are significantly boosting the customer market and ACO (Application, Content, and Other Services) business growth. The non-telecom customer market revenue increased by 12.9% year-on-year, with ACO revenue growing by 13.6% [2][3]. - Strategic emerging businesses are enhancing the company's high-quality development momentum, with new contracts exceeding 420 billion RMB in the first half of 2025, representing over 40% of total new contracts [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 21.29 billion RMB, a slight increase of 0.2% year-on-year, with a net profit margin of 2.8% [1]. - The company’s operating expenses decreased by 5.5% year-on-year to 61.82 billion RMB, accounting for 8% of total revenue [1]. Market Segments - The operator market revenue was 382.03 billion RMB, down 4.6% year-on-year, primarily due to reduced capital expenditures from clients. However, ACO revenue in this segment grew by 9% [2]. - The overseas market revenue reached 21.51 billion RMB, up 8.7% year-on-year, benefiting from the "Belt and Road" initiative [2]. Business Segments - The TIS (Telecom Infrastructure Services) revenue was 382.72 billion RMB, contributing 49.7% to total revenue, while BPO (Business Process Outsourcing) revenue was 223.83 billion RMB, contributing 29.1% [3]. - The ACO segment's revenue reached 162.84 billion RMB, marking an 11.7% increase year-on-year, driven by accelerated AI application deployment and digital transformation across various industries [3]. Future Outlook - The company is expected to continue leveraging opportunities in AI-driven infrastructure and digital transformation, with adjusted net profit forecasts for 2025-2027 being 36.82 billion RMB, 38.53 billion RMB, and 40.27 billion RMB, respectively [5].
中国通信服务（00552）：AI算力基建和应用落地，带动集客市场和ACO业务较快发展