Tianfeng Securities·2025-11-02 10:16Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Views - The company has shown steady growth in operating performance, with a revenue of 794.7 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.4%. The net profit attributable to shareholders reached 115.4 billion yuan, up 4.0% year-on-year [1][4]. - The company is focusing on segmented market expansion, enhancing value management, and implementing growth plans in personal and family markets. As of September 30, 2025, the total mobile customer base reached 1.009 billion, with 5G customers at 622 million [2][3]. - The company aims for stable revenue growth and good profit growth in 2025, with specific targets for customer increases in various segments, including over 70 million new 5G customers and over 18 million new gigabit broadband customers [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 250.9 billion yuan, a 2.5% increase year-on-year, with a net profit of 31.1 billion yuan, up 1.4% year-on-year [1]. - The projected net profit for 2025-2027 is estimated at 145.3 billion yuan, 152.5 billion yuan, and 160.0 billion yuan respectively, indicating a consistent growth trajectory [4]. Business Segments - Personal Market: The company is enhancing its market presence with a focus on existing customer value and growth plans. Mobile data traffic increased by 8.3% year-on-year, with an average revenue per user (ARPU) of 48.0 yuan [2]. - Family Market: The company has 329 million broadband customers, with a net increase of 14.2 million in the first three quarters. The family customer ARPU stands at 44.4 yuan [2]. - Enterprise Market: The company is strengthening its platform operations and AI development, with significant growth in its DICT business and AI revenue [2]. Future Outlook - The company plans to achieve stable revenue and profit growth in 2025, with specific targets for customer growth across various segments, including a net increase of 4.3 million enterprise customers and rapid growth in international business [3].