中国铁塔：Earnings supported by D&A roll-off while growth remained limited-20260330

CMB International Global Markets | Equity Research | Company Update China Tower (788 HK) China Tower (788 HK) - 30 Mar 2026 Earnings supported by D&A roll-off while growth remained limited China Tower's FY25 revenue went up by 2.7% YoY to RMB100.4bn, in-line with our estimate of RMB101.4bn and Bloomberg consensus of RMB100.87bn. Net profit rose 8.4% YoY to RMB11.6bn, 1.0% above our estimate and 3.5% below Bloomberg consensus. Net margin improved 0.6ppt to 11.6%, primarily driven by a lower D&A expense ratio ...