营收突破万亿大关，利润再创历史新高

Investment Rating - The report assigns a "Buy" rating for China Mobile [3] Core Views - China Mobile's revenue has surpassed 1 trillion yuan, achieving a record high in profit, with a revenue of 1,009.3 billion yuan in 2023, representing a year-on-year increase of 7.7% [3] - The company aims to increase its dividend payout ratio to over 75% within the next three years, with a projected dividend payout ratio of 71% for 2023 [3] - The report highlights the continuous optimization of revenue structure and strong growth in various segments, including personal market revenue and enterprise market revenue [3] Financial Summary - Revenue for 2022 was 937,259 million yuan, with a projected increase to 1,068,640 million yuan in 2024, reflecting a growth rate of 5.9% [7] - Net profit for 2022 was 125,459 million yuan, expected to rise to 141,007 million yuan in 2024, with a growth rate of 7.0% [7] - The report forecasts an increase in earnings per share (EPS) from 6.35 yuan in 2022 to 7.14 yuan in 2024 [7] - The company’s EBITDA for 2023 is projected at 341.5 billion yuan, with an EBITDA margin of 39.5% [3][11] Capital Expenditure and Cash Flow - Capital expenditure for 2023 is reported at 180.3 billion yuan, with a year-on-year decrease of 1.9% [3] - Free cash flow is expected to improve, with a focus on returning value to shareholders through increased dividends [3] Market Position and Growth - China Mobile has a strong market presence with 990 million mobile users, including 180 million 5G subscribers [3] - The company is expanding its cloud services and digital content offerings, with significant growth in enterprise market revenue [3][11] Valuation - The report sets a target price of 80 Hong Kong dollars for China Mobile, maintaining a buy rating based on the company's strong governance and growth potential [3]