Changjiang Securities·2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for China Mobile [10][8]. Core Insights - In 2023, China Mobile achieved a revenue of 1,009.3 billion yuan, a year-on-year increase of 7.7%, and a net profit of 131.8 billion yuan, up 5.0%, marking a historical high for profits [5][8]. - The company aims for continued growth in revenue and profit for 2024, with a focus on maintaining stable growth in ARPU (Average Revenue Per User) and significant growth in its mobile cloud business, which is expected to exceed 100 billion yuan in revenue [6][8]. - The new three-year dividend policy will see the payout ratio gradually increase to over 75% starting in 2024, reflecting strong cash flow and commitment to returning value to shareholders [7][8]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 1,009.3 billion yuan, with a main business revenue of 863.5 billion yuan, reflecting a growth of 6.3% year-on-year, which is above the industry average [5][6]. - The net profit attributable to shareholders reached 131.8 billion yuan, with a stable return on equity (ROE) [5][6]. Business Segments - The mobile ARPU reached 49.3 yuan, a 0.6% increase year-on-year, while the broadband ARPU was 43.1 yuan, up 2.4% [6]. - The mobile cloud revenue surged to 83.3 billion yuan, a remarkable growth of 65.6%, with a target of maintaining over 30% growth in 2024 [6][8]. Capital Expenditure and R&D - Capital expenditure for 2023 was 180.3 billion yuan, slightly below initial guidance, with a forecast of 173 billion yuan for 2024, a decrease of 4% [7]. - R&D expenses increased to 28.7 billion yuan, a 58.7% rise, indicating a strong commitment to enhancing core capabilities [6][7]. Dividend Policy - The company has committed to a new dividend policy, with a payout ratio of 71% in 2023 and plans to increase it to over 75% in the next three years [7][8].