派息高增；降本增效持续推进，“买入”

Investment Rating - The report maintains a "Buy" rating for China Mobile (00941 HK) with a target price of HK$78.00 [23][21][15]. Core Insights - The company is expected to achieve stable growth in revenue and net profit, with service revenue reaching RMB 863.5 billion (up 6.3% YoY) and net profit reaching RMB 131.8 billion (up 5.0% YoY) in 2023 [3][11]. - The company plans to increase its dividend payout ratio to 71.5% for 2023 and aims to raise it to over 75% in the next three years [11][15]. - The report anticipates that the company's cost control measures and efficiency improvements will enhance profitability, allowing for dividends to exceed market expectations [21][15]. Financial Summary - For the fiscal years 2024 to 2026, the expected earnings per share (EPS) are RMB 6.912, RMB 7.245, and RMB 7.533 respectively [15][21]. - The projected dividend yields for 2024, 2025, and 2026 are 7.0%, 7.5%, and 8.0% respectively [21][15]. - The company’s capital expenditure is expected to decline, particularly in 5G infrastructure, which will help alleviate operational cost pressures [22][15]. Market Position and Strategy - The competitive environment for traditional telecom operators is expected to remain moderate, benefiting profitability [26]. - The company has been actively repurchasing shares, reflecting management confidence and adherence to state-owned enterprise value management requirements [15][11]. - The report highlights the strong demand for industrial digitalization and the easing of depreciation pressures from traditional business investments as key factors supporting growth [3][11].