战新业务布局积极，分红比例持续提升

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4]. Core Insights - The company reported a total revenue of 507.8 billion yuan for 2023, representing a year-on-year increase of 6.9%. The main business revenue was 465 billion yuan, also up by 6.9%. The net profit attributable to shareholders was 30.4 billion yuan, reflecting a growth of 10.3% year-on-year. The return on equity (ROE) stood at 6.9%, an increase of 0.49 percentage points. The dividend payout ratio was approximately 71% [2][3]. - The company is actively expanding its new business segments, particularly in data services, which saw a revenue increase of 17.9% year-on-year, accounting for 29.9% of service revenue. The cloud service revenue reached 97.2 billion yuan, growing by 67.9% [2][3]. - Capital expenditures for 2023 were approximately 98.8 billion yuan, with guidance for 2024 set at 96 billion yuan, a decrease of 2.9% year-on-year. The company plans to increase its dividend payout ratio to over 75% within the next three years [2][3]. Financial Summary - The company’s revenue is projected to reach 543.7 billion yuan in 2024, with corresponding earnings per share (EPS) of 0.37 yuan. The expected revenue for 2025 and 2026 is 579.5 billion yuan and 614.3 billion yuan, respectively, with EPS of 0.40 yuan and 0.43 yuan [3][6]. - The report indicates a price-to-book (PB) ratio of 1.5x for 2024, suggesting a fair value of 7.34 yuan per A-share and 4.98 HKD per H-share [3][4]. - The company’s operating income for 2023 was 507.8 billion yuan, with a net profit of 30.4 billion yuan, and an expected growth rate of 9.9% for 2024 [6].