折旧调整与两翼业务成规模，利润将有望快速增长

Investment Rating - The investment rating for China Tower is upgraded to "Buy-B" for the first time [2] Core Views - The company reported a revenue of 94.009 billion yuan in 2023, a year-on-year increase of 2.0%, and a net profit attributable to shareholders of 9.750 billion yuan, up 11.0% year-on-year [1][4] - The overall revenue growth is maintained, with an improvement in profitability, driven by a decrease in major operating costs and the expansion of its two wings business, which includes smart connection and energy services [1][5] - The company is expected to benefit from the growth of the digital economy and the instant delivery industry, with projected revenues for 2024-2026 of 98.362 billion, 102.688 billion, and 106.567 billion yuan, respectively [2][6] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 94.009 billion yuan, with a slight decline in operator business revenue to 82.163 billion yuan, down 1.0% year-on-year [1][4] - The EBITDA reached 63.551 billion yuan, indicating a steady improvement in operational efficiency [1] - The net profit margin improved to 10.4% in 2023, with a projected increase to 10.9% in 2024 [4][8] Business Segments - The tower business revenue was 75.023 billion yuan, down 2.8%, while the indoor distribution business grew by 22.5% to 7.140 billion yuan [1][6] - The smart connection business generated 7.283 billion yuan, up 27.7%, and the energy business saw a 31.7% increase to 4.214 billion yuan [1][6] - The two wings business now accounts for 12.2% of total revenue, with significant growth potential in the electric vehicle battery swap market, projected to grow at a CAGR of 41.62% from 2023 to 2026 [1][5] Future Outlook - The company expects stable growth in the operator business from 2024 to 2027, driven by the advantages of "5G + indoor distribution" resources [2][5] - Revenue forecasts for the tower business are expected to decline slightly, while the indoor distribution, smart connection, and energy businesses are projected to grow significantly [5][6] - The company is positioned to leverage its market space and continue developing its two wings business, which is anticipated to contribute to a new round of performance growth [6][7]