年报点评：天翼云收入近千亿，分红比例预计超70%

Investment Rating - The report maintains a "Buy" rating for China Telecom, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [2][13]. Core Insights - China Telecom's revenue for 2023 reached 507.84 billion yuan, a year-on-year increase of 6.9%, with a net profit of 30.45 billion yuan, up 10.3% year-on-year [3][7]. - The company is focusing on digital transformation and strategic emerging industries, with significant growth in its cloud services, particularly Tianyi Cloud, which generated 97.2 billion yuan in revenue, a 67.9% increase [3][5]. - The company plans to distribute a total dividend of 0.2332 yuan per share for 2023, exceeding 70% of its net profit attributable to shareholders, reflecting a strong commitment to shareholder returns [5][6]. Summary by Sections Financial Performance - In Q4 2023, revenue was 126.74 billion yuan, a growth of 8.2% year-on-year, with a net profit of 3.35 billion yuan, increasing by 9.7% [3]. - The mobile communication service revenue was 195.7 billion yuan, up 2.4%, while the fixed-line and smart home services revenue reached 123.1 billion yuan, growing by 3.8% [3][4]. Business Development - The company is enhancing its computing capabilities, with the intelligent computing capacity increasing to 11.0 EFLOPS, a growth of 279.3% [3][5]. - Capital expenditure for 2023 was 98.8 billion yuan, with a focus on digital industry investments, which are expected to rise in proportion in the coming years [4][5]. Market Position - China Telecom holds a leading position in the public cloud infrastructure market, with its Tianyi Cloud being recognized as the top provider among global telecom operators [3][5]. - The company is experiencing a steady increase in 5G and gigabit user adoption, with 46.6% of mobile phone users being 5G users, significantly above the global average [6]. Future Outlook - The forecast for net profit for 2024-2026 is 33.42 billion yuan, 36.27 billion yuan, and 38.91 billion yuan respectively, with corresponding PE ratios of 16.46X, 15.16X, and 14.13X [7][8].