INDUSTRIAL SECURITIES·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company achieved a revenue of 1,009.30 billion yuan in 2023, representing a year-on-year growth of 7.69%. The net profit attributable to shareholders was 131.77 billion yuan, with a year-on-year increase of 5.03% [4]. - The company is focusing on the integration of CHBN (Consumer, Home, Business, Network) to drive steady growth in traditional business segments, with personal market revenue increasing by 0.3% to 490.2 billion yuan and a 5G customer penetration rate reaching 80.2% [4]. - The company is seizing opportunities in AI computing and big data, with mobile cloud revenue growing by 65.6% to 83.3 billion yuan, indicating a strong push into new markets [4]. - Capital expenditure (CAPEX) optimization is expected to enhance profitability, with a projected CAPEX of 173 billion yuan in 2024, a decrease of 4% year-on-year [4]. - The company aims to maintain a dividend payout ratio above 75% in the next three years, reflecting a high safety margin for investors [4]. Financial Summary - For 2023, the company reported a gross margin of 28.2% and a return on equity (ROE) of 10.1% [2]. - The earnings per share (EPS) for 2023 was 6.16 yuan, with a projected PE ratio of 16.7 [2]. - The company forecasts net profits of 143.08 billion yuan, 155.24 billion yuan, and 168.93 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 15.4, 14.2, and 13.0 [4].