Guoxin Securities·2024-04-23 08:30Investment Rating - The report maintains a "Buy" rating for China Mobile (600941.SH) [6][7][23] Core Views - China Mobile continues to show steady growth in Q1 2024, achieving revenue of 263.7 billion RMB (up 5.2% year-on-year) and a net profit of 29.6 billion RMB (up 5.5% year-on-year) [6][12] - The company is focusing on enhancing its market presence in both personal and family sectors, with mobile user numbers reaching 996 million, including 799 million 5G users, representing an 80% penetration rate [6][12] - The enterprise business is also performing well, with a focus on expanding its DICT (Data, Information, Communication Technology) services [6][12] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are 1,079.6 billion RMB, 1,145.5 billion RMB, and 1,208.6 billion RMB, reflecting year-on-year growth rates of 7.0%, 6.1%, and 5.5% respectively [2][7][23] - Net profit forecasts for the same period are 140.9 billion RMB, 148.3 billion RMB, and 156.2 billion RMB, with growth rates of 6.9%, 5.3%, and 5.3% respectively [2][7][23] - Key financial ratios include a PE ratio of 17.2 for 2023, expected to decrease to 14.5 by 2026, and a PB ratio of 1.7 for 2023, remaining stable at 1.6 through 2026 [2][7][23] Capital Expenditure and Dividend Policy - The company plans to reduce capital expenditure from 180.3 billion RMB in 2023 to 173 billion RMB in 2024, with a focus on 5G network investments [6][17] - China Mobile aims to increase its dividend payout ratio to over 75% of net profit over the next three years, starting from 2024 [6][17]