聚焦云改数转战略，经营业绩稳健增长

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company focuses on cloud transformation and digitalization strategies, achieving steady growth in operating performance [2] - In Q1 2024, the company reported operating revenue of 134.495 billion yuan, a year-on-year increase of 3.7%, with service revenue reaching 124.347 billion yuan, up 5% [2] - The net profit attributable to shareholders was 8.597 billion yuan, reflecting a year-on-year growth of 7.7% [2] Financial Performance - Mobile communication service revenue reached 52.226 billion yuan in Q1 2024, growing by 3.2% year-on-year, with a net increase of 3.88 million mobile users, totaling 412 million [3] - The penetration rate of 5G package users reached 79.9%, with a net increase of 10.06 million users, totaling 329 million [3] - Fixed network and smart home service revenue amounted to 31.824 billion yuan, a year-on-year increase of 2.2% [4] Research and Development - The company has increased its R&D investment, with a focus on strategic emerging industries, and aims to raise the dividend payout ratio to over 75% within three years [5] Earnings Forecast and Valuation - The company is expected to achieve operating revenues of 542.927 billion yuan, 579.823 billion yuan, and 620.287 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.91%, 6.80%, and 6.98% [6] - The net profit attributable to shareholders is projected to be 33.711 billion yuan, 37.398 billion yuan, and 41.429 billion yuan for the same years, with growth rates of 10.73%, 10.94%, and 10.78% [6] - The target price is set at 6.63 yuan, based on a 2024 PE ratio of 18 times [6]