一季度经营稳健，产业数字化双位数增长

Investment Rating - The investment rating for the company is "Buy" (maintained) with a reasonable valuation [2][5][9]. Core Views - The company demonstrated stable operations in Q1 2024, achieving revenue of 134.5 billion yuan (up 3.7% year-on-year) and a net profit of 8.6 billion yuan (up 7.7% year-on-year) [3][6]. - The mobile communication services and home broadband businesses showed steady growth, with mobile service revenue reaching 52.226 billion yuan (up 3.2% year-on-year) and broadband service revenue at 31.824 billion yuan (up 2.2% year-on-year) [3][6]. - The company's digitalization business achieved double-digit growth, with revenue of 38.679 billion yuan (up 10.6% year-on-year) [3][6]. - The company is focusing on optimizing capital expenditure, planning to reduce it to 96 billion yuan in 2024 (down 3% year-on-year) while aiming to increase the dividend payout ratio to over 75% within three years [3][8]. Financial Forecasts and Indicators - Revenue projections for 2024-2026 are 547.584 billion yuan, 581.513 billion yuan, and 611.157 billion yuan, respectively, with year-on-year growth rates of 7.8%, 6.2%, and 5.1% [3][9]. - Net profit forecasts for the same period are 33.126 billion yuan, 35.674 billion yuan, and 37.820 billion yuan, with growth rates of 8.8%, 7.7%, and 6.0% [3][9]. - The company’s average ROE is projected to increase from 6.9% in 2023 to 8.0% in 2026 [3][9]. - The PE ratio is expected to decrease from 18.3 in 2023 to 14.8 in 2026, indicating a more attractive valuation over time [3][9].