INDUSTRIAL SECURITIES·2024-04-25 05:32Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market conditions [2]. Core Insights - The company reported a revenue of 263.71 billion yuan for Q1 2024, reflecting a year-on-year increase of 5.17%. The net profit attributable to shareholders was 29.61 billion yuan, up 5.49% year-on-year, while the net profit excluding non-recurring items reached 26.10 billion yuan, marking an 8.40% increase [1]. - The CHBN business continues to show diversified and stable growth, with user numbers consistently increasing. The main business revenue rose by 4.5% year-on-year to 219.3 billion yuan as of March 31, 2024. The mobile business customer base grew by 4.63 million to 996 million, with a 5G package penetration rate of 80.2% [1]. - The company is enhancing its dividend payout ratio, with a dividend payout rate of 71% for 2023, and plans to increase it to over 75% in the next three years, reflecting a strong investment value [1]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 1,099.91 billion yuan, with a year-on-year growth rate of 9.0%. The net profit attributable to shareholders is expected to be 141.45 billion yuan, representing a growth of 7.4% [9]. - The gross profit margin is forecasted to remain stable at around 28.1% for the next few years, with a return on equity (ROE) of 10.1% [9]. - The earnings per share (EPS) is projected to increase from 6.16 yuan in 2023 to 7.57 yuan by 2026, indicating a positive trend in profitability [9].