Investment Rating - The report maintains a "Buy-A" rating for China Mobile (600941.SH) [1] Core Views - The company is focusing on new business areas such as 5.5G, inference computing, and AI investments to open up new market opportunities [1] - In 2024, China Mobile achieved a revenue of 1,040.8 billion yuan, a year-on-year increase of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [1][9] Summary by Sections C+H Segment - In the personal market, the total number of mobile customers reached 1.004 billion, with a net increase of 13 million in 2024. The number of 5G network customers reached 552 million, with a net increase of 8.8 million, achieving a penetration rate of 55.0% [2] - The personal mobile cloud revenue was 8.9 billion yuan, up 12.6% year-on-year, while the mobile ARPU was 48.5 yuan, down 0.8 yuan [2] B+N Segment - In the enterprise market, revenue reached 209.1 billion yuan, an increase of 8.8% year-on-year, with a total of 32.59 million enterprise customers [3] - The mobile cloud revenue exceeded 100 billion yuan, growing by 20.4% year-on-year, and the company secured over 700 large-scale 5G DICT projects [3][6] Capital Expenditure - Capital expenditure in 2024 was 164 billion yuan, down 9.0% year-on-year, with a focus on new areas such as 5.5G and AI [7] - The planned capital expenditure for 2025 is 151.2 billion yuan, a decrease of 7.8% year-on-year [7] Dividend Policy - The company plans to increase its dividend, with a total dividend of 5.09 HKD per share for 2024, a year-on-year increase of 5.4% [8] - The payout ratio for 2024 is set at 73%, with plans to increase it to over 75% in the next three years [8] Financial Forecast and Valuation - The forecasted net profit for 2025-2027 is 147.8 billion yuan, 156.2 billion yuan, and 164.5 billion yuan, respectively, with corresponding EPS of 6.85, 7.24, and 7.62 yuan [9][11] - The report indicates that the company will continue to maintain steady growth, and the valuation still has room for improvement compared to international peers [9]

Investment Rating - The report maintains a "Buy-A" rating for China Mobile (600941.SH) [1] Core Views - In 2024, China Mobile achieved revenue of 1,040.8 billion yuan, a year-on-year increase of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [2][3] - The company is focusing on new business areas such as 5.5G, AI, and reasoning computing, which are expected to drive future growth [10] - The report anticipates steady growth in the company's overall business, with a projected net profit of 147.8 billion yuan in 2025, reflecting a growth rate of 6.8% [12] Summary by Sections Personal Market - As of December 31, 2024, the total number of mobile customers reached 1.004 billion, with 5G network customers increasing to 552 million, a penetration rate of 55.0% [3] - The personal mobile cloud revenue grew by 12.6% year-on-year to 8.9 billion yuan, while the mobile ARPU decreased slightly by 0.8 yuan to 48.5 yuan [3][4] Family Market - The number of broadband customers reached 315 million, with gigabit broadband customers increasing by 25.0% to 99 million [4] - The family customer ARPU increased by 0.7 yuan to 43.8 yuan, indicating a positive trend in the family market [4] Business and New Markets - The enterprise market revenue reached 209.1 billion yuan, up 8.8% year-on-year, with a significant increase in mobile cloud revenue, which surpassed 100 billion yuan, growing by 20.4% [6][9] - Emerging markets, including international business and digital content, saw revenue growth of 8.7% year-on-year, with international business revenue at 22.8 billion yuan [9] Capital Expenditure - Capital expenditure for 2024 was 164 billion yuan, a decrease of 9.0% year-on-year, with a focus on new areas such as 5.5G and AI [10] - The company plans to invest 98 billion yuan in 5G-A in 2025, reflecting a significant increase of 227% [10] Dividend Policy - The company plans to increase its dividend payout, with a total dividend of 5.09 HKD per share for 2024, a year-on-year increase of 5.4% [11] Financial Forecasts - The report forecasts net profits of 147.8 billion yuan, 156.2 billion yuan, and 164.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 6.85, 7.24, and 7.62 yuan [12][14]

// 市场要闻 // 国有大行重磅官宣。 3月30日下午，中国银行、中国建设银行、交通银行发布公告称，董事会通过 了向特定对象发行A股股票条件的议案。其中，建设银行拟引入财政部战略投资，募资总额不超过 人民币1050亿元。交通银行拟定增募资不超过1200亿元，发行对象为财政部、中国烟草和双维投 资，其中财政部拟认购金额为1124.2亿元。募资均用于补充核心一级资本。中国银行拟向特定对象 发行A股股票，募集资金总额不超过1650亿元。 社保基金重仓这些股票。 随着上市公司年报密集披露，作为长线资金代表的社保基金 2024 年末重 仓股及持股变动情况浮出水面。 Wind数据显示，截至3月28日，已有938家上市公司披露了2024年年报，其中有133家上市公司（包含2 家未披露年报但已披露2024年末十大流通股东上市公司）的前十大流通股东中出现了社保基金的身影。 2024年四季度，社保基金新进29只个股的前十大流通股东序列，同时对40只个股的持股数量增加。 自由现金流 ETF 近期成为基金行业的一大焦点。 在挖掘基金重仓股上只看净利润不看现金流的策 略，使得许多基金经理在过去三年间积累了大量有关忽视自由现金流的"苦 ...