Group 1 - The core viewpoint of the article highlights that China's telecom quantum business has shown significant growth, achieving a three-digit increase in revenue over the first ten months of the year, indicating a rapid development trend [1][3] - As of the end of October, 24 provincial companies under China Telecom reported positive growth in quantum business revenue, while 7 provincial companies experienced negative growth, with Liaoning Telecom facing the largest decline, exceeding 50% year-on-year [3] - Despite being a smaller provincial company, Liaoning Telecom's performance in the quantum business was unexpectedly poor, leading to warnings from the group [3] Group 2 - Liu Qing, the director of the communication business department at the operator's finance network, stated that the quantum business of China Telecom is still in its early stages and experiencing rapid growth, suggesting that Liaoning Telecom missed the opportunity for development and may find it challenging to catch up in the future [3] - The current leadership of Liaoning Telecom's government and enterprise information service group is under Vice General Manager Sun Wei, indicating a need for increased effort in this "new battle business" [3]

格隆汇12月9日丨天源迪科(300047.SZ)在投资者互动平台表示，公司目前未开展量子业务。 ...

Investment Rating - The report maintains a "Recommended" rating for China Telecom, indicating a positive outlook for the company's growth and performance [4][6]. Core Views - The company demonstrates stable operations with a focus on developing new business areas such as AI, satellite communication, and quantum technology, which are expected to drive long-term value growth [2][4]. - The first quarter of 2025 saw a slight increase in service revenue, with a year-on-year growth of 0.3% and a quarter-on-quarter growth of 4.6% [2]. - The company is strategically enhancing its cloud-network integration and leveraging advanced technologies to create a competitive edge in the market [4]. Summary by Sections Financial Performance - In Q1 2025, China Telecom reported total revenue of 134.5 billion yuan, a year-on-year increase of 0.01%, and a net profit attributable to shareholders of 8.9 billion yuan, up 3.1% [1]. - The service revenue for Q1 2025 reached 124.7 billion yuan, with mobile communication users increasing to 429 million, adding 4.95 million users [2]. Business Segments - The mobile communication segment showed robust growth, with 5G users reaching 270 million and a penetration rate of 62% [2]. - Emerging business areas such as IDC, smart services, satellite communication, and quantum technology have seen significant growth rates, with smart services growing by 151.6% year-on-year [2]. Cost Management and R&D - The company optimized its cost structure, with operating costs decreasing by 0.08% year-on-year, leading to a slight increase in gross margin to 29.47% [3]. - Increased R&D investment is focused on network, cloud, AI, and quantum security, reflecting the company's commitment to innovation [3]. Future Projections - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 35.9 billion, 38.9 billion, and 42.1 billion yuan, respectively, with corresponding PE ratios of 20, 18, and 17 [4][5].