Core Viewpoint - A 5.5 magnitude earthquake occurred in Shigatse, Tibet, prompting China Tower's Tibet branch to initiate a level three emergency response to ensure communication services are maintained [1] Group 1: Earthquake Details - The earthquake struck on May 12 at 5:11 AM, with a depth of 10 kilometers, located at latitude 28.76° N and longitude 87.543° E [1] - The China Earthquake Networks Center confirmed the earthquake's magnitude and details [1] Group 2: Impact on Communication Infrastructure - China Tower operates 186 communication tower sites in the affected area of Lazhi County [1] - Two sites are currently without power, and two sites have exited service due to the earthquake [1] Group 3: Emergency Response Actions - The Tibet branch of China Tower has activated a level three emergency response [1] - The company is coordinating closely with emergency management departments and telecom operators to address communication service needs [1] - Maintenance personnel, vehicles, and generators have been arranged to respond promptly to service demands [1]

Core Insights - American Tower (AMT) reported a revenue of $2.56 billion for the quarter ended March 2025, reflecting a year-over-year decline of 9.6% but exceeding the Zacks Consensus Estimate by 1.98% [1] - The earnings per share (EPS) for the quarter was $2.75, an increase from $1.96 in the same quarter last year, surpassing the consensus EPS estimate by 5.77% [1] Financial Performance - The stock has returned -2.9% over the past month, compared to a -0.8% change in the Zacks S&P 500 composite, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3] - The total ending balance for U.S. & Canada was 41,868, slightly above the average estimate of 41,759, while the total ending balance was 148,637, below the average estimate of 173,697 [4] - Organic Tenant Billings Growth for Total International was 6.7%, exceeding the average estimate of 5.7%, while U.S. & Canada growth was 3.6%, slightly below the 3.8% estimate [4] Geographic Revenue Breakdown - Geographic revenues for U.S. & Canada were reported at $1.30 billion, matching the average estimate but showing a -1% year-over-year change [4] - Total International geographic revenues were $946 million, surpassing the average estimate of $896.32 million, but reflecting a significant -25.5% year-over-year decline [4] - Latin America revenues were $399 million, above the average estimate of $381.27 million, with a -10.5% year-over-year change, while Europe revenues were $213 million, slightly above the average estimate of $210 million, showing a +3.9% year-over-year increase [4] Operating Revenues - Total operating revenues from Data Centers were $244 million, below the average estimate of $250.28 million but representing an +8.4% year-over-year increase [4] - Total operating revenues from Services reached $75 million, significantly exceeding the average estimate of $60.28 million, marking a +150% change compared to the year-ago quarter [4] - Total Property operating revenues were reported at $2.49 billion, above the average estimate of $2.45 billion, but reflecting an -11.3% year-over-year decline [4]

Core Viewpoint - Crown Castle (CCI) is expected to report a significant decline in quarterly earnings and revenues, with analysts predicting earnings of $1.02 per share, a 40.7% decrease year-over-year, and revenues of $1.04 billion, reflecting a 36.6% decline compared to the same period last year [1]. Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been adjusted upward by 0.3%, indicating a reassessment of initial projections by analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are strongly linked to short-term stock price performance [3]. Revenue Projections - Analysts project 'Revenues- Site rental' to reach $1.09 billion, a decrease of 31.2% from the prior-year quarter [5]. - 'Services and other revenues- Towers' are expected to be $44.60 million, down 3.1% year-over-year [5]. - 'Site rental revenues- Towers' are estimated at $990.16 million, indicating a 7.3% decline from the previous year [5]. - 'Revenues- Services and other' are projected at $46.85 million, reflecting an 11.6% decrease [6]. - 'Revenues- Fiber' are expected to be $484.33 million, down 8.1% from the year-ago quarter [6]. - 'Site rental revenues- Fiber' are estimated at $481.80 million, a 7.4% decline year-over-year [6]. - The consensus estimate for 'Revenues- Towers' stands at $1.04 billion, indicating a 7% decrease from the prior-year quarter [7]. Gross Margin Estimates - The estimated 'Site rental- Gross margin' is $893.90 million, down from $1.17 billion in the same quarter last year [8]. - 'Site rental gross margin- Towers' is expected to be $751.13 million, compared to $829 million a year ago [8]. - 'Services and other- Gross margin' is forecasted to reach $20.96 million, slightly down from $21 million in the previous year [8]. Market Performance - Crown Castle shares have decreased by 1.8% over the past month, contrasting with a 4.8% decline in the Zacks S&P 500 composite [9].

Core Viewpoint - The strategic cooperation among China Pacific Property Insurance Co., Shandong Branch, Jiangsu Digital Eagle Technology Co., and China Tower Corporation, Linyi Branch, marks a significant step in integrating resources and complementing advantages in the fields of technological innovation, risk assurance, and low-altitude economy [1][3]. Group 1: Strategic Cooperation - The signing of the strategic cooperation agreement signifies a strong alliance among the three companies, focusing on low-altitude economic insurance services [3]. - The collaboration aims to enhance drone scheduling efficiency and flight safety through China Tower's communication infrastructure, while Pacific Insurance will provide innovative insurance services to mitigate operational risks [3][4]. Group 2: Low-altitude Economy Development - The establishment of the "Low-altitude Economic Insurance Service Center" represents a critical advancement in the low-altitude economic insurance service sector [3]. - Jiangsu Digital Eagle Technology Co. is committed to developing a complete industrial chain for heavy-load logistics drones, integrating technology research, manufacturing, platform development, training, and comprehensive services [4]. Group 3: Regional Economic Impact - The partnership is expected to transform Linyi into a hub for low-altitude economic services in North China, contributing to the creation of a low-altitude economic industrial ecosystem [4]. - The establishment of a drone 4S maintenance center is a milestone in deepening regional collaboration and enhancing the low-altitude economy [4].

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 关税是近期市场普遍关心的话题，我们整理了一些外资投行的观察视角，以供参考。 截至本文发布，美国总统特朗普表示，他正考虑对进口汽车和零部件关税实施临时豁免的可能性， 以便让汽车企业有更多时间在美国建立生产设施。 在此之前，特朗普称豁免电子产品关税只是一项 临时措施，这些产品将被即将实施的行业关税所覆盖。 局势正在以分钟级速度演变。 关税政策能重振美国的就业吗？ 有外资报告援引学术研究结果显示，特朗普关税政策或对美国就业存在负面影响。关税税率每提高10个 百分点，受保护行业的就业岗位将增加0.2-0.4%；而关税驱动成本每上升1个百分点，就业岗位会减少 0.3-0.6%。考虑美国的经济体量，意味着关税保护对制造业就业的提振作用不足10万个岗位，而由此带 来的成本压力对下游就业的拖累效应则高达约50万个岗位。 企业应对关税风险的五种常见策略 外资投行基于观察企业应对上一轮关税争端的经验，总结出面对关税风险企业通常可以采取的五种应对 策略。在最新的关税政策下，部分策略是否还能继续 ...

Financial Data and Key Metrics Changes - The company reported a strong performance in 2024, with revenue showing 48% organic growth and adjusted EBITDA reaching $928 million, reflecting a margin of 54.3%, up 100 basis points from 2023 [10][11][12] - The consolidated net leverage ratio decreased to 3.7 times at the end of 2024, down from 3.9 times at the end of Q3 2024 [13][54] - ALFCF generation was $304 million, exceeding guidance, driven by operational performance and ongoing CapEx optimization [12][19] Business Line Data and Key Metrics Changes - Revenue from Nigeria grew approximately 62% on an organic basis, significantly benefiting from FX resets and power indexation, despite a reported revenue decline of 19% year-on-year due to FX headwinds [42][33] - The Sub-Saharan African segment saw revenue remain broadly flat, while adjusted EBITDA increased by 29.6% year-on-year, driven by lower costs and new colocations [44] - In the LatAm segment, towers and tenants grew by 7.9% and 7.2% respectively, but revenue decreased by 18% due to negative FX movements [45] Market Data and Key Metrics Changes - The Nigerian market showed signs of stabilization, with the naira strengthening and an increase in US dollar availability, allowing the company to upstream $271 million from Nigeria in 2024 [14][40] - The Central Bank of Nigeria's recent tariff increase for mobile network carriers is expected to support infrastructure investment and improve service quality [18][73] - The company noted positive momentum in Francophone African markets, with ongoing leasing activity and new build sites [87] Company Strategy and Development Direction - The company is focused on increasing profitability and reducing CapEx to enhance cash flow generation, with a target of raising $500 million to $1 billion through asset disposals [15][25] - Strategic initiatives include extending commercial contracts with key customers and reducing exposure to power prices, aligning operations with more developed markets [16][18] - The company aims to maintain a strong balance sheet and is considering share buybacks and/or introducing a dividend policy following asset disposals [25][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Nigerian market, citing improved macroeconomic conditions and bullish carrier CapEx plans [73][92] - The company anticipates continued organic revenue growth and further improvements in adjusted EBITDA margin and ALFCF generation in 2025 [20][55] - Management highlighted the importance of maintaining a strong balance sheet and expects leverage to remain within the target range of 3 to 4 times in 2025 [59][60] Other Important Information - The company completed the disposal of its 70% stake in IHS Kuwait, which is expected to enhance its financial profile and visibility [23][24] - The effective withholding tax rate in Nigeria will decrease from 10% to 2% starting January 1, 2025, which is expected to support cash flow generation [19][61] - The company is exploring the introduction of artificial intelligence to improve operational efficiencies [114] Q&A Session Summary Question: Update on Airtel new tenancies in Nigeria - The Airtel contract is progressing well, with significant work completed in the second half of 2024, primarily focused on colocation and 5G lease amendments [66][67] Question: Preference between stock buybacks and dividends - The company is evaluating both options but is currently focused on asset disposals and debt reduction before making a decision on capital allocation [68][70] Question: Progress on portfolio optimization - The company is targeting $500 million to $1 billion in asset disposals, with the Kuwait disposal being a significant step [81][82] Question: Other markets with positive macro indicators - Positive momentum is observed in Francophone markets like Cameroon and Cote D'Ivoire, as well as incremental growth in South Africa and Brazil [87][89] Question: Constant currency performance metrics by region - The company has not provided forward-looking guidance for constant currency metrics but aims to simplify disclosures for future periods [94][96] Question: CapEx breakdown - Approximately one-third of the anticipated CapEx range will be maintenance CapEx, with the remainder focused on growth initiatives [101][102] Question: Potential churn in the business - No significant churn is anticipated, with positive leasing trends across major markets and all contracts renewed into the 2030s [105][106] Question: Confirmation of asset sales target - The target for asset sales remains at $500 million to $1 billion, with a focus on realizing value from various opportunities [108][110]

Investment Rating - The report maintains a "Buy" rating for China Tower (0788.HK) [3]. Core Views - The company's performance is driven by its "One Body, Two Wings" strategy, leading to steady growth and an increased focus on shareholder returns through a higher dividend payout ratio [1]. - In 2024, the company reported a revenue of RMB 97.772 billion, a year-on-year increase of 4.0%, with a net profit of RMB 10.729 billion, reflecting a 10% growth [1]. - The EBITDA for 2024 reached RMB 66.559 billion, up 4.7%, with an EBITDA margin of 68.1% [1]. Summary by Sections Revenue and Profitability - The operator business generated revenue of RMB 84.119 billion, growing by 2.4%, while the two wings business saw revenue of RMB 13.388 billion, up 16.4% [1]. - The company achieved a significant improvement in cash flow, with operating cash flow of RMB 49.468 billion, a year-on-year increase of RMB 16.628 billion [1]. Operator Business - The tower business revenue was RMB 75.689 billion, a 0.9% increase, with the number of tower sites increasing to 2.094 million [1]. - The indoor distribution business revenue reached RMB 8.430 billion, growing by 18.1%, with significant expansions in coverage areas [1]. Two Wings Business - The smart connection business generated RMB 8.911 billion, a 22.4% increase, focusing on sectors like emergency services and agriculture [1]. - The energy business revenue was RMB 4.477 billion, up 6.2%, while the battery swap business revenue reached RMB 2.5 billion, growing by 20.9% [1]. Shareholder Returns - The company increased its dividend payout ratio, distributing a total dividend of RMB 0.41696 per share for 2024, an 11.5% increase from 2023 [1]. - The depreciation and amortization as a percentage of revenue decreased from 52.2% in 2023 to 51.4% in 2024, indicating effective investment management [1]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been adjusted downwards by 10% and 14% to RMB 11.726 billion and RMB 18.123 billion, respectively, with a new forecast for 2027 at RMB 19.2 billion [1]. - The report emphasizes the potential for significant profit growth in 2026 due to the expiration of certain tower depreciations [1].

Financial Data and Key Metrics Changes - Fourth quarter revenue was $3.4 billion, with adjusted EBITDA of $271 million, representing a 20% year-over-year increase [10][11] - Full year 2024 revenue reached $12.3 billion, with adjusted EBITDA of $1.6 billion, also a nearly 20% year-over-year increase [11][38] - Fourth quarter adjusted EPS was $1.44, more than double last year's fourth quarter [10][38] - Cash flow from operations for the full year was $1.1 billion, with net debt reduced by over $700 million [11][39] Business Line Data and Key Metrics Changes - **Communications Segment**: Fourth quarter revenues increased by 28% year-over-year to $975 million, with EBITDA up 67% [18][42] - **Power Delivery Segment**: Fourth quarter revenues rose by 16% year-over-year, with expectations for double-digit growth in 2025 [21][52] - **Pipeline Segment**: Fourth quarter revenue was $430 million, with a forecasted decline in 2025 due to the completion of the Mountain Valley Pipeline [24][49] - **Clean Energy and Infrastructure Segment**: Fourth quarter revenue was the highest in the segment's history, up 18% year-over-year, with EBITDA more than doubling [26][45] Market Data and Key Metrics Changes - Backlog at year-end totaled $14.3 billion, an increase of over $400 million sequentially and nearly $2 billion year-over-year [40] - Non-pipeline revenue increased by 21% year-over-year in the fourth quarter, with non-pipeline EBITDA improving by 57% [12][11] - The company expects 2025 non-pipeline revenues to increase by 14% and EBITDA to grow over 25% [14][55] Company Strategy and Development Direction - The company is focused on organic growth, with potential tuck-in acquisitions to accelerate goals [63] - There is a strong emphasis on improving margins across all segments, with a goal of reaching $15 billion in revenue with double-digit margins [109] - The company is well-positioned to capitalize on significant opportunities in communication, power delivery, and clean energy sectors [29][124] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the unprecedented demand for services across all segments, driven by fundamental needs rather than short-term trends [16][15] - The company anticipates continued backlog growth in all segments throughout 2025, despite potential lumpiness in project awards [81][80] - There is optimism regarding the pipeline business, with expectations for revenue in 2026 to exceed 2024 levels [61][155] Other Important Information - The company has successfully reduced days sales outstanding (DSO) to 60 days, down from 68 days in the previous quarter [39] - The company is preparing for future workforce needs with over 30 dedicated trading facilities across the country [17] Q&A Session Summary Question: Pipeline business revenue expectations for 2026 - Management confirmed expectations for 2026 revenues in the Pipeline segment to exceed 2024 levels, citing increased optimism among customers [61][62] Question: Clean Energy margins and execution - Margins were driven by execution, with management indicating potential for exceeding guidance in 2025 [66][68] Question: Backlog growth in all segments - Management expressed confidence in backlog growth across all segments in 2025, despite historical lumpiness [81][80] Question: Communications segment growth profile - Management indicated that growth in the Communications segment is driven by new contracts and existing customer demand, with limited reliance on BEADs funding [82][84] Question: Margin improvement confidence - Management attributed margin improvement to a combination of factors, including increased revenue and operational efficiency [105][109] Question: Capacity for large transmission projects - Management stated readiness to take on additional large projects, with expectations for awards in 2025 [129][130] Question: Renewable business backlog and timing - Management confirmed strong backlog in renewables with no significant delays expected due to policy uncertainty [156]