智通财经APP获悉，中金发布研报称，维持中国铁塔(00788)2025年和2026年盈利预测不变。当前股价对 应3.7/3.5倍2025/2026年EV/EBITDA。维持跑赢行业评级和14.00港元目标价，对应4.2/4.1倍2025/2026年 EV/EBITDA，目标价较当前股价有20.1%的上行空间。 中金主要观点如下： 公司发布会计估计变更公告，自2025年7月1日起，将室分资产的折旧年限由7年调整为10年，预计减少 2025年室分资产折旧额约8.7亿元。公司披露变更原因为公司针对室分系统的日常运维、故障排查体系 不断优化，延长了资产使用寿命，同时也参考了通信运营商的情况。该行认为该折旧政策调整符合固定 资产使用年限和资产实际使用情况;该行认为有助于公司2025年利润、分红基数提升，提振股东回报。 风险提示：存量资产折旧到期影响不及预期;经营活动现金流不及预期。 分业务，1-3Q25公司塔类/室分/智联/能源业务收入分别同比-0.7%/+11.3%/+16.8%/+11.5%;3Q25各业务 单季度增速分别为-1.2%/+9.8%/+13.2%/+15.9%。3Q25运营商业务收入同比-0.2%，该 ...

中金发布研报称，维持中国铁塔(00788)2025年和2026年盈利预测不变。当前股价对应3.7/3.5倍 2025/2026年EV/EBITDA。维持跑赢行业评级和14.00港元目标价，对应4.2/4.1倍2025/2026年 EV/EBITDA，目标价较当前股价有20.1%的上行空间。 中金主要观点如下： 室分资产折旧年限变更，预计减少2025年室分资产折旧额约8.7亿元 公司发布会计估计变更公告，自2025年7月1日起，将室分资产的折旧年限由7年调整为10年，预计减少 2025年室分资产折旧额约8.7亿元。公司披露变更原因为公司针对室分系统的日常运维、故障排查体系 不断优化，延长了资产使用寿命，同时也参考了通信运营商的情况。该行认为该折旧政策调整符合固定 资产使用年限和资产实际使用情况;该行认为有助于公司2025年利润、分红基数提升，提振股东回报。 风险提示：存量资产折旧到期影响不及预期;经营活动现金流不及预期。 发展趋势： 两翼业务收入维持高增，塔类业务收入放缓 分业务，1-3Q25公司塔类/室分/智联/能源业务收入分别同比-0.7%/+11.3%/+16.8%/+11.5%;3Q25各业务 单季度增 ...

Core Insights - China Tower Corporation reported a revenue of 39.794 billion RMB for the first half of 2020, representing a year-on-year increase of 4.8%, and a profit of 2.978 billion RMB, up 16.9% [1] - The company's business model is structured around "one body and two wings," with the main focus on tower and indoor distributed antenna systems, while the two wings include energy services and cross-industry site applications [1] Revenue Breakdown - The tower business generated 36.371 billion RMB, a year-on-year increase of 1.6%, while indoor distribution revenue reached 1.720 billion RMB, growing by 37.2% [1] - The "two wings" business, although contributing the least to total revenue, saw a significant growth of 87.3%, indicating the fastest growth rate among the segments [1][2] Market Dynamics - The growth rate of the tower business slowed due to the pandemic, with delays in rental start dates and construction in certain residential areas [1] - The average number of tenants per tower increased from 1.62 at the end of 2019 to 1.64 by mid-2020, reflecting a slight growth despite the overall slowdown [2] Future Outlook - The company anticipates a recovery in business as the pandemic eases, with expectations for a significant increase in 5G revenue in the second half of the year due to rising demand for 5G construction and deeper 4G network coverage [1] - The energy service segment has established over 12,500 battery swap stations in major cities, catering to over 5 million workers in the delivery and logistics sectors [2] Industry Collaboration - China Tower supports the collaborative construction of 5G base stations among telecom operators, believing that shared infrastructure will be more efficient than individual efforts [3] - The partnership between China Mobile and China Broadcasting, utilizing the 700MHz frequency band, is expected to attract new tenants, although specific numbers are not yet available [3]

Core Insights - China Tower reported a continuous growth in revenue and net profit for the first half of 2025, marking five consecutive years of growth since 2020, with total revenue reaching RMB 496.01 billion, a year-on-year increase of 2.8% [1][17] - The company's EBITDA for the same period was RMB 342.27 billion, reflecting a 3.6% increase, while the profit attributable to shareholders was RMB 57.57 billion, up 8.0% year-on-year [1][17] Revenue Breakdown - The operator business generated revenue of RMB 424.61 billion, showing a modest growth of 0.8% compared to the previous year [4][18] - The "two wings" business, which includes smart connection and energy services, achieved revenue of RMB 69.35 billion, accounting for 14.0% of total revenue, an increase of 1.6 percentage points year-on-year [7][24] Business Segments Performance - Smart connection business revenue reached RMB 47.26 billion, marking an 18.7% increase, with the tower vision business contributing RMB 28.22 billion, representing 59.7% of smart connection revenue [7][26] - Energy business revenue was RMB 22.09 billion, up 9.2%, with the battery swap service generating RMB 13.23 billion, accounting for 59.9% of energy revenue [10][30] Infrastructure Development - As of June 30, 2025, China Tower had 211.9 million tower sites, an increase of 25,000 from the end of the previous year, with operator tower tenants reaching 3.579 million, up by 35,000 [6][21] - The company has constructed over 5.6 million base stations, significantly contributing to the development of digital infrastructure in China [12][31] Strategic Initiatives - China Tower is focusing on enhancing its core competitiveness through innovation in key technologies such as 5G, AI, and IoT, with a 29% increase in R&D personnel and a 16% rise in authorized patents compared to the previous year [14][14] - The company aims to leverage national policies to expand its business, particularly in 5G applications and energy solutions, while maintaining a commitment to shared development and reducing redundant infrastructure [15][12]

Core Viewpoint - The company reported a stable performance in 1H25 with revenue and profit growth in line with expectations, driven by steady operator business and rapid growth in ancillary services [1][2] Financial Performance - 1H25 revenue reached 49.601 billion RMB, up 2.8% year-on-year; net profit attributable to shareholders increased by 8.0% to 5.757 billion RMB; EBITDA rose by 3.6% to 34.227 billion RMB [1] - In 2Q25, revenue was 24.830 billion RMB, up 2.3% year-on-year; net profit attributable to shareholders increased by 7.3% to 2.733 billion RMB; EBITDA grew by 2.9% to 16.932 billion RMB [1] Business Segments - Operator business revenue in 1H25 was 42.461 billion RMB, up 0.8% year-on-year, with tower revenue down 0.4% and indoor distribution revenue up 12.0%; the number of operator tenants increased by 2.5% to 3.579 million [1] - Ancillary business revenue in 1H25 was 6.935 billion RMB, up 15.5% year-on-year, with smart connection and energy revenues increasing by 18.7% and 9.2% respectively; energy business revenue grew by 17.9% after adjusting for accounting methods [1] Cost Control and Profitability - EBITDA margin improved to 69.0%, up 0.5 percentage points year-on-year, due to effective cost control measures [1] - Maintenance and operational support costs decreased by 6.2% and 12.6% respectively, while labor costs rose by 9% due to the recruitment of technology talent [1] Cash Flow and Dividends - Operating cash flow (OCF) for 1H25 was 28.68 billion RMB, showing a significant quarter-on-quarter improvement of 72.37% but down 12.6% year-on-year [2] - The company announced an interim dividend of 0.1325 RMB per share, up 21.6% year-on-year, with a payout ratio of 40.5% [2] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with current stock price corresponding to 3.5x and 3.3x EV/EBITDA for 2025 and 2026 respectively [2] - The target price is set at 14.00 HKD, implying a potential upside of 22.5% from the current stock price [2]

Core Viewpoint - China Tower reported stable revenue growth for the first half of 2025, with operating income reaching RMB 49.601 billion, a year-on-year increase of 2.8% [1]. Group 1: Financial Performance - EBITDA for the first half of 2025 was RMB 34.227 billion, up 3.6% year-on-year, with an EBITDA margin of 69.0% [1]. - Net profit attributable to shareholders was RMB 5.757 billion, reflecting an 8.0% year-on-year growth, with a net profit margin of 11.6% [1]. Group 2: Business Segments - The operator business generated revenue of RMB 42.461 billion, a 0.8% increase year-on-year, driven by the expansion of 5G network coverage [4]. - Tower business revenue was RMB 37.797 billion, remaining stable compared to the previous year, with a total of 2.119 million tower sites as of June 30, 2025, an increase of 25,000 sites from the end of last year [7]. - The indoor distribution business achieved revenue of RMB 4.664 billion, growing 12.0% year-on-year, with a cumulative coverage area of 13.85 billion square meters, up 20.0% [7]. - The smart connection business reported revenue of RMB 4.726 billion, an 18.7% increase year-on-year, with the tower vision business contributing RMB 2.822 billion, accounting for 59.7% of smart connection revenue [7]. - The energy business generated revenue of RMB 2.209 billion, a 9.2% increase year-on-year, with the battery swap business contributing RMB 1.323 billion, making up 59.9% of energy revenue [8]. Group 3: Strategic Initiatives - The company is focusing on key technologies such as next-generation mobile communications, artificial intelligence, and edge computing, enhancing innovation efficiency with a 29% increase in R&D personnel and a 16% rise in authorized patents [9]. - The chairman emphasized the commitment to optimizing resource allocation and deepening reform and innovation to enhance core competitiveness and drive high-quality development [9]. Group 4: Market Outlook - According to a report from Zhongyin International, the company's profit growth of 8% to RMB 5.76 billion aligns with market expectations, representing 46% of the annual profit forecast [9]. - The management anticipates maintaining high single-digit profit growth for the year, with a dividend yield of no less than 76% [9].

Core Insights - China Tower reported stable revenue growth for the first half of 2025, with operating income reaching RMB 49.601 billion, a year-on-year increase of 2.8% [1] - EBITDA for the same period was RMB 34.227 billion, up 3.6%, with an EBITDA margin of 69.0% [1] - Net profit attributable to shareholders was RMB 5.757 billion, reflecting an 8.0% year-on-year growth, with a net profit margin of 11.6% [1] Revenue Breakdown - The company's "one body, two wings" strategy focuses on operator business as the core and smart connection and energy businesses as the wings [4] - Operator business revenue was RMB 42.461 billion, a 0.8% increase year-on-year, driven by the expansion of 5G network coverage [4] - Tower business revenue was RMB 37.797 billion, remaining stable compared to the previous year, with a total of 2.119 million tower sites as of June 30, 2025 [7] Segment Performance - Indoor distribution business revenue grew by 12.0% year-on-year to RMB 4.664 billion, with significant increases in coverage area and mileage [7] - Smart connection business revenue reached RMB 4.726 billion, an 18.7% increase, with the tower vision business contributing RMB 2.822 billion [7] - Energy business revenue was RMB 2.209 billion, up 9.2%, with battery swap services accounting for RMB 1.323 billion [8] Innovation and R&D - The company enhanced its focus on key technologies such as AI, edge computing, and IoT, with R&D personnel increasing by 29% year-on-year [9] - The number of authorized invention patents rose by 16% compared to the end of 2024 [9] Market Outlook - China Tower's chairman emphasized the commitment to optimizing resource allocation and enhancing core competitiveness for high-quality development [9] - A report from Zhongyin International indicated that the company's profit growth aligns with market expectations, with a projected annual profit growth in the high single digits [10]

Core Viewpoint - The report from CICC maintains the profit forecast for China Tower (00788) for 2025 and 2026, with a target price of HKD 14.00, indicating a potential upside of 22.5% from the current stock price [1] Financial Performance - For 1H25, the company reported revenue of CNY 49.601 billion, a year-on-year increase of 2.8%, and a net profit of CNY 5.757 billion, up 8.0% year-on-year; EBITDA rose by 3.6% to CNY 34.227 billion [2] - In 2Q25, revenue was CNY 24.830 billion, a 2.3% year-on-year increase, with net profit at CNY 2.733 billion, up 7.3%, and EBITDA at CNY 16.932 billion, a 2.9% increase [2] Business Segments - The operator business showed steady growth, with revenue for 1H25 at CNY 42.461 billion, a 0.8% increase; tower and indoor distribution business revenues were down 0.4% and up 12.0%, respectively [3] - The number of operator tenants increased by 2.5% year-on-year to 3.579 million, with an average of 1.72 tenants per site [3] - The two wings business revenue grew by 15.5% to CNY 6.935 billion, with smart connection and energy revenues increasing by 18.7% and 9.2%, respectively [3] Cost Management - The EBITDA margin improved to 69.0%, up 0.5 percentage points year-on-year, primarily due to effective cost control [4] - Maintenance and operational support costs decreased by 6.2% and 12.6% year-on-year, respectively, due to prior equipment inspections and cost management [4] - Labor costs increased by 9% year-on-year, driven by the recruitment of technology talent [4] Cash Flow and Dividends - Operating cash flow (OCF) for 1H25 was CNY 28.68 billion, a significant quarter-on-quarter improvement of 72.37% [5] - Capital expenditures for 1H25 were CNY 12.39 billion, down 9.7% year-on-year, reflecting changes in operator construction demand [5] - The company announced an interim dividend of CNY 0.1325 per share, a 21.6% increase year-on-year, with a payout ratio of 40.5% of net profit, up 4.5 percentage points year-on-year [5]

Core Viewpoint - CICC maintains the profit forecast for China Tower (00788) for 2025 and 2026, with a target price of HKD 14.00, indicating a potential upside of 22.5% from the current stock price [1] Financial Performance - For 1H25, the company reported revenue of CNY 49.601 billion, a year-on-year increase of 2.8%, and a net profit of CNY 5.757 billion, up 8.0% [2] - EBITDA for 1H25 reached CNY 34.227 billion, reflecting a 3.6% year-on-year growth [2] - In 2Q25, revenue was CNY 24.830 billion, a 2.3% increase year-on-year, with net profit rising 7.3% to CNY 2.733 billion [2] Business Segments - The operator business showed steady growth, with revenue for 1H25 at CNY 42.461 billion, a 0.8% increase, while the two wings business revenue grew by 15.5% to CNY 6.935 billion [3] - The tower business revenue declined by 0.4%, while the indoor distribution business increased by 12.0% [3] - The number of operator tenants rose by 2.5% year-on-year to 3.579 million, with an average of 1.72 tenants per site [3] Cost Control and Profitability - EBITDA margin improved to 69.0%, up 0.5 percentage points year-on-year, due to effective cost control measures [4] - Maintenance and operational support costs decreased by 6.2% and 12.6% respectively, contributing to the improved EBITDA margin [4] - The net profit margin for 1H25 was 11.6%, an increase of 0.6 percentage points year-on-year [4] Cash Flow and Dividends - Operating cash flow (OCF) for 1H25 was CNY 28.68 billion, showing a significant quarter-on-quarter improvement of 72.37% [4] - The company declared an interim dividend of CNY 0.1325 per share, a year-on-year increase of 21.6%, with a payout ratio of 40.5% of net profit [4]

Core Insights - China Tower reported stable revenue growth in the first half of 2025, achieving operating revenue of 49.601 billion yuan, a year-on-year increase of 2.8% [1] - The net profit attributable to shareholders was 5.757 billion yuan, reflecting an 8.0% year-on-year growth [1] - The company emphasized its commitment to optimizing resource allocation and enhancing core competitiveness for high-quality development [1] Revenue Breakdown - The operator business generated revenue of 42.461 billion yuan, a 0.8% increase year-on-year [1] - Tower business revenue was 37.797 billion yuan, remaining stable compared to the same period last year [2] - Indoor distribution business revenue reached 4.664 billion yuan, marking a 12.0% year-on-year growth [2] Business Development - The two-wing business achieved revenue of 6.935 billion yuan, accounting for 14.0% of total operating revenue, an increase of 1.6 percentage points year-on-year [2] - Smart connection business revenue was 4.726 billion yuan, with an 18.7% year-on-year increase, and the Iron Tower Vision business contributed 2.822 billion yuan, representing 59.7% of smart connection revenue [2] - Energy business revenue was 2.209 billion yuan, up 9.2% year-on-year, with the battery swap business generating 1.323 billion yuan, accounting for 59.9% of energy business revenue [2] Infrastructure and Market Position - As of June 30, 2025, the number of tower sites reached 2.119 million, an increase of 25,000 from the end of the previous year [2] - The number of operator tower tenants rose to 3.579 million, an increase of 35,000 from the end of the previous year, with an average of 1.72 tenants per tower site [2] - The company continues to lead in the low-speed electric vehicle battery swap market, with approximately 1.47 million battery swap users, an increase of 166,000 from the end of the previous year [2]