Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [7]. Core Insights - The company reported a revenue of 769.39 billion RMB for the first half of 2025, reflecting a year-on-year growth of 3.4%. The revenue structure is diversifying, with over half coming from the customer market and overseas markets. The gross profit for the same period was 78.88 billion RMB, with a gross margin of 10.3%, down 0.6 percentage points year-on-year [1]. - The AI-driven infrastructure and application deployment are significantly boosting the customer market and ACO (Application, Content, and Other Services) business growth. The non-telecom customer market revenue increased by 12.9% year-on-year, with ACO revenue growing by 13.6% [2][3]. - Strategic emerging businesses are enhancing the company's high-quality development momentum, with new contracts exceeding 420 billion RMB in the first half of 2025, representing over 40% of total new contracts [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 21.29 billion RMB, a slight increase of 0.2% year-on-year, with a net profit margin of 2.8% [1]. - The company’s operating expenses decreased by 5.5% year-on-year to 61.82 billion RMB, accounting for 8% of total revenue [1]. Market Segments - The operator market revenue was 382.03 billion RMB, down 4.6% year-on-year, primarily due to reduced capital expenditures from clients. However, ACO revenue in this segment grew by 9% [2]. - The overseas market revenue reached 21.51 billion RMB, up 8.7% year-on-year, benefiting from the "Belt and Road" initiative [2]. Business Segments - The TIS (Telecom Infrastructure Services) revenue was 382.72 billion RMB, contributing 49.7% to total revenue, while BPO (Business Process Outsourcing) revenue was 223.83 billion RMB, contributing 29.1% [3]. - The ACO segment's revenue reached 162.84 billion RMB, marking an 11.7% increase year-on-year, driven by accelerated AI application deployment and digital transformation across various industries [3]. Future Outlook - The company is expected to continue leveraging opportunities in AI-driven infrastructure and digital transformation, with adjusted net profit forecasts for 2025-2027 being 36.82 billion RMB, 38.53 billion RMB, and 40.27 billion RMB, respectively [5].

投资建议：中国通信服务是全球最大的通信基础设施建设者和全球领先的信息通信支撑一体化服务提供 商，从业务来看，①TIS 业务（电信基建服务，CAPEX 相关）：公司紧跟大模型迭代引发的算力需 求，把握AIDC、算力网络等机遇，有效应对CAPEX 波动；②BPO 业务（业务流程外判服务，OPEX相 关）：公司重视高价值项目，努力提升OPEX 市场份额；③ACO 业务（应用、内容及其他服务，软件 相关）：过去十年复合增速超14%，产业数字化有望继续引领增长。我们预计，2025-2027 年公司净利 润分别为37.31 亿元/39.01 亿元/41.05 亿元，对应PE 分别为8.2X/7.9X/7.5X，维持"强烈推荐"投资评级。 风险提示：电信业资本开支下降风险、营运资金需求增加的风险、国际业务运营及有关风险、算力资本 支出不及预期风险、战略新兴产业发展风险。 机构：招商证券 研究员：梁程加/李哲瀚 事件：8 月21 日，公司发布《截至二零二五年六月三十日止之中期业绩公布》。 2025 年上半年，公司经营收入为人民币76,939 百万元，同比增长3.4%；净利润为人民币2,129 百万元， 同比增长0.2%。 把 ...

东方电气股份有限公司，成立于1993年，位于成都市，是一家以从事通用设备制造业为主的企业。企业 注册资本311879.213万人民币。通过天眼查大数据分析，东方电气股份有限公司共对外投资了23家企 业，参与招投标项目3364次，专利信息508条，此外企业还拥有行政许可17个。 东方电气洁能科技成都有限公司，成立于2017年，位于成都市，是一家以从事专业技术服务业为主的企 业。企业注册资本8600万人民币。通过天眼查大数据分析，东方电气洁能科技成都有限公司共对外投资 了1家企业，参与招投标项目12次，专利信息43条，此外企业还拥有行政许可6个。 金融界2025年8月23日消息，国家知识产权局信息显示，东方电气集团科学技术研究院有限公司、东方 电气股份有限公司、东方电气洁能科技成都有限公司取得一项名为"一种银层均匀的银包铜粉及其制备 方法、应用"的专利，授权公告号CN120115690B，申请日期为2025年05月。 天眼查资料显示，东方电气集团科学技术研究院有限公司，成立于2015年，位于成都市，是一家以从事 研究和试验发展为主的企业。企业注册资本43706.6543万人民币。通过天眼查大数据分析，东方电气集 ...

证券研究报告 | 公司点评报告 2025 年 08 月 22 日 中国通信服务（00552.HK） 业绩符合预期，新兴业务动能强劲 TMT 及中小盘/通信 事件：8 月 21 日，公司发布《截至二零二五年六月三十日止之中期业绩公布》。 2025 年上半年，公司经营收入为人民币 76,939 百万元，同比增长 3.4%；净利 润为人民币 2,129 百万元，同比增长 0.2%。 ❑ 风险提示：电信业资本开支下降风险、营运资金需求增加的风险、国际业务 运营及有关风险、算力资本支出不及预期风险、战略新兴产业发展风险。 股价表现 % 1m 6m 12m 绝对表现 6 3 22 相对表现 4 -9 -22 资料来源：公司数据、招商证券 -20 0 20 40 60 Aug/24 Dec/24 Apr/25 Jul/25 (%) 中国通信服务 恒生指数 相关报告 1、《中国通信服务（00552）—中国 综合智慧服务龙头，AI 大模型浪潮点 燃增长新引擎》2025-06-03 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | ...

Financial Performance - The company's revenue increased by 3.4% from RMB 74,412 million in 1H2024 to RMB 76,939 million in 1H2025 [8] - Net profit saw a slight increase of 0.2%, rising from RMB 2,125 million in 1H2024 to RMB 2,129 million in 1H2025 [8] - Gross profit decreased by 2.8% from RMB 8,116 million to RMB 7,888 million [8] - Operating profit increased by 6.3% from RMB 1,481 million in 1H2023 to RMB 1,706 million in 1H2025 [12] - SG&A expenses decreased by 5.5% from RMB 6,542 million to RMB 6,182 million [86] Business Segments - Telecommunications Infrastructure Services (TIS) revenue increased by 1.6%, from RMB 37,666 million in 1H2024 to RMB 38,272 million in 1H2025 [15] - Business Process Outsourcing (BPO) services revenue increased by 1.0%, from RMB 22,163 million in 1H2024 to RMB 22,383 million in 1H2025 [15] - Applications, Content and Other Services (ACO) revenue increased significantly by 11.7%, from RMB 14,583 million in 1H2024 to RMB 16,284 million in 1H2025 [15] Market Performance - Domestic Non-operator market revenue increased by 12.9% [15] - Overseas market revenue increased by 8.7% [15] - Domestic Operator market revenue decreased by 4.6% [15] Strategic Initiatives - New contracts of strategic emerging businesses in 1H2025 exceeded RMB 42 billion, representing an increase of over 10% year-on-year [26] - Digital infrastructure new contracts increased by over 20% [30] - Smart city new contracts increased by over 15% [34]

Core Viewpoint - The company reported a stable growth in operating revenue and profit for the first half of 2025, driven by strategic initiatives in digital infrastructure and services [1][2]. Group 1: Financial Performance - The company achieved operating revenue of RMB 76.939 billion, a year-on-year increase of 3.4% [1] - Shareholder profit reached RMB 2.129 billion, reflecting a slight increase of 0.18% year-on-year [1] - Basic earnings per share were RMB 0.307 [1] Group 2: Business Segments - The telecommunications infrastructure service revenue was RMB 38.272 billion, growing by 1.6% year-on-year, accounting for 49.7% of total operating revenue [2] - Business process outsourcing service revenue was RMB 22.383 billion, with a year-on-year growth of 1.0%, representing 29.1% of total operating revenue [2] - Revenue from applications, content, and other services reached RMB 16.284 billion, showing a significant increase of 11.7% year-on-year, and accounted for 21.2% of total operating revenue [2] Group 3: Market Development - The company capitalized on the AI technology transformation, leading to significant growth in the computing power market and securing multiple projects in intelligent computing centers and data center renovations [1] - Revenue from domestic non-telecom operator markets and overseas markets combined exceeded 50% of total operating revenue for the first time [1]

2025年上半年，集团坚持"价值引领、稳中求进、高质量发展"总路线，立足"新一代综合智慧服务商"定 位，充分发挥"数字基建建设者"、"智慧产品和平台提供者"、"产业数字化服务者"、"智慧运营保障 者"作用，坚持科技创新引领，提高核心竞争力，大力拓展战略新兴业务，加快培育新质生产力，扎实 推动企业高质量发展，经营业绩稳定增长，经营收入较2024年上半年增长3.4%，其中服务收入实现人 民币749.81亿元，较2024年上半年人民币728.55亿元增长2.9%。 集团的三大客户市场稳健发展。其中，集团抢抓人工智能技术变革拉动的算力市场空间，承接多个智算 中心建设和数据中心改造项目，来自国内非电信运营商集客市场收入显著增长。来自国内非电信运营商 集客市场和海外市场的合计收入，占经营收入比重首次超过一半。 智通财经APP讯，中国通信服务(00552)发布截至2025年6月30日止6个月业绩，该集团期内取得经营收入 769.39亿元(人民币，单位下同)，同比增加3.4%;股东应占溢利21.29亿元，同比增加0.18%;每股基本盈利 0.307元。 集团的三大业务板块全面增长。电信基建服务收入人民币382.72亿元，同比 ...

Core Insights - China Communication Services (00552.HK) reported a mid-year revenue of RMB 76.939 billion for the first half of 2025, reflecting a year-on-year growth of 3.4% [1] - The net profit for the same period was RMB 2.129 billion, showing a slight increase of 0.2%, with a gross margin of 10.3% and a net profit margin of 2.8% [1] Business Segments Performance - The telecommunications infrastructure service revenue reached RMB 38.272 billion, up 1.6%, accounting for 49.7% of total revenue [1] - Business process outsourcing service revenue was RMB 22.383 billion, growing by 1.0%, representing 29.1% of total revenue [1] - Revenue from software development and digital services, including applications, content, and other services, amounted to RMB 16.284 billion, marking an 11.7% increase and contributing 21.2% to total revenue, continuing to be a core driver of revenue growth [1] Market Development - The company is capitalizing on the opportunities presented by the digital transformation across various industries and the deepening application of artificial intelligence [1] - The company has seen significant growth in revenue from the domestic non-telecom operator customer market, driven by the construction of multiple intelligent computing centers and data center renovation projects [1] - For the first time, the combined revenue from domestic non-telecom operator customers and overseas markets exceeded 50% of total revenue [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The report highlights the increasing risks associated with AI systems, particularly due to the lack of regulatory oversight and security governance, leading to significant financial losses from data breaches [2][3]. Summary by Sections Executive Summary - The report marks the 20th anniversary of data breach research, focusing on the impact of AI technology and the associated risks [2]. - It emphasizes that many companies are prioritizing rapid deployment of AI over security governance, making them more vulnerable to attacks [2]. Key Findings - The global average cost of a data breach is $4.44 million, down from $4.88 million in 2024, a decrease of 9% [3]. - The decline in costs is attributed to improved incident detection and response times, aided by AI and automation technologies [3]. - In the U.S., the average cost of a data breach has increased by 9% to $10.22 million, primarily due to rising regulatory fines and detection costs [3]. - AI-related security incidents account for 13% of reported breaches, with 97% of these incidents lacking proper access controls [4]. - The average cost of malicious insider attacks is $4.92 million, with third-party vendor and supply chain attacks closely following at $4.91 million [4]. Recommendations - The report suggests five effective strategies to prevent data breaches and reduce associated costs, focusing on strengthening identity security for both human and machine users [5][6]. - It emphasizes the need for robust identity access management (IAM) to address vulnerabilities that attackers exploit [6]. - The report advocates for lifecycle governance of credentials to mitigate risks of credential misuse [7].

Investment Rating - The report gives a "Strong Buy" investment rating for the company [4]. Core Views - The company is positioned as a leading provider of integrated smart services in the telecommunications sector, leveraging the AI model wave to ignite new growth engines [1][8]. - The company has a strong focus on shareholder returns, with a dividend payout ratio increasing from 36% to 42% over the past five years, and a significant cash reserve of 38.11 billion yuan as of the end of 2024 [8][24]. - The strategic focus on emerging industries, particularly in digital infrastructure, green low-carbon initiatives, smart cities, and emergency safety, has resulted in substantial growth, with new contracts in these areas exceeding 78 billion yuan in 2024, marking a 30% year-on-year increase [8][28]. - The company's profitability is on the rise, with a projected revenue of over 150 billion yuan in 2024 and a continuous improvement in gross margin from 11.03% in 2021 to 11.73% in 2024 [8][28]. Company Overview - The company is a major player in the telecommunications infrastructure sector, providing comprehensive services including planning, construction, and operational support [12]. - It operates under a diversified ownership structure, with significant stakes held by major telecommunications operators, ensuring stable governance and strategic alignment [22][24]. Business and Market - The company operates three main business segments: Telecommunications Infrastructure Services (TIS), Business Process Outsourcing (BPO), and Applications, Content, and Other Services (ACO) [28]. - In 2024, TIS is expected to contribute 75.17 billion yuan, accounting for 50.1% of total revenue, while BPO and ACO are projected to contribute 43.46 billion yuan and 31.37 billion yuan, respectively [28][31]. - The company serves various markets, including domestic telecommunications operators, enterprise customers, and international markets across Asia-Pacific, the Middle East, Africa, and Latin America [29]. Financial Analysis - The financial forecast indicates a steady increase in total revenue from 149.14 billion yuan in 2023 to 166.01 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 4% [3]. - The net profit is projected to grow from 3.58 billion yuan in 2023 to 4.10 billion yuan in 2027, reflecting a consistent upward trend in profitability [3][8]. Emerging Strategic Industries - The company is actively expanding into strategic emerging industries, with a focus on digital infrastructure, which is expected to be a primary growth driver, particularly benefiting from the AI model wave [8][18]. - The company has secured 21 major projects in the digital infrastructure sector, which represents 51% of its new large-scale contracts [8].