机构：招商证券 研究员：梁程加/李哲瀚 全球通信基础设施龙头，战略布局"一体两翼"。中国铁塔是全球规模最大的通信基础设施综合服务商， 运营管理着超210 万个通信站址资源，实现了"凡有人烟处，皆有通信塔"的覆盖格局，以规模优势为通 信网络的广泛覆盖奠定了坚实基础。公司以塔类与室分业务为"一体"（收入占比约86%），并以智联与 能源业务为"两翼"（收入占比约14%），形成多元增长格局。 作为十八大后成立的"新央企"，中国铁塔践行国企改革使命，在治理体系、组织结构、精益管理、物资 采购等方面做出创新，提高了企业效率和活力，公司人均管理站址数达87 个，远超美国电塔（40 个） 和印度铁塔（61 个）。 存量折旧释放利润弹性，高股息策略强化股东回报。中国铁塔2015-2016 年向三大运营商收购了存量铁 塔资产，形成了超1800 亿元固定资产，其中存量铁塔类资产的折旧年限为10 年，将于2025 年10 月起到 期。如果假设存量铁塔类资产的成本为600/700/800 亿元，折旧到期后将减少约60/70/80 亿元折旧费 用，直接增厚利润。公司高度重视股东回报，派息率自上市以来持续提升，2024 年可分配净利润派息 ...

Core Viewpoint - The company is actively promoting green development and transformation in response to national strategies, achieving significant results in building shared communication infrastructure and supporting high-quality development under the "dual carbon" goals [1][2]. Group 1: Green Development Initiatives - The company is committed to ecological priority and green development, focusing on shared communication infrastructure to enhance resource efficiency and support the telecommunications industry in building a high-quality 5G network [2]. - As of March 2025, the company has constructed over 5.6 million base stations, with public network coverage along high-speed rail and subways exceeding 66,000 kilometers, and indoor signal coverage in key areas surpassing 17.3 billion square meters [2]. - The sharing rate of newly built towers has increased from 14.3% at the company's inception to 85% currently, with over 95% of 5G base stations built using existing resources, saving land equivalent to 1.22 million new towers and reducing carbon emissions by 31 million tons [2]. Group 2: Resource Sharing and Collaboration - The company collaborates with various sectors, including municipal, transportation, and power, to promote mutual sharing of communication and utility resources, achieving significant cost savings in infrastructure investment [3]. - By the end of 2024, 30% of new tower sites will utilize social resources for construction, with over 10,000 kilometers of railway ducts and more than 3,000 utility poles shared, enhancing the efficiency of digital infrastructure development [3]. Group 3: Digital Transformation and Smart Governance - The company is transforming traditional communication towers into "digital towers," contributing to smart governance across multiple industries, with over 234,000 digital towers deployed for applications such as environmental monitoring and disaster response [4]. - The company supports smart city initiatives, enhancing meteorological observation capabilities in Beijing by utilizing existing tower sites for advanced weather monitoring technologies [4]. Group 4: Renewable Energy and Charging Infrastructure - The company leverages its extensive site resources to develop distributed power networks and energy storage systems, establishing a comprehensive charging and battery swap network across over 320 cities, with more than 80,000 swap points and 139,000 users [5]. - As the largest lightweight electric vehicle battery swap operator in the country, the company continues to drive green and low-carbon development [5].

Core Viewpoint - China Tower Corporation has played a crucial role in building the world's largest and highest-quality mobile broadband network, focusing on innovation, resource sharing, and integrated infrastructure for future development [2] Group 1: Digital Infrastructure Development - Digital infrastructure is fundamental for economic and social development, with China aiming to build a smart, integrated digital information infrastructure by 2021 [2] - China Tower has established over 5.6 million base stations and improved network quality significantly, achieving the best historical performance [3] Group 2: Resource Utilization and Innovation - The company plans to transform traditional communication towers into "digital towers" and data centers, enhancing resource sharing and asset value [3] - China Tower aims to integrate into the national computing power system, promoting distributed computing networks that are accessible and efficient [3] Group 3: Air and Underground Network Development - The company is advancing integrated air-ground networks, providing services for drone operations and collaborating with satellite internet companies [4] - Efforts are being made to enhance digital services in underground spaces, utilizing digital technologies for improved governance and smart applications [4] Group 4: Future Collaboration and Goals - China Tower expresses a willingness to collaborate globally in technology innovation, standard setting, and ecosystem building to strengthen digital infrastructure [4]