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 | | --- | --- | --- | ...

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]