Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown stable performance with a total operating revenue of 134.51 billion yuan in Q1 2025, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 8.86 billion yuan, up 3.11% year-on-year [2][5] - The company is focusing on digital transformation and enhancing its cloud computing strategy, with significant investments in technology innovation, particularly in AI, satellite, and quantum technologies [4][5] Financial Performance - In Q1 2025, the company achieved total operating revenue of 134.51 billion yuan, with service revenue of 124.7 billion yuan, reflecting a year-on-year growth of 0.3% and a quarter-on-quarter growth of 4.6% [3] - The overall expense ratio remained stable at 19.2%, with a decrease in sales expense ratio by 0.4 percentage points, while management and R&D expenses increased by 0.3 and 0.1 percentage points respectively [3] - The company expects revenue for 2025 to be 541.27 billion yuan, with projected earnings per share of 0.39 yuan, corresponding to a PE ratio of 20.3 times based on the closing price of 7.91 yuan per share on May 7, 2025 [5][7] Business Growth - The mobile communication business is developing steadily, with mobile users reaching 430 million, an increase of 4.95 million in the quarter, and 5G network users reaching 270 million, with a penetration rate of 62.0% [8] - The fixed-line and smart home businesses are also showing good growth, with broadband users at 200 million and smart home revenue increasing by 11.5% year-on-year [8] - The company is focusing on high-quality development, with IDC revenue reaching 9.5 billion yuan, up 10.4% year-on-year, and significant growth in smart revenue (151.6%), video network revenue (58.4%), satellite communication revenue (37.2%), and quantum revenue (81.1%) [8]

丨证券研究报告丨 公司研究丨点评报告丨中国电信（601728.SH） [Table_Title] 中国电信 2025Q1 业绩点评： 经营业绩保持稳健，IDC 业务加速增长 报告要点 [Table_Summary] 2025Q1，公司经营业绩保持稳健。传统业务方面，公司移动通信业务稳健发展，固网及智慧家 庭业务保持良好增长。新兴业务方面，公司 IDC 业务加速增长，智能收入、视联网等业务延续 快速增长趋势，新动能表现强劲。经营性现金流主要受回款周期较长的产数业务扩张影响，但 公司应收账款增速已开始回落，说明公司应收账款控制已有所成效。展望全年，公司明确指引 全年实现收入、EBITDA、净利润保持良好增长。 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 分析师及联系人 [Table_Author] 1 中国电信（601728.SH） cjzqdt11111 [Table_Title 中国电信 2025Q1 2] 业绩点评： 经营业绩保持稳健，IDC 业务 ...

点击注册小程序 查看完整报告 2024年资本开支935亿元人民币，同比下降5.4%，公司预计2025年资本开支836亿元，持续下降。根据公司 2024年报，公司2024年度以现金方式分配的利润为当年股东应占利润的72%，并承诺从2024年起，三年内 公司以现金方式分配的利润将逐步提升至当年股东应占利润的75%以上。 2025Q1，公司实现营业收入1345亿元人民币，同比增长0.01%；其中服务收入为1247亿元人民币，同比增 长0.3%。归属于上市公司股东的净利润89亿元人民币，同比增长3.1%。加权平均净资产收益率1.94%，同 比提升0.02pct。 基础业务稳健发展，用户数小幅提升 2025Q1，公司移动通信业务稳健发展，移动用户数达4.3亿户，净增495万户；5G 网络用户数达到2.7亿 户，净增1548万户，渗透率提升至62.0%；手机上网总流量同比增长14.2%，手机上网总流量2322.93万 TB，DOU 达到20.4GB，同比增长9.1%；固网及智慧家庭业务保持良好增长，有线宽带用户数2.0亿户， 净增67万户，千兆宽带用户渗透率约 30%，智慧家庭收入同比增长 11.5%。 充分发挥云网融合 ...