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研報掘金丨浙商證券:中國移動業績符合預期,維持“買入”評級
浙商證券研報指出,中國移動(600941.SH)前三季業績符合預期,通服收入領升行業。截至9月末,公司移動用户數為9.90億户,淨增1502萬户,5G套餐客户數/5G網絡客户數分別達7.50億户/4.25億户,5G套餐用户滲透率/5G網絡用户滲透率分別達75.8%/42.9%,移動ARPU達51.2元同比增1.0%。政企市場方面,“網+雲+DICT”一體化賦能B端市場,增收動能強勁。前三季度公司DICT業務收入達866億同比增26.4%。另外,公司實控人繼續增持將為公司發展注入強心劑,彰顯了對公司長期穩健增長的信心。公司不斷固本強基,以數智化底座夯實政企市場增收動能,資本開支拐點有助於業績持續釋放。預計2023-25年收入增速10.5%、10.5%、10.5%,歸母淨利潤增速8.2%、8.0%、7.8%,維持“買入”評級。
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