研報掘金丨華創證券:維持中國移動“推薦”評級,經營性現金流顯著改善
華創證券研報指出,中國移動(600941.SH)24年收入增長有所放緩,利潤維持5%以上增長。2024年公司持續深化基於規模的價值經營,統籌推進CHBN 全向發力,持續構建高質量發展新格局。2024年公司各項資本開支合計約人民幣1,640億元。2025年公司預計資本開支合計約為 1,512億元,主要用於連接基礎設施優化、算力基礎設施升級、面向長遠的基礎設施佈局以及支撐CHBN科技創新、感知提升等方面。預計2025年算力資本開支373億元,佔總資本開支24.7%。2024Q4公司實現經營性現金流916.66億元,同比+38.67%,整體恢復良好。公司為全球網絡規模第一、客户規模第一、收入規模第一、盈利水平領先的通信和信息服務提供商,收入及利潤規模穩步增長具有強支撐,同時公司派息率持續提升,具有高紅利投資價值。維持“推薦”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.