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研報掘金丨長城證券:維持中國移動“買入”評級,傳統業務基本盤穩固
長城證券研報指出,中國移動(600941.SH)2025年一季報歸母淨利潤306億元,同比增長3.5%;傳統業務基本盤穩固。首季度,本公司政企市場收入佔比進一步提升。加快打造商客市場場景化標準產品解決方案,不斷做強能力、做優價值、做大規模。費用良好控制。公司2025年第一季度銷售/管理費用爲144/129億元,同比下降3.5%/1.7%。帶動公司淨利潤率提升0.4pp至11.6%。公司在收入持平的基礎上,通過費用的良好控制和毛利率的提升實現扣非淨利潤的較好增長。預計公司將維持傳統業務基本盤,通過政企等業務的突破帶動公司發展,維持“買入”評級。
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