Glonghui, January 15 | Goldman Sachs released a report saying that the main topic of discussion and concern for investors this year is that the growth of China's telecommunications industry may slow down under the influence of macro-adverse factors such as limited budgets for private cloud and digital projects. However, the bank still believes that the three major Chinese telecommunications stocks will maintain a stable cash flow generation capacity this year. Profits are expected to increase by about 6% to 11% year on year, dividend rates will reach 8% to 10%, and valuations will remain attractive. Goldman Sachs maintains a “buy” rating for China Unicom, China Mobile, and China Telecom. It believes that even under the influence of adverse macroeconomic factors, the three major telecom companies will maintain steady growth, but based on the latest industry data and forecasts, China Telecom's target price was reduced from HK$5 to HK$4.9, China Mobile's target price was reduced from HK$84 to HK$82, and China Unicom's target price dropped from HK$6.5 to HK$6.4. Considering the slowdown in mobile and fixed line business growth, the bank also lowered Unicom's revenue and net profit forecast for 2023-2025 by 1% to 2%; China Telecom's 2024-2025 revenue forecast was lowered by 1% to 2%, and the net profit forecast was lowered by 1% to 3%, to an increase of 9% and 8%. Goldman Sachs also lowered China Mobile's revenue and net profit forecasts for 2024 to 2025 by 1% to 4% and 2% to 4%, respectively. Currently, it still predicts that net profit will increase by 6% and 8% this year and next two years.