Glonghui, June 3 | Goldman Sachs published a research report stating that the bank held a video conference with China Mobile earlier to discuss profit before interest, tax, depreciation and amortization (EBITDA) profit margin trends, progress in artificial intelligence development, and growth prospects and guidelines. Overall, China Mobile maintains the forecast of steady revenue and profit growth in 2024. Due to increased R&D and promotion of corporate business, EBITDA profit margins will continue to decline, but slowing depreciation cost growth will help support a stable net profit margin trend. The bank gave the company a target price of HK$82.5, giving it a “buy” rating. According to the report, the company's guidance remains unchanged throughout the year, and management is still confident in maintaining steady profit growth under the challenge of the macro environment. The report also cites that the company continues to expect capital expenditure intensity to decline in the next 2 to 3 years, while maintaining the goal of reaching 75% dividend payout rate by 2026. The bank believes that lower capital expenditure burdens combined with steady business growth will continue to support the gradual growth of dividends.