China Telecom Corporation (601728): B-end business accelerated growth, revenue and profit exceeded expectations.

國盛證券 · Aug 17, 2022 11:21 · Researches

事件：公司发布2022 年中报。公司2022 年上半年实现营业收入2402 亿元，同比增长10.4%。其中服务收入2214 亿元，同比增长8.8%。EBITDA 698亿元，同比增长5.3%。公司归母净利润为人民币183 亿元，同比增长3.1%。

归属于上市公司股东的扣除非经常性损益的净利润为人民币184 亿元，同比增长12.1%。公司每股收益为人民币0.20 元，宣布派发中期股息每股0.12元，分红比例为60%。

C 端延续增长，筑牢发展基石。2022 年上半年公司移动通信服务收入达到人民币990 亿元，同比增长6.0%。移动用户达到3.84 亿户，净增1179 万户。5G 套餐用户达到2.32 亿户，渗透率达到60.3%。移动用户ARPU 达到人民币46.0 元，去年同期为45.7 元。公司固网及智慧家庭服务收入达到人民币 599 亿元，同比增长 4.4%，其中，宽带接入收入达到人民币408 亿元，同比增长7.1%。有线宽带用户达到1.75 亿户，其中千兆宽带用户达到2068 万户，渗透率提升至11.8%。公司宽带综合 APRU 达到人民币47.2元，去年同期为46.8 亿元。

产业数字化前景广阔，公司B 端收入持续高增。2022 年上半年公司产业数字化收入达到人民币 589 亿元，可比口径同比增长19.0%。其中公司IDC业务收入达到人民币179 亿元，同比增长11.1%。天翼云业务围绕不同客户群的上云需求，为政府、企业和广大公众提供多形态、高性能、普惠便捷的公私混合云服务，持续领跑政务公有云市场。上半年公有云业务收入达到人民币281 亿元，同比增长100.8%。同时，5G 2B 业务发展保持良好态势，加快项目拓展复制。上半年，中国电信新签约定制网项目超1300 个，新增签约项目收入同比增长超过80%，5G 行业商业项目数累计约9000 个。

资本开支转向算力，首次派发中期股息。2022 年上半年公司资本支出417亿元，其中5G 资本开支占比下降2.5 个百分点，产业数字化资本支出占比上升9.3 个百分点。公司2022 年计划资本开支930 亿元，与年初预期一致，公司在加大算力投入的同时高度重视股东回报，公司宣布首次派发中期股息每股0.12 元，分红比例为60%。

投资建议：维持“买入”评级，我们预计公司2022/2023/2024 年收入4819/5253/5673 亿元，归母净利润284/306/326 亿元。随着股息率上升、公司经营拐点向上，公司估值空间有望进一步打开。

风险提示：5G 进度不达预期，市场竞争加剧

Event: the company released its mid-2022 report. The company achieved an operating income of 240.2 billion yuan in the first half of 2022, an increase of 10.4% over the same period last year. Of this total, service revenue was 221.4 billion yuan, an increase of 8.8% over the same period last year. EBITDA 69.8 billion yuan, an increase of 5.3% over the same period last year. The company's net profit was 18.3 billion yuan, an increase of 3.1% over the same period last year.

The net profit after deducting non-recurrent gains and losses belonging to shareholders of listed companies was 18.4 billion yuan, an increase of 12.1% over the same period last year. The company earned 0.20 yuan per share and announced an interim dividend of 0.12 yuan per share, with a dividend ratio of 60%.

C-end continues to grow and build a solid foundation stone for development. The company's revenue from mobile communications services reached 99 billion yuan in the first half of 2022, an increase of 6.0% over the same period last year. The number of mobile users reached 384 million, a net increase of 11.79 million. The number of 5G package users reached 232 million, with a penetration rate of 60.3%. The ARPU of mobile users reached 46.0yuan, compared with 45.7yuan in the same period last year. The company's fixed network and smart home service income reached 59.9 billion yuan, an increase of 4.4% over the same period last year, of which broadband access revenue reached 40.8 billion yuan, an increase of 7.1% over the same period last year. The number of wired broadband users reached 175 million, of which 20.68 million were gigabit broadband users, and the penetration rate increased to 11.8%. The company's comprehensive broadband APRU reached 47.2 yuan, compared with 4.68 billion yuan in the same period last year.

The prospect of industrial digitization is broad, and the income of B side of the company continues to increase. In the first half of 2022, the company's industrial digital revenue reached 58.9 billion yuan, a comparable increase of 19.0% over the same period last year. Among them, the company's IDC business revenue reached 17.9 billion yuan, an increase of 11.1% over the same period last year. Focusing on the cloud needs of different customer groups, Tianyi cloud business provides multi-form, high-performance, inclusive and convenient public-private hybrid cloud services for the government, enterprises and the general public, and continues to lead the government and public cloud market. In the first half of the year, public cloud business revenue reached 28.1 billion yuan, an increase of 100.8% over the same period last year. At the same time, 5G 2B business development maintains a good situation and speeds up the expansion and replication of the project. In the first half of the year, China Telecom Corporation signed more than 1300 customized network projects, and the revenue from newly signed projects increased by more than 80% over the same period last year. The cumulative number of business projects in the 5G industry is about 9000.

Capital expenditure turned to arithmetic, paying interim dividends for the first time. The company's capital expenditure in the first half of 2022 was 41.7 billion yuan, of which the proportion of 5G capital expenditure decreased by 2.5%, while the proportion of industrial digital capital expenditure increased by 9.3%. The company plans to spend 93 billion yuan on capital in 2022, in line with expectations at the beginning of the year. The company attaches great importance to shareholder returns while increasing its arithmetic investment. The company announced its first interim dividend of 0.12 yuan per share, with a dividend ratio of 60 percent.

Investment advice: to maintain the "buy" rating, we estimate that the company's 2022, 2023, and 2024 revenue will be 4819, 253, 5673 billion and 284, 306, respectively, net profit will be 32.6 billion. With the rise of the dividend yield and the inflection point of the company's operation, the valuation space of the company is expected to be further opened.

Risk hint: 5G progress is not as expected, market competition intensifies

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中国电信(601728)：B端业务加速成长 营收利润皆超预期

China Telecom Corporation (601728): B-end business accelerated growth, revenue and profit exceeded expectations.

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中国电信(601728)：B端业务加速成长营收利润皆超预期