中國移動(00941.HK) 穩健增長延續,數字化轉型推動價值再釋放 May 21, 2025 9

PSR Recommendation: REDUCE Status: Upgraded
Target Price: HKD81.66

中國移動(00941)於 2025 年 3 月 20 日及 4 月 22 日分別公佈了 2024 年全年及
2025 年首季度業績。整體而言,公司經營表現穩中有進,盈利能力持續提升,數字化
轉型業務加速推進,並在 AI、DICT 等新興領域展現出良好動能。
收入與盈利概況:通信服務穩步增長
2024 年全年營運收入錄得 10408 億元(人民幣.下同),同比增長 3.1%;其中通信
服務收入達 8895 億元,同比增長 3.0%,貢獻佔比穩定在 85.4%。進一步觀察可見,
數字化轉型業務收入達 2788 億元,同比增長 9.9%,佔通信服務收入比重升至
31.3%,反映轉型業務已成為公司收入結構中不可或缺的重要支柱。
2025 年首季度,營運收入維持穩定,報 2638 億元,同比微升 0.02%。通信服務收入
為 2224 億元,同比增長 1.4%,儘管整體收入增速放緩,但核心通信服務業務仍保持
穩健擴展,顯示在宏觀環境挑戰與行業競爭加劇下,公司掌握了穩定的用戶價值經營
策略。
盈利能力提升:成本控制與折舊政策調整釋放利潤空間
2024 年全年股東應佔利潤達 1384 億元,同比增長 5.0%,每股基本盈利為 6.45 元。
全年 EBITDA 達 3337 億元,佔通信服務收入比重達 37.5%。值得注意的是,公司於
2024 年初將 5G 無線及傳輸設備的折舊年限由 7 年延長至 10 年,全年折舊及攤銷因
此減少約 190.7 億元,此舉有效減輕了固定資產攤銷壓力,提升整體利潤率。
2025 年首季度,EBITDA 報 807 億元,同比增長 3.4%,EBITDA 率為 30.6%,高於去
年同期的 29.6%。股東應佔利潤為 306 億元,同比增長 3.45%,盈利增長主要來自營
運效率提升與非經常性收益穩定貢獻。
2024 年全年股息為每股港幣 5.09 元,較 2023 年增長 5.4%,派息比率為 73%,維持
與過往一致的穩定回饋政策。公司同時重申自 2024 年起三年內將現金分紅比例逐步
提升至股東應佔利潤的 75%以上,顯示其對未來現金流穩定性的堅定信心。
個人市場方面,截至 2024 年底移動客戶總數達 10.04 億戶,5G 用戶數達 5.52 億

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About the author

Profile photo of Eric Li

Eric Li
Analyst
Research

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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