国元证券指出，传统电信业务稳中有进，新兴业务规模持续扩大，卫星、量子等战略项目积累亦在推进。同时，精细化管理推动毛利率和期间费用率亦在持续优化，通信代际节奏带动资本开支收缩，派息率指引乐观。我们认为，三大运营商作为优质的高股息高分红资产，在主业维稳的同时不断开拓增长新动能，在新兴领域大有可为。Telecommunication stocks rose in the afternoon, as of the press release, China United Network Communications (00762) increased by 8.79%, to HK$7.67; China Telecom (00728) increased by 5.36%, to HK$4.91; China Mobile (00941) increased by 2.78%, to HK$77.6; Chinacomservice (00552) increased by 2.47%, to HK$4.57.
According to the Intelligent Financial APP, telecommunication stocks rose in the afternoon, as of the press release, China United Network Communications (00762) increased by 8.79%, to HK$7.67; China Telecom (00728) increased by 5.36%, to HK$4.91; China Mobile (00941) increased by 2.78%, to HK$77.6; Chinacomservice (00552) increased by 2.47%, to HK$4.57.
Goldman Sachs released a report stating that the telecommunications sector's revenue in July and August recovered, performing better than expected, with a year-on-year growth of 2.3%, faster than the second quarter of 2024. The firm believes that the data indicates signs of industry stabilization driven by stable mobile data revenues. The report indicates that the data trend from July to August is better than Goldman Sachs' estimate for telecommunication companies in the third quarter. Therefore, the firm made slight adjustments to its estimates to reflect a more stable revenue trend.
Guoyuan Securities pointed out that traditional telecommunication businesses are steadily progressing, while emerging businesses continue to expand in scale. Strategic projects such as satellites and quantum technology are also advancing. At the same time, refined management is driving the optimization of gross margin and expense ratio. Inter-generational communication trends are shrinking capital expenditures, and the dividend payout ratio outlook is optimistic. We believe that the three major operators, as high-quality assets with high dividend yields, continue to explore new growth drivers while stabilizing their main businesses, showing great potential in emerging fields.
