Research reports: CICC: China Mobile Q3 net income meets expectations, maintains A+H shares "outperform industry" rating

Gelonghui Finance · Oct 22 03:26

China International Capital Corporation's research reports pointed out that China Mobile's 3Q24 main revenue was basically in line with market expectations, but revenue was slightly lower than market expectations, mainly from a -7.0% year-on-year decrease in other business revenue in 3Q, mainly from the sales of mobile hardware. However, due to the gross margin of this business at about 2%, the profit impact is relatively small, and the 3Q24 net income attributable to the parent company is in line with market expectations. In 1-3Q24, the DICT business revenue maintained good growth; among emerging businesses, both content media revenue and international business revenue continued to grow rapidly. Referring to past situations and business models, it is common for accounts receivable to decrease and credit impairment losses to be reversed in 4Q. Based on SOTP valuation, the A shares are maintained with an outperforming industry rating and a target price of 110 yuan, while the Hong Kong shares are maintained with an outperforming industry rating and a target price of 85 Hong Kong dollars.

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研报掘金丨中金：中国移动Q3净利润符预期，维持AH股“跑赢行业”评级

Research reports: CICC: China Mobile Q3 net income meets expectations, maintains A+H shares "outperform industry" rating

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