瑞银预计，电信公司将更加关注企业业务的盈利能力和现金流，而不仅仅是追求收入增长。此外，瑞银认为，尽管行业服务收入增长放缓，但电信公司有望实现全年利润指导，得益于运营杠杆的改善、需求驱动的资本支出投资，以及将盈利能力作为企业业务的首要任务。瑞银维持对中国电信行业的积极评价，并特别推荐中国移动作为首选股，因为其在移动市场份额增长方面面临的压力较小。Telecom stocks rose in the afternoon. As of press release, China Unicom (00762) rose 2.62% to HK$6.67; China Telecom (00728) rose 0.88% to HK$4.59; and China Mobile (00941) rose 0.62% to HK$72.7.
The Zhitong Finance App learned that telecom stocks rose in the afternoon. As of press release, China Unicom (00762) rose 2.62% to HK$6.67; China Telecom (00728) rose 0.88% to HK$4.59; and China Mobile (00941) rose 0.62% to HK$72.7.
UBS released a research report saying that according to data from China's Ministry of Industry and Information Technology, the telecom industry's service revenue increased 2.6% year on year in October 2024, up from 1.8% in the third quarter, but it is still moderate compared to 1.6% in the same period last year. As mentioned in the report, mobile data revenue and fixed data revenue increased by 1.7% and 5.2%, respectively, compared with 2.0% and 1.1% in September. Revenue from traditional telecom services increased 2.1% year over year, while revenue from value-added services increased 4.2%, which is slower than 5.0% in the third quarter and 10.6% in the same period last year.
UBS anticipates that telecom companies will pay more attention to the profitability and cash flow of corporate business rather than just pursuing revenue growth. Furthermore, UBS believes that despite the slowdown in industry service revenue growth, telecom companies are expected to achieve full-year profit guidance, thanks to improved operating leverage, demand-driven capital expenditure investments, and making profitability a top priority for corporate business. UBS maintains a positive review of China's telecom industry and specifically recommends China Mobile as the preferred stock because it faces less pressure to grow its mobile market share.
