A research report from Citigroup states that China Mobile (00941) reported service revenue of 212.38 billion yuan for the fourth quarter of last year, slightly below expectations. Its EBITDA reached 73.54 billion yuan, broadly in line with forecasts, while net profit was 21.74 billion yuan, falling short of expectations. For the full year, the dividend per share was HK$5.27, a 3.5% year-on-year increase, with a payout ratio reaching 75%. Management anticipates the payout ratio will steadily increase by 2026, signaling a continuous enhancement of shareholder returns. The bank set a target price of HK$105.1 for China Mobile and maintained a "Buy" rating.
Citigroup highlighted that computing power service revenue for last year grew 11.1% year-on-year to 89.83 billion yuan, accounting for 10% of core service revenue. Within this segment, intelligent computing service revenue surged 279% year-on-year, AI data center revenue increased by 35.4%, and cloud computing service revenue rose by 13.9%. By the end of last year, the company's intelligent computing scale reached 92.5 ELOPS (FP16), securing a leading position in the national computing power services market. Revenue from AI services reached 90.83 billion yuan, up 5.3% year-on-year, representing 10.2% of core service revenue.
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