申萬海外研究報(bào)告萬tmt728hk-chinamo

1、SWSResearchisasubsidiaryofShenwanHongyuan99EastNanjingRoad,|+8621 2329 Industry|BringingChinatothe28AprilImprovingMarketData:27ClosingPricelnd YoY(%)2-SWSResearchisasubsidiaryofShenwanHongyuan99EastNanjingRoad,|+8621 2329 Industry|BringingChinatothe28AprilImprovingMarketData:27ClosingPricelnd YoY(%)

2、2- EPSekHigh/LowMarketCap(USDDilutedEPS(Rmb) ROE(%)Debt/asset(%) DividendYield(%) PE(x)PB MarketCap(HK$ Note:DilutedEPSiscalculatedasifalloutstandingconvertiblesecurities,suchasconvertiblepreferredshares,convertibledebentures, stock options and warrants, were exercised.highestreported 1Q17 total ser

3、vice revenue of Rmb91.4bn (+7.5% ting sector onthe back of mobileservicerevenuea solid wireline segment. Net profit reached Rmb5.35bn (+4.5% YoY), in line with market ions. We ain our EPS forecast of Rmb0.24 in 17E (+9.1% YoY), Rmb0.26 in Marcus Li (+8.3%YoY)andRmb0.30in19E(15.4%YoY).Weain priceofHK

4、$4.5and Service. affected by fierce competition, resulting in an average revenue per user (Arpu) drop Rmb54.2in16AtoRmb53in1Q17.However,we tthecompany continues toenjoy erms information & application .xpect the mobile StrongerSignal04Aug60m4Gnetaddsand10mnetbroadbandnetReachingfurther23AugLower x. T

5、his quarter, both network operation and support costs and labour grew at a higher pace. We expect this trend to continue as company expands its network coverage anddistributesperformance-linkedremunerationtofrontlineemployeesasaresult ofsolidgrowthinoperatingresults. Depre tionandamortisation (D&A)e

6、xpensesroseservice31Octahead23Jan ipatestableD&Agrowtht x has decreased xpectRoaminglandmark8MarchtocontinuetoOwnershipreform.Recentmediareportshavet mayparticipate sibilityins(762:HKO-PF)ownershipreform.WedonotruleoutThecompanydoes not holdanyequitiesor derivativesofthelistedcompanyboth operators c

7、ould cooperate and share their wireless networks, boosting in this report ”), but then we efficiency and providing customers with better coverage. We t sprovide finan l advisory to the relevant laws and regulations. executive officer (CEO) is s former CEO. As has extended affiliates of the company m

8、ay hold tradingperiodforitsA-shares,webe ttheplanisnotof,ayexceed1percented shares subject to the relevant laws and regulations. The company may ain Outperform. We maainourEPSforecastsofRmb0.24in17E(+9.1%YoY),Rmb0.26 provide investment ing to . The Company fulfills its duty of disclosure within its

9、sphere of 17E PE and 0.85x 17E PB. We maainour ain our Outperform rating.priceof HK$4.5 and, with 17.5% upside, wsresearchcom for ounder column for further information. The c nts shall have a comprehensive of the disclosure and di lastpage.er upon -HSCEI.HI 728.HKSWSResearchisasubsidiaryofShenwanHon

10、gyuan99EastNanjingRoad,|+8621 2329 Industry|BringingChinatothe SWSResearchisasubsidiaryofShenwanHongyuan99EastNanjingRoad,|+8621 2329 Industry|BringingChinatothe ，業(yè)務(wù)保持穩(wěn)健整體業(yè)績(jī)?cè)鏊僭陔娦判袠I(yè)中領(lǐng)先其移動(dòng)服務(wù)收入為914 億 (+7.5% YoY)凈利潤(rùn)達(dá)到53.5 億 (+4.5% YoY)，與市場(chǎng)預(yù)期保持一致。維持對(duì)其2017 年的EPS 預(yù)測(cè) Rmb0.24 (+9.1% YoY)，2018 年 EPS 預(yù)期 Rmb0.2

11、6 (+8.3% YoY)，2019 年預(yù)期 。業(yè)務(wù)增長(zhǎng) 12.6%，固網(wǎng)服務(wù)項(xiàng)目營收同比增長(zhǎng)了 Rmb54.2 Rmb53 4G60001000削減資本性支出 性支出的持續(xù)不斷削減，D&A 費(fèi)用會(huì)保持穩(wěn)定增長(zhǎng)。據(jù)。 Rmb0.26 (+8.3% YoY)，2019 Rmb0.30 (15.4% YoY)14.51x17EPE 0.85x17EPB。28April,Industry|CompanySource:Company,SWSF4G FTTHPublic Source:Company,SWSPleaserefertothe28April,Industry|CompanySource:Co

12、mpany,SWSF4G FTTHPublic Source:Company,SWSPleaserefertothelastpageforimportantPageernmentAc s lineinBroadbandig2: Key2017 QoQMobileFig1: xMobile NetworkBroadband& ernet Information&Application ServiITsupport 28April,Industry|CompanyFig3:Fixed-linebroadbandsubscribernet0Mar Apr Jun 28April,Industry|C

13、ompanyFig3:Fixed-linebroadbandsubscribernet0Mar Apr Jun Aug Source:Company,SWSSource:Company,SWSFig4: 4Gsubscribernetadditionfor320201244.5 5.7 56.4 5655.0 444Feb March Nov. 2017 2017 PleaserefertothelastpageforimportantPage28April,Industry|Company FinancingetaxMinority Band Minority FinanceChangein

14、working CFfromoperating28April,Industry|Company FinancingetaxMinority Band Minority FinanceChangeinworking CFfromoperatingOtherCFfrominvesting0000Equity00000Dividendand erestPleaserefertothelastpageforimportantPageOtherCFfromfinancingCFfromfinancingNetcash NetchangeinCFfrominvestingLossesfromCashFlo

15、ws Total Liabilities and equity Source: Company, SWS Research Othercurrentangibleandother Tradeandother ProfitfortheProfite e 28April,Industry|CompanyRatiospershareOperatingCFperNetassetsper KeyOperatingRatiosGrossprofitEBITGrowthrateof 28April,Industry|CompanyRatiospershareOperatingCFperNetassetspe

16、r KeyOperatingRatiosGrossprofitEBITGrowthrateof 0 3 PleaserefertothelastpageforimportantPage GrowthrateofEBITDADividendperEarningsperKeyl28April,Industry|Company Theviewshisreportaccura yreflectyst. ysttneitherhe/shenorhis/herasso teasanofficerofnorhasanyfinan erestsinrelationtothelistedcorporationr

17、eviewedbyyst. Noneofthelistedcorporationsreviewedorthird partyhas providedoragreedto provideanycompensationorotherbenefits inconnectionwiththisreport toanyofyst,the Company or groupcompany(ies). Agroupcompany(ies)oftheCompanyconfirm tthey,whetherindividuallyorasagroup(i)arenot28April,Industry|Compan

18、y Theviewshisreportaccura yreflectyst. ysttneitherhe/shenorhis/herasso teasanofficerofnorhasanyfinan erestsinrelationtothelistedcorporationreviewedbyyst. Noneofthelistedcorporationsreviewedorthird partyhas providedoragreedto provideanycompensationorotherbenefits inconnectionwiththisreport toanyofyst

19、,the Company or groupcompany(ies). Agroupcompany(ies)oftheCompanyconfirm tthey,whetherindividuallyorasagroup(i)arenotinvolvedinany marketmaking activitiesforanyofthelistedcorporationreviewed;or(ii)dono veanyindividualemployedbyorasso tedwi nygroupcompany(ies)oftheCompany servingasanofficerofanyofthe

20、listedcorporationreviewed;or(iii)dono veanyfinan l erestinrelationtothelistedcorporationreviewedor(iv) do not, presently or with he last12 months, have any investment b ing relationshipwith the listed corporationreviewed.UndertakingsofI(We) am(are) conferredthe alQuality of Securities Investment Con

21、sulting Industry by the Securities Asso tionofChina andhave as the Securities yst. I hereby i e this report independently andobjectively with due diligence, profes al and prudent resear ethods andonly legitimate information is used his report. I am also responsible for the content and opinions of th

22、is report. I have never been, am not, and will not be compensated directly or indirectly in any form for the specificmendations or opinions herein.DisclosurewithrespecttotheThe company is a subsidiary of Shenwan Hongyuan Securities. The company is a qualified securities investment consulting institu

23、te approved by China Securities Regulatory Commis with the code number ZX0065. ofsecuritiesandrelatedproductsorotherrelevantaffectingfactors,provideysisadviceonsecuritiesvaluation/investmentrating,etc.ingsecuritiesresearchreportssolelytoitsc TheCompanyfulfillsitsdutyofdisclosurewithinitssphereofknow

24、ledge. Thec ntsmaycontactmaterialsoro forystsqualifications，thearrangementofthequietperiodandtheaffiliatesroductionofShareInvestmentRating Security Investment Rating：Whenmeasuringthedifferencebet we define the terms as follows:nthe markup of the security t of the markets ark within six months after

25、the release of this TradingBUY:Sharepriceperformanceisexpectedtogeneraten20%upsideovera6-monthBUY:Sharepriceperformanceisexpectedtogeneraten20%upsideovera12-monthOutperform:Sharepriceperformanceisexpectedtogeneraten10-20%upsideovera12-monthHold:Sharepriceperformanceisexpectedtogeneraten10%downsideto

26、10%upsideovera12-montherform:Sharepriceperformanceisexpectedtogeneraten10-20%downsideovera12-monthSELL: Share price performance is expected to generate moren20%downsideovera12-monthperiod. Industry Investment Rating:When measuring the difference betn the markup of the industry index andtof themarket

27、sben report, we define the terms as follows:ark within six months after the release of ntofthewholeEqualweight：Industryperformsaboutthesametofthewhole ntofthewholeWe would like to remind tdifferent security research institutions adopt different rating terminologies and rating standards.We adopt the

28、rating method mend the relative weightings of investment. The c nts s to buy or sell securities shall be based on their actual such as their portfolio structures and other sary factors. The c nts shall read through the whole report so as to he complete opinions information and shall not rely solely

29、on the investment ratings to reach . The Company employs its own industry classification system. industry classification is available at our sales HSCEI is the benarkemployedhisreport.nelifyouThis report is to be used solely by the c nts of SWS Research . ( subsidiary of Shenwan Hongyuan Securities,

30、 hereinafter referred to as “Company”).TheCompanywillnotdeemanyersonasitsc ntnotwithstandinghisreceiptofthisThisreportisbasedon public information, however,theauthenticity,accuracyorcompleteness ofsuchinformation is notwarrantedbytheCompany.The materials,tools,opinionsandspeculationscontainedhereina

31、reforthec ntsreferenceonly,andarenottoberegardedordeemedasaninvi ionforthe sale or purchase of any security or other investment instruments.The c nts t the text messagereminder mendationare no na briefcommunicationof the research which are subject to the complete report released on the Companys webs

32、ite ). The c nts may ask for follow-explanationsiftheysoThematerials,opinionsandestimatescontainedhereinonlyreflectthejudgmentoftheCompanyonthedaythisreportisreleased. Thepri ,valuesand investment returns of the securities or investment instruments referred to here ay fluctuate. At different periods

33、, the Company may release reports which are inconsistent with the materials, opinions and estimates contained herein.Save and except as otherwise stipulated his report, the contactor upon thepage of the report only acts as the liaison who shall not provide any consulting servi .The c nts shall consi

34、der the erests ay affect the objectivity of this report, and shall not base their deci s solely on this report. The c nts should make investment deci s independently and solely at your own risk. Please be reminded t in any event, the company will not share gains or losses of any securities investmen

35、t with the c nts. Whether written or oral, any commitment to share gains or losses of securities investment is invalid. The investment and servi referred to here ay not be suitable for certain c nts and shall not constituteal advice for individualc nts. The Companydoes notensure tthis report fully t

36、akes o considerationof the particularinvestment objectives, finan l situations or needs of individual c nts. The Company strongly suggests the c nts to consider themselves whether the opinions or suggestions hereinare suitable for the c nts particular situations; andto consult an independent investm

37、ent consultant if ne sary.Under no shallthe informationcontained hereinor the opinions expressed herein forms an mendationto anyone. no circumstanshalltheCompany beheldresponsible foranylosscausedbytheuseofanycontentshereinby anyone.Pleasebeparticularlycautiousto the risks and exures of the market v

38、ia investment.Independentinvestmentconsultantshouldbeconsultedbeforeanyinvestment is rendered based on this report or at any request of forthisreportwherethereceiverofthisreportisnotac ntoftheThe srelatedtothisPleaserefertothelastpageforimportantPage28April,Industry|CompanyUnlessotherwiseindicatedin

39、writing,allthecopyrightsofallthematerialshereinbelongtotheCompany. heabsenceofanypriorauthorization28April,Industry|CompanyUnlessotherwiseindicatedinwriting,allthecopyrightsofallthematerialshereinbelongtotheCompany. heabsenceofanypriorauthorizationbythe Companyinwriting,nopartofthisreportshallbecopied,photocopied,replicatedorredistributedtoanyoth ersoninanyformbyanymeans,orbeused inanyotherwayswhichwillinfringeuponthecopyrightsoftheCompany.Allthetrademarks,servicemarksandmark