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On the evening of April 22nd, China Mobile (600941) disclosed its quarterly report for 2024. In the first quarter of this year, the company achieved 219.3 billion yuan in main business income, an increase of 4% over the same period last year.Microplayerretroarcade.5%; other business income was 44.4 billion yuan, an increase of 8.6% over the same period last year.

In the first quarter of 2024, the net profit of China Mobile was 29.6 billion yuan, an increase of 5.5% over the same period last year, and the net profit margin was 11.2%, which was 78 billion yuan, down 2.3% from the same period last year.

In terms of personal market, China Mobile adheres to the integration and expansion of "connection + application + rights and interests", improves the existing customer operation system, continuously strengthens scene operation, deepens integration and development, and further strengthens the scale foundation and value foundation of growth.

As of March 31, 2024, the company had a total of 996 million mobile customers, of which the number of 5G package customers reached 799 million and the number of 5G network customers reached 488 million. In the first quarter, mobile Internet traffic increased by 3.3% compared with the same period last year, with the mobile Internet DOU reaching 14.9GB and the mobile ARPU reaching 47.9GB.

In terms of home market, China Mobile builds "full Gigabit + Cloud Life" smart family ecology, promotes the scale development of home security, mobile HD and intelligent networking, upgrades Zhijia ecology, and enhances the contribution of HDICT value.

As of March 31, 2024, the total number of China Mobile cable broadband customers reached 305 million, with a quarterly net increase of 6.83 million. Among them, the number of home broadband customers reached 269 million, with a net increase of 5.28 million in the quarter. In the first quarter, the comprehensive ARPU of household customers was 39.9 yuan, an increase of 1.8 percent over the same period last year.

In terms of the government and enterprise market, China Mobile promotes the expansion of the scale of "network + cloud + DICT", increases the expansion of the business market, promotes the standardization, production and platform of government-enterprise solutions, deepens the digital intelligence services of the industry, and promotes high-quality development. In the first quarter, the company's DICT business revenue maintained good growth.

According to the 2023 report disclosed by China Mobile, the company's operating revenue exceeded trillions of yuan for the first time last year, the government and enterprise market became the engine of income increase, and the contribution of emerging markets increased. Among them, the company has strengthened the integrated expansion of "network + cloud + DICT", the government and enterprise market has maintained rapid growth, and the role of increasing income in emerging markets has been highlighted.

In the annual report, China Mobile also stressed its determination to make efforts in the field of AI.

China Mobile said that the company has ushered in a valuable opportunity to accelerate the expansion of information services, especially the rapid development of general artificial intelligence represented by the AI model, which is driven by "AI+" to form a huge new blue ocean. The company will spare no effort to promote the expansion of "5G +" to "AI+", with omni-directional, systematic and deep integration and innovation, open up a new path of transformation and upgrading, speed up the creation of digital intelligence wonderful life, and accelerate the promotion of digital intelligence lean production.

The development of AI is inseparable from the layout of infrastructure such as computing power. In this regard, China Mobile plans to initially build a national computing network with leading technology and scale in 2024, with data center capacity covering all the hub nodes of the country's "counting from the east to the west". The layout of multi-level and full-coverage intelligent computing capacity has been accelerated, and the scale of intelligent computing has reached 10.1EFLOPS, an increase of 206 per cent over the same period last year.

It is worth mentioning that recently, China Mobile launched the procurement of the new intelligent computing center from 2024 to 2025. According to the tender announcement, the total procurement scale of this project has reached 8054 units.

The project is divided into two bid packages: bid 1 is 7994 artificial intelligence servers and supporting products, the number of winning bidders is 5 to 7; bid package 2 is 60 white box switches, and the number of winning bidders is 1. According to statistics, the project is the largest collection of artificial intelligence servers in the industry.

China Galaxy Securities believes that China Mobile's cloud business is developing rapidly, and the scale of intelligent computing is high in 2023. It is expected that with the continuous landing of artificial intelligence applications in 2024, the company's market share is expected to increase.

Considering that the price of the GPU server is higher than the traditional server, the higher unit value and the industry demand make the cost of the intelligent computing center generally higher than the traditional data center, the higher initial investment makes the industry entry threshold higher, the company has more cash on hand, and the cloud business as the company's second growth curve has more resources, the company is expected to continue to grow in the intelligent computing era by virtue of the advantage of scale. With the gradual decline in the proportion of superimposed depreciation to revenue, the company may achieve a steady increase in profit margins.

In its quarterly report, China Mobile said that the company will persist in seeking progress in the midst of stability, maintaining positive innovation, strive to enhance core functions, improve core competitiveness, speed up the cultivation and growth of strategic emerging industries, and speed up the formation of new quality productive forces. high-level construction of world-class information service science and technology innovation companies, for the majority of shareholders, customers continue to create greater value.