The three operators performed well in 2021, and their revenue growth hit a new high in recent years. In 2021, China Mobile achieved the fastest growth with the largest revenue scale, with operating revenue of 848258 billion yuan, a year-on-year increase of 10.44%, net profit of 115937 billion yuan, a year-on-year increase of 7.51% China United Network Communications Limited(600050) achieved the highest revenue of 327854 billion yuan in recent five years, a year-on-year increase of 7.90%, and the highest net profit of 6.305 billion yuan in recent five years, a year-on-year increase of 14.20% China Telecom Corporation Limited(601728) revenue and profit reached the highest in recent five years, achieving double-digit growth, with revenue of 434159 billion yuan, a year-on-year increase of 11.34%, and net profit of 25.952 billion yuan, achieving the largest increase of 24.44% in China Telecom Corporation Limited(601728) recent five years.
The number of 5g users and mobile ARPU value continued to increase, focusing on the remarkable results of digital transformation, and the innovative business represented by cloud computing and the Internet of things developed strongly. By February 2022, the number of 5g users of the three major operators had reached 792 million. In 2021, the ARPU value of 5g users of China Mobile was 82.8 yuan, driving the overall growth of mobile ARPU from negative to positive China Telecom Corporation Limited(601728) 5g users' ARPU value is 53.3 yuan and mobile ARPU value is 45.0 yuan / household / month, with a year-on-year increase of 2.0% China United Network Communications Limited(600050) arpu value was 43.9 yuan / household / month, with a year-on-year increase of 4.3%. In terms of innovative business, China Mobile's mobile cloud increased by 114% year-on-year in 2021. In 2021, the number of Internet of things connections reached 1.049 billion, a net increase of 176 million, a year-on-year increase of 20%. The number of Internet of things connections exceeded individual customers In China Telecom Corporation Limited(601728) 2021, cloud computing revenue reached 27.9 billion yuan, with a year-on-year increase of 102.17%, and the open platform of Internet of things ctwing5.5% 0 has served 260 million users, of which 5gnb IOT has exceeded 100 million users, becoming the world's largest narrowband Internet of things service platform, with more than 60 million Internet of things devices connected 6 Lvjing Holding Co.Ltd(000502) 021 industrial Internet revenue was 54.8 billion yuan, with a year-on-year increase of 28.2%. The number of Internet of things connections exceeded 300 million, and the number of connections carried by Yanfei Zhilian platform (CMP) exceeded 160 million.
Capital expenditure increased steadily, cost pressure eased, paid attention to shareholder returns, actively adjusted dividend policy and continued to improve dividend payout rate. The capital expenditure of the three major operators gradually maintained a steady trend. It is estimated that the capital expenditure (mobile + Telecom) in 2022 will be 278.2 billion yuan, a year-on-year increase of 2.92%, and the 5g investment (mobile + Telecom) will be 144 billion yuan, a year-on-year decrease of 5.26%. In 2021, China Mobile's dividend exceeded 70 billion and the dividend rate exceeded 60%. The company decided to gradually increase the profit distributed in cash within three years from 2021 to more than 70% of the profit attributable to the shareholders of the company in that year China Telecom Corporation Limited(601728) 2021 dividend payout ratio has been significantly improved, from 40.47% in 2020 to nearly 60%, and it is agreed that within three years after the issuance and listing of a shares, the annual profit distributed in cash will be gradually increased to more than 70% of the profits of the company's shareholders in that year, and the dividend distribution arrangement will be adjusted to declare interim dividends from 20226 Lvjing Holding Co.Ltd(000502) 021 dividend payout ratio increased from 36.95% to 42.49%. In the future, the company will continue to strive to improve profitability and shareholder return. Focus on: [China Mobile], [ China Telecom Corporation Limited(601728) ], [ China United Network Communications Limited(600050) ]
[sector trend]: this week (3.21-3.25), in the Shenwan industry, the communication (Shenwan) index fell 1.48%, ranking second in the TMT sector, with a dynamic P / E ratio of 36.66 and second in the TMT sector. In terms of net inflow of LST, the top five inflow include China United Network Communications Limited(600050) (17.25 million shares), Jiangsu Shagang Co.Ltd(002075) (6.68 million shares), Sumavision Technologies Co.Ltd(300079) (4.06 million shares), Jiangsu Zhongtian Technology Co.Ltd(600522) (2.9 million shares), Topsec Technologies Group Inc(002212) (1.44 million shares); In terms of net outflow of LST, the top five outflows include Zte Corporation(000063) (- 1633 million shares), Wangsu Science & Technology Co.Ltd(300017) (- 961 million shares), industrial Fubon (- 713 million shares), Shenzhen Topband Co.Ltd(002139) (- 427 million shares), and Gohigh Data Networks Technology Co.Ltd(000851) (- 358 million shares).
Highlights of the week focus on the focus of the week'focus of the focus of the week for the focus of the focus of the focus of the week of '' '' , Shenzhen H&T Intelligent Control Co.Ltd(002402) , China Mobile, etc.
[key company] the industrial Internet / intelligent manufacturing of [key company] the industrial Internet of the [key company] industrial Internet / intelligent manufacturing ( Shanghai Baosight Software Co.Ltd(600845) \ , Unisplendour Corporation Limited(000938) etc.); New energy & Intelligent networked vehicle The lens of Optics: the Shun optics, Hongda Xingye Co.Ltd(002002) 036' etc.; connector: Electric Connector Technology Co.Ltd(300679) , Suzhou Recodeal Interconnect System Co.Ltd(688800) , Shenzhen Deren Electronic Co.Ltd(002055) , Shenglan Technology Co.Ltd(300843) , Wenzhou Yihua Connector Co.Ltd(002897) , Zhejiang Yonggui Electric Equipment Co.Ltd(300351) , Dongguan Dingtong Precision Metal Co.Ltd(688668) , Cwb Automotive Electronics Co.Ltd(605005) , Shanghai Laimu Electronics Co.Ltd(603633) , etc; Navigation system: Shanghai Huace Navigation Technology Ltd(300627) etc.); "New energy +" (offshore wind power: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ; liquid cooling temperature control: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) etc.; energy storage: Kehua Data Co.Ltd(002335) etc.); Internet of things / power Internet of things ( Willfar Information Technology Co.Ltd(688100) , Beijing Inhand Networks Technology Co.Ltd(688080) etc.); Cloud computing (IDC: 's Shanghai Baosight Software Co.Ltd(600845) devices: Eoptolink Technology Inc.Ltd(300502) \ etc.); Military communication / Satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , China Satellite Communications Co.Ltd(601698) etc.); Operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) etc.).
Risk tips: 5g construction is not as expected, cloud computing development is not as expected, Sino US trade friction, covid-19 epidemic spread.
