【行业研究报告】中国铁塔-2023年盈利稳定增长；折旧期结束打开股息增长空间，“买入”

[Table_
Profit]
YearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROE
年结收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率
12/31(RMBm)(RMBm)(RMB)(△%)(x)(RMB)(x)(RMB)(%)(%)
2022A92,1708,7870.05019.016.61.1070.80.0323.84.6
2023A94,0099,7500.05612.015.31.1310.80.0374.35.0
2024F98,48511,2790.06516.113.31.1580.70.0455.25.6
2025F103,08213,3510.07616.911.41.1890.70.0556.46.5
2026F107,68221,6880.12463.27.01.2580.70.08910.310.1
Sharesinissue(m)总股数(m)176,008.5Majorshareholder大股东ChinaMobileGroup27.9%
Marketcap.(HK$m)市值(HK$m)165,448.0Freefloat(%)自由流通比率(%)0.3
3monthaveragevol.3个月平均成交股数(‘000)247,424.4FY24Netgearing(%)FY24净负债/股东资金(%)29.2
3monthaveragevol.3个月平均成交股数(‘000)247,424.4FY24Netgearing(%)FY24净负债/股东资金(%)29.2
52Weekshigh/low(HK$)52周高/低(HK$)1.020/0.710FY24Est.NAV(HK$)FY24每股估值（港元）1.5
Source:theCompany,GuotaiJunanInternational.
(30.0)
(25.0)
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
Mar-23Jun-23Sep-23Dec-23Mar-24
%ofreturn