资源描述
|2023H1 1/(H)5307.19/2586.79/1918.33 6.8%/7.68%/8.83%2(H)/761.73/201.53/123.91 8.39%/10.18%/13.06%1 2022 2023H1+DICT 29 25.6 50%2 2023H1 5G 1.5 5G 70%ARPU 3 ARPU 5G 2023+118 28.4%42.4%2023 990 5G 5G 2023 769 19%20%2023 70%2023 A/70%/70%/55%A 4.40%/3.76%/2.87%5.35%/4.42%/4.76%2.WUEVxOqNtQoPrPpMnQoRrQ7NcMbRoMoOtRmPiNmMxOjMsQqQbRrQmNwMtRzQvPnPnR 3.ARPU/.ARPU/.2023H1.2023H1.4.5 2023 1 2023H1 9812.31 7.18%(H)5307.19 2586.79 1918.33 6.8%7.68%8.83%2 2023H1 1087.17 9.24%(H)(H)761.73 201.53 123.91 8.39%10.18%13.06%50%1 2017+2017 70.0%2023H1 48.9%2017 4.8%9.1%2023H1 12.2%19.7%2 2023H1 39.3%40%-45%2023H1 24%2020 2018 18.5%2023H1 26.6%3 50%2021+2023H1 430 4 0%2%4%6%8%10%12%05,00010,00015,00020,0002018 2019 2020 2021 2022 2023H1-10%-5%0%5%10%15%05001,0001,5002,0002018 2019 2020 2021 2022 2023H1 6 5 2023 7006 7.69%988.19 5.29%1 2023H1 3,005 5.1%DICT 85 21.6%1.6%2 1,791.2 8.1%1,531.4%2023H1 27.2%AI 5G 3(H)1436.94 10.59%2022 12 31%7 10 2023 ROE5.95%4.59%3.48%1 0.14 0.31 4.17 2-3 0%2%4%6%8%10%12%14%02,0004,0006,0008,00010,00012,00014,0002018 2019 2020 2021 2022 2023H1-3%-2%-1%0%1%2%3%4%5%6%02004006008001,0001,2001,4001,6001,8002,0002018 2019 2020 2021 2022 2023H1 0%10%20%30%40%50%60%70%80%90%100%0204060801001201401601802002018 2019 2020 2021 2022 2023H1()()()()0%2%4%6%8%10%12%14%2018 2019 2020 2021 2022 2023H1(H)8 1 ROE 2018 2019 2020 2021 2022 2023H1 ROE 11.47%10.20%9.88%10.15%10.31%5.95%6.11%5.90%5.83%6.55%6.41%4.59%(H)3.30%3.57%3.86%4.36%4.97%3.58%49.00%48.00%47.00%48.00%51.00%28.00%57.00%54.00%55.00%59.00%61.00%31.00%(H)52.00%53.00%53.00%56.00%58.00%30.00%15.86%14.27%14.08%13.69%13.40%14.37%5.48%5.57%5.41%6.02%5.83%7.80%(H)3.52%3.90%4.13%4.42%4.74%6.45%-1.48 1.51 1.53 1.52 1.51 1.98 1.96 1.98 1.86 1.82 1.88(H)1.80 1.74 1.77 1.78 1.83 1.88 wind 203H1 ROE 2023 1 5G+2023 814 11.52%2023 1832 2022 1.08%90%+2 2023 416 176 42.4%118 28.4%4.1p.p.16.9%12.3%2023 990 6.99%5G 3 2023H1 276 5G 2023 769 19%149 20%9 2023 5G 2023 5G 423 5G 176.1 700MHz 5G 57.8 3.93 5G 3.7 1.1 5G+WiFi AI 5G 15 5G 115 4G 200 20.3%ARPU 48.2 2.1%5G 5G 5G 115 335 10 4+N+31+X IDC 47.8 80.4 9.4EFLOPS 944 402 2022 192.3%100 2+4+31+X+O 31 AI 1.8EFLOPS 4.7EFLOPS 62%0.6EFLOPS 3.7EFLOPS 19%IDC 53.4 70%AZ DC 200 IDC 38 27 830 AI AI AI 5,500 2.0 TeleChat AI AI 2 15+16 AI 17 11 1 2023 2.43 10.5%2023 70%2 2023 65%0.1432 A 2023 70%3 2023 0.0796 20%10%EPS 2023E 2023E 0941.HK 67.25 6.42 70%5.35%0728.HK 3.99 0.35 70%4.42%0762.HK 5.82 0.7 55%4.76%600941.SH 101.97 6.41 70%4.40%601728.SH 6.14 0.33 70%3.76%600050.SH 5.17 0.27 55%2.87%A&H A EPS w i nd 2.1 12+DICT 2023 8688 6.2%IDC 19.2%3.7 38.1%45.3%25.7%2023 IDC 2023H1 80.5%63.4%36%IaaS IaaS+PaaS 2023 IaaS top3 IaaS+PaaS 100%500 13 2022 12 1 2023 8 21 2024 1 1 2023 29 25.6 54%56.6%400PB 50%5.5PB 27PB 2700+22+2023 5G 2.5 DICT 28%5G 25.1 69.7%To V Top10 9 To G 300 1,000 AIoT 3AZ 4.7 2022 5G+4,000 1.4+5G 54 24%5G 2 5G 5,800 5G 62 14 2.2 5G ARPU 1 2022 5G 2023 6 5G 7.22 5G 2.95 2.32 5G 73.3%73.4%70.86%23 5G 2 ARPU 5G+ARPU VR 5G 2023 ARPU 52.6/42.9/44.8/5G 5G ARPU/4924 4907 4770 4834 4,8882,5941624 1696 1756 1842 1910 1,0161651 1564 1567 1641 2018 2019 2020 2021 2022 2023H1 15 5G 2023 5G 293.7 26%5G 5G 176 2023 164.5 5G 115 2023 5G 5G 4G 4G 200 26 5G 2.3 HDICT+649 9.3%2.55 6,036 23.7%ARPU 43.3 2023H1 620 3.6%93 15.7%20.3%ARPU48.2 2.1%1.08 400 75%ARPU 27 16 ARPU/2023 5307.19 6.8%762 8.4%3.56 2023 6 9.85 5G 7.22 2.86 CHBN 2023H1 1044 14.6%422 80.5%IaaS top3 IaaS+PaaS 100%2023 422.21 80.5%63.4%36%2022 laaS laaS+PaaS 100%17 COCA 2023 4 1500 3.0 30 2023 2023 5G 4G 4G/5G 2+4+31+X+O 31 AI 1.8EFLOPS 4.7EFLOPS 62%0.6EFLOPS 3.7EFLOPS 19%31 18 2023H1 459 63.4%2.2 264 17.4%60 27.8%8 IDC 2022 92.5 38.7%IaaS IaaS 4 SPEC Cloud IaaS 2018 Benchmark 2023 1,918 8.8%153 54 13.7%7 3.4%2023H1 2023H1 19 430 25%29 54%50%34 1 2 5G 5G 5G 5G 5G 5G 5G 6.112.317.22640290%20%40%60%80%100%120%0510152025303540452018 2019 2020 2021 2022 2023H1 20 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%1%
展开阅读全文