Lyon: China Mobile Limited (00941) Last year's performance was weak but still better than its peers, rated as "outperforming the market"

Lyon released a research report stating that China Mobile Limited (00941) had a weak performance last year, but still outperformed its peers. Total revenue increased by 0.7% year-on-year to RMB 895.5 billion last year, while EBIT increased by 4.4% to RMB 148.9 billion. Mobile revenue declined but cloud revenue continued to grow, increasing by 13% year-on-year. Operating expenses were strictly controlled, depreciation remained stable, and capital expenditures were cut. The target price was maintained at HK$86, with a rating of "outperform". The bank cited that the management of China Mobile expects capital expenditures to decrease by 9.5% by 2026, which will support profit growth and achieve a 7% return on investment, ranking first among its peers. The bank has lowered its net profit forecast for the company for this year and next year by 3%.