Citigroup: China Mobile Limited (00941) 4Q EBITDA roughly in line with expectations, maintains "buy" rating.

Citigroup released a research report saying that China Mobile Limited (00941) had service revenue of 212.38 billion yuan in the fourth quarter of last year, slightly lower than expected; EBITDA reached 73.54 billion yuan, roughly in line with expectations; net profit was 21.74 billion yuan, falling short of expectations. The annual dividend per share was 5.27 Hong Kong dollars, a year-on-year increase of 3.5%, with a dividend payout ratio of 75%. The management expects the dividend payout ratio to steadily increase by 2026, signaling a continuous improvement in shareholder returns. The bank gave China Mobile a target price of 105.1 Hong Kong dollars and maintained a "buy" rating. Citigroup pointed out that last year, revenue from computing power services increased by 11.1% year-on-year to 89.83 billion yuan, accounting for 10% of core service revenue, with revenue from intelligent computing power services increasing by 279%, revenue from artificial intelligence data centers increasing by 35.4%, and revenue from cloud computing services increasing by 13.9%. By the end of last year, the company had a smart computing power scale of 92.5 ELOPS (FP16), leading in the national computing power service market. Revenue from artificial intelligence services reached 90.83 billion yuan, up 5.3% year-on-year, accounting for 10.2% of core service revenue.