Operator Caijing Sun Caixia/Wen
Recently, the financial reports of the three major operators in the first quarter of 2024 have come out in succession. From the known data, we can see some differences in their net profits and growth rates. What are the specific aspects? Operator observation attempts to analyze!
First of all, in the first quarter of 2024, the net profits of the three major operators all achieved positive growth, of which, the net profits of China Mobile as always exceeded the sum of China Telecom and China Unicom.
According to the financial reports released by the three major operators, China Mobile realized a net profit attributable to the shareholders of the parent company of 29.629 billion yuan in the first quarter of 2024, up 5.5% year on year. China Unicom's net profit attributable to shareholders of the listed company was 2.447 billion yuan, up 8.0% year on year. China Telecom's net profit attributable to shareholders of listed companies was 8.597 billion yuan, up 7.7% year on year.
It can be seen from the data that the net profit of China Mobile in the first quarter of 2024 is 2.7 times of the total of China Telecom and China Unicom, and the gap is very obvious.
Secondly, although China Mobile has performed well in terms of profits, it has been slightly inferior in terms of growth. In the first quarter of 2023, the year-on-year growth data of net profits of China Mobile, China Telecom and China Unicom are 9.53%, 10.53% and 11.56% respectively. Whether in the first quarter of 2023 or 2024, the growth rate of China Mobile's net profit is slightly lower than that of the other two operators. Especially this year, the growth gap is even wider.
Why is this? The operator Caijing speculated that it may be related to China Mobile's large investment in management and research and development. Data shows that the R&D expenditure of China Mobile in the first quarter of 2024 is 3.003 billion yuan, up 6.7% year on year; The administrative expenses were 13.123 billion yuan, up 2% year on year. China Unicom's R&D expenditure in the first quarter was 1.379 billion yuan, up 19% year on year; The administrative expenses were 4.69 billion yuan, down 17.0% year on year. China Telecom's R&D expenditure was 1.571 billion yuan, up 13.8% year on year; The administrative expenses were 9.912 billion yuan, down 3.0% year on year. Although the R&D expenses of China Telecom and China Unicom also increased year on year, they only accounted for about 50% of China Mobile, and their management expenses were decreasing, which also increased profits to a certain extent.
