Yesterday, at China Telecom ’s interim results conference, China Telecom ’s chairman Wang Xiaochu stated that China Telecom ’s mobile business (CDMA business) was profitable in the first half of this year due to rapid development, half a year earlier than expected. However, he did not release specific profit figures.
During the telecommunications reorganization in 2008, China Telecom acquired the CDMA business of China Unicom for 110 billion yuan. Due to the different statistical calibers of both parties, China Unicom believes that it is a profitable CDMA network sold to telecommunications, but the telecommunications side believes that CDMA has always been in loss status.
After two and a half years of development, China Telecom's CDMA users have developed rapidly, especially the 3G users among which have grown significantly. Wang Xiaochu said that China Telecom's mobile user development target for this year is still maintained at 34 million, of which 3G users are not less than 50%.
After the 3G profit, Wang Xiaochu said that China Telecom listed companies have plans to acquire CDMA assets from their parent companies. It is expected that in the first half of next year, the asset valuation will be about 100 billion yuan, but the final purchase price still needs to wait for third-party valuation and It can be determined by considering factors such as asset provision.
Wang Xiaochu revealed that at the investor meeting, many investors have suggested that China Telecom can complete the transaction as soon as possible. He believes that the sooner the relevant acquisition is completed, the more beneficial it will be for shareholders. Now that the CDMA business is developing well, in this case, it is still It is not cost-effective to pay the leasing fee to the parent company.
Previously, China Telecom had revealed that listed companies mainly completed the merger of CDMA revenue and users by leasing the CDMA network of the parent company, and the lease cost was about 8 billion yuan per year.
According to the interim results released by China Telecom yesterday, China Telecom's revenue in the first half of the year was 120.208 billion yuan, after deducting the impact of amortization of the initial installation fee, revenue was 120.11 billion yuan, an increase of 11.7% year-on-year, and profit attributable to shareholders was 9.710 billion yuan, an increase of 10.2% ; Basic earnings per share 0.12 yuan, capital expenditure 20.967 billion yuan, free cash flow 15.458 billion yuan.
CDMA business has grown significantly. In the first half of this year, Telecom added 17.85 million CDMA users, with a total of 108 million users, becoming the world's largest CDMA network operator. Among them, 3G users accounted for 19.9%, higher than the industry average; CDMA revenue increased by 36.8% year-on-year to 31.139 billion yuan, and the proportion of total revenue increased to 25.9%.
However, in the first half of the year, fixed-line subscribers lost 2.83 million, with a total of 172 million. The fixed-line voice revenue was 26.462 billion yuan, accounting for 22% of the total revenue, and the loss trend was further slowed down. The proportion of operating income fell below 1%, and business risks were basically released.
What investors are paying close attention to is the CDMA version of the iPhone that China Telecom is about to introduce. However, Wang Xiaochu said that due to a confidentiality agreement with Apple, it was not possible to disclose the time or cooperation method for the introduction of the iPhone.
However, he pointed out that if you can successfully introduce smartphones such as iPhone, China Telecom ’s mobile phone subsidies will rise sharply in a short period of time, but the introduction of popular smartphones will significantly help profitability and income will increase, so the rising mobile phone subsidies are not Will have a greater impact on the company's earnings.
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