中国铁塔公司深度报告：全球通信基建龙头“一体两翼”打开空间

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DtítÏB@(ÏÏA1) 2024A 202.SA 2026E 2027E

9T,360 T22,T21 T67,293 208,108

2,598 28,558 7T,967 TTT,028

79,436 84,443 85,892 87,324

]I (&DU) 2024A 202.5E 2026E 2027E

97,772 T0T,331 T04,8T7 T08,402

9,326 9,T20 9,434 9,756

24T,474 223,383 206,786 T90,897

205,488 T89,770 T75,809 T62,392

3T,232 28,668 26,082 23,661

4,754 4,945 4,895 4,845

332,834 345,303 374,078 399,005

75,799 9T,778 96,259 98,753

28,325 44,525 48,325 50,325

33,269 33,269 33,269 33,269

T4,005 T3,984 T4,465 T4,95957,056 42,120 50,T20 55,T20

4T,084 23,084 33,084 38,084T5,972 T7,036 T7,036 T7,036

!/ T32,855 T33,898 T46,379 T53,873T76,008 T76,008 T76,008 T76,008

EBITDAEPS

10,729 11,629 16,097 17,435

T6,695 T8,344 24,2T3 23,80066,924 60,826 63,260 6T,838

0.61 0.66 0.9T 0.99

(i2@ 23,970 33,596 5T,691 69,T23

T99,978 2T1,604 227,699 245,131

199,979 211,605 227,700 245,132

332,834 345,503 374,078 399,005

2024A 2025E 2026E 2027E

4.00% 3.64% 3.44% 3.42%

10.04% 8.39% 38.42% 8.31%

10.97% 11.48% 15.36% 16.08%

5.37% 5.50% 7.07% 7.11%

iit@fiK&(&DJ)2024A 2025E 2026E 2027E

49,468 52,067 57,008 55,827

10,729 11,629 16,097 17,435

l 50,229 42,282 39,047 36,038

—11,491 —1,845 1,864 2,353

-27,979 -22,823 -22,T36 -T9,825

-29,789 -24,000 -22,300 -20,200

T,810 T,T77 364 375

—8,442 0 0 0

—1,602 —3,281 —3,461 —3,938

ROIC

P/BEV/EBITDA

4.71% 5.01% 5.95% 5.88%

39.92% 38.75% 39.13% 38.56%

33.51% 19.40% 4.23% -9.15%

1.21 1.33 1.74 2.11

1.21 1.33 1.74 2.11

0.30 0.30 0.29 0.28

1.36 1.24 1.23 1.25

0.00 0.00 0.00