The three major operators at the helm dialogue investor: the valuation model of the telecommunications industry needs to be reshaped

On the afternoon of July 8th, China Mobile, China Unicom, and China Telecom jointly organized the exchange activities of investors in the telecommunications industry for the first time. The three major operators at the helm of the helm of the Chinese telecommunications industry have been reshaped together, and the pulse telecommunications industry is advanced into the development direction of the digital market.

The data mentioned at the meeting showed that in the first five months of this year, the telecommunications industry achieved a revenue growth of 8.5%year -on -year, and about 70%of the incremental income came from the drive of emerging businesses.

In the opinion of Bo Wen, the chief economist of IPG China, the telecommunications industry has indeed reached the node of the growth model conversion. Basic communication services have gradually been replaced by social media. Under this status and competition dimension, the sustainable development of the telecommunications industry has already been developed. When you have to rethink.

The telecommunications industry needs to reshape the valuation model

On the afternoon of July 8th, China Mobile (SH600941, stock price of 58.92 yuan, market value 1.3 trillion yuan), China Unicom (SH600050, stock price 3.42 yuan, market value of 106 billion yuan), China Telecom (SH601728, stock price 3.71 yuan, market value 339.5 billion yuan ) Jointly organized investors of listed companies in the telecommunications industry.

"You can't look at the telecommunications industry with old eyes, nor can you simply use old indicators and old models such as user growth for decades to evaluate the new value of the telecommunications industry." Liu Liehong, chairman of China Unicom, pointed out at the meeting that before the meeting, this year, this year In 5 months, the reason why the telecommunications industry still maintains a revenue growth of 8.5%year -on -year is because the incremental income is about 70%of the driver of emerging businesses. The valuation model of the telecommunications industry needs to be reshaped with the times.

Why should I reshape the valuation model of the telecommunications industry? On the afternoon of July 9, Chen Jia, a researcher at the International Monetary Institute of Renmin University of China, told the reporter of "Daily Economic News" through WeChat that the valuation model of the telecommunications industry is facing a new situation and needs to keep pace with the times. The growth model does not accurately reflect the value of innovation in the telecommunications industry, especially the value of the new track.

According to Chen Jia, taking the European and American capital market as an example, the telecommunications track in the past three years has gone through a magnificent uplink market, and a lot of funds have poured into; The valuation of the sector declined, and the market began to reintegrate how to correctly look at the valuation model of the telecommunications industry. "In the A -share and H -shares market, this problem exists deeply, and it is worthy of in -depth research and judgment." Chen Jia said.

In addition, the original growth model also has a certain bottleneck. 7月9日下午，中国人民大学智能社会治理研究中心研究员王鹏通过微信告诉《每日经济新闻》记者，对于三大电信运营商来说，传统的商业模式主要为电信基础服务，如电话、 SMS, traffic, network, etc. The development model mainly depends on user growth.

"Traditional telecommunications industry mainly builds infrastructure through investment methods to achieve profitability; at the same time, incremental consumption, such as increasing call time and online tariffs. Under this model framework, the telecommunications business is not the other. Realizing symbiosis. "Wang Peng said that the rapid development of new online media and social media has also impacted the traditional telecommunications business; new competitors have appeared one after another, and user consumption habits have also changed. limited.

IPG China Chief Economist Bo Wenxi also pointed out in WeChat interviews on the same day that the telecommunications industry has indeed reached the growth mode conversion node. "Basic communication services are gradually replaced by social media. Under this status quo and competition dimension, the sustainable development of the telecommunications industry has been rethinking." Bo Wen said.

However, Chen Jia also pointed out that the old and new tracks do not always replace the relationship, and there may be complementary relationships, and it is likely that it is even after the beginning. "For example, there is a overlapping relationship between the 5G network and the 4G network, rather than the other or the other. The old 4G industry chain still has strategic value that cannot be ignored."

Three major operators advance into the new blue ocean of the digital economy

In addition to the reshaping of the valuation model, embracing the digital economy has also become a discussion center for this exchange. For this track, Qian Kai, managing director of the Research Department of CICC, pointed out at the meeting that from the perspective of the short -term development of the digital economy, the second industry is the focus of the next stage of the industry's digital upgrade. Compared with Internet platform companies, Operators have huge advantages in 2B and 2G fields.

Bo Wenxi also pointed out that the industrial Internet has a broad and strong demand for digital and digital services. Seizing the digital opportunities of the second industry is an important opportunity for telecommunications operators to take the industrial Internet and digital opportunities. Provide a strong solution to transform opportunities into business opportunities to achieve its own development.

Wang Peng also said that in addition to telecommunications value -added services and infrastructure construction, telecommunications operators also have their own advantages: brands, funds, strength, and talents, can participate in digital transformation. "For example, the operator can provide solutions or SaaS platforms, and accelerate the integration with innovative enterprises through the form of investment and investment."

This view is actually what the operator is doing. According to Liu Liehong, the business revenue of the three major operators in 2021 reached 68.4 billion yuan, a year -on -year growth rate of nearly 90%. According to the current market sales ratio of 4 to 8 times, the market value of operators can reach 300 billion yuan to 600 billion yuan.

From the perspective of the government's public procurement data, in the first five months of this year, the three operators accounted for 45%of the total bids related to the digital government, of which government affairs applications accounted for 68%. According to data disclosed by the three major operators, the telecommunications industry is no longer a "pipe operator" of traditional meaning, and the digital business segments including "cloud, big, object, wisdom, chain, and security" are becoming the income of three companies' revenue The main engine of growth. In response to investors' questions, China Mobile also introduced that in 2021, the company's digital transformation revenue was 159.4 billion yuan, an increase of 26.3%year -on -year, contributing to 59.5%to the main business income, which is the main momentum of increasing income.

As for the concept of the "Yuan Universe" of the recent fire, Yang Jie, chairman of China Mobile, pointed out that the "Yuan Universe" is still in the early stage of the concept. Deep fusion. The new infrastructure of operators "5G+computing power network+wisdom Zhongtai" can support massive access and computing processing, real modeling and interaction, large -scale virtual content creation and experience, and will become an important cornerstone of the construction of the Yuan universe.

It is worth mentioning that in the interactive interface of Shanghai Stock Exchange Road, investors also questioned the issue of "Zhiwang Technology" from China Unicom's previously announced consideration of the subsidiary of the subsidiaries. In response, China Unicom replied that China Unicom Technology has submitted an application for listing counseling to the Beijing Securities Regulatory Bureau and has been formally accepted. It is currently in the counseling period. Regarding the company's future investment, China Unicom said that in 2022, the capital expenditure was appropriately increased, and the growth of capital expenditure was matched with income growth. The overall investment of 5G was basically equivalent to last year.

China Mobile also stated in the question of investors' questions about iron tower rents that if the impact of the new lease criteria is not considered, the company's 2021 iron tower rental fee is 44.5 billion yuan, an increase of 0.3%. China Mobile will use the resource of stock address resource resources New 5G stations are prioritized to build the original site upgrade mode, while increasing the tower sharing rate.

Daily Economic News

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