CHINA TOWER (788) Q3 2024 earnings summary

Executive summary

• Operating revenue for the first three quarters of 2024 reached RMB72,452 million, up 3.3% year-over-year.

• Profit attributable to owners was RMB8,153 million, an 11.0% increase year-over-year.

• EBITDA rose to RMB49,717 million, up 3.4% compared to the same period last year.

• Number of tower sites reached 2.081 million, with 3.753 million tower tenants and an average of 1.80 tenants per site.

Financial highlights

• TSP business revenue was RMB63,124 million, up 2.4% year-over-year; tower business contributed RMB56,902 million (+0.9%), and DAS business RMB6,222 million (+18.0%).

• Smart Tower business revenue grew 17.5% to RMB6,073 million; Energy business revenue increased 1.0% to RMB3,071 million.

• Profit before taxation was RMB10,758 million, up 11.3% year-over-year.

• Total assets stood at RMB324,491 million as of 30 September 2024.

• EBITDA margin was 68.6% for the period.

Outlook and guidance

• Plans to deepen the "One Core and Two Wings" strategy, focusing on resource sharing and digital infrastructure.

• TSP business aims for sustainable growth through innovation and enhanced service capabilities.

• Smart Tower business to reinforce digital-intelligence governance in key sectors.

• Energy business to accelerate battery exchange network growth and promote integrated energy solutions.