智通财经APP获悉，中国联通(00762)绩后跌超4%，截至发稿，跌4.48%，报9.16港元，成交额4.62亿港 元。 港股异动 | 中国联通(00762)绩后跌超4% 去年归母 净利同比增一成 四季度扣非净利出现亏损 消息面上，中国联通发布2024年度业绩，营业收入达到人民币3896亿元(单位下同)，同比提升4.6%；归 属于上市公司股东的净利润90.30亿元，同比增长10.5%。单计第四季度，公司营业收入为994.7亿元， 同比上升9.4%；归母净利润为6.92亿元，同比上升16.3%；扣非归母净利润亏损1.77亿元。 2024年，中国联通资本开支为613.7亿元、同比下降17%，其中，算力投资同比上升19%。公告显示， 2025年，中国联通预计固定资产投资为550亿元左右，其中算力投资同比增长28%。公司拟派发末期股 息每股0.1562元，较上年同期增长16.9%。 ...

点击 上方 硬AI 关注我们 2024年中国联通资本开支同比下降17%至人民币613.7亿元，算力投资同比上升19%。中国联通表示，公司为人工智能基 础设施和重大工程专项做了特别预算，预计2025年算力投资同比增长28%。 硬·AI 作者 |卜淑倩 编辑 | 硬 AI 2024年，中国联通在传统通信业务稳健增长的基础上，算网业务加速发力，推动公司全年营收和净利润实 现稳健增长。同时，公司为人工智能基础设施和重大工程专项做了特别预算，预计2025年算力投资同比增 长28%，推动固定资产投资总额达到550亿元。 18日，中国联通公布2024年年度业绩报告。 1）财务表现： 营业收入：人民币3896亿元，同比增长4.6%。 净利润：人民币206亿元，同比增长10.1%。 净资产收益率：提升至5.8%。 2）核心业务进展： 联通通信业务： 2024年收入达到2613.3亿元，同比增长1.5%，占服务收入的76.0%。 算网数智业务： 收入达到824.9亿元，同比增长9.6%，占服务收入的24.0%。其中，联通云收入达 到686亿元，同比增长17.1%，数据中心业务收入达到259亿元，同比增长7.4%，算力服务签约金额 ...

Financial Data and Key Metrics Changes - Operating revenue increased to JPY 386.89 billion, a 4.6% growth year-on-year [5] - Profitability reached JPY 20.6 billion, reflecting a 10.1% increase compared to the previous year [5] - Return on equity improved by 5.8% [5] - Total mobile and broadband subscribers reached 470 million, with IoT connections exceeding 620 million [5] Business Line Data and Key Metrics Changes - Uni Unicom cloud revenue grew by 17.1% to JPY 68.6 billion [6] - Data center revenue increased by 7.4% to JPY 25.9 billion [6] - Net contract value of Intelligent Computing business exceeded JPY 1 billion [6] Market Data and Key Metrics Changes - International business revenue rose to JPY 500 million, a 15.2% increase year-on-year [21] - Integrated subscribers reached 77%, with an integrated subscriber ARPU exceeding RMB 100 [19] Company Strategy and Development Direction - Focus on connectivity communications, computing, and digital smart appliances, emphasizing innovation and breakthroughs [4] - Continued investment in R&D with a 9.1% increase, aiming to enhance core capabilities [13] - Plans for 2025 include a CapEx of around JPY 55 billion, with a 28% year-on-year increase in computing power investment [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in enhancing operational efficiency and brand image while creating more value for society and investors [25] - The company aims to deepen energy efficiency and utilize clean energy, contributing to corporate ESG responsibilities [22] Other Important Information - The company was included in the FTSE China A50 index, effective soon [23] - Dividend payout ratio increased by 5 percentage points, with a 20.1% rise in dividend payout [23][24] Q&A Session Summary Question: What are the expectations for future growth? - Management indicated that they anticipate continued growth in both domestic and international markets, with a focus on innovation and efficiency [24] Question: How is the company addressing ESG responsibilities? - The company highlighted its efforts in energy efficiency and clean energy usage, serving over 260,000 villages and 280 million users through digital platforms [22] Question: What are the plans for capital expenditure in 2025? - CapEx is expected to be around JPY 55 billion, with a significant portion allocated to computing power, reflecting a strategic focus on AI and important projects [24]

Core Viewpoint - China Unicom is embracing artificial intelligence (AI) as a transformative opportunity, expecting significant growth in revenue and profit in the coming years, particularly through increased investment in computing power [1][8]. Financial Performance - In 2024, China Unicom achieved operating revenue of 389.589 billion yuan, a year-on-year increase of 4.6% [3]. - The net profit attributable to shareholders was 9.029 billion yuan, reflecting a year-on-year growth of 10.5% [2][3]. - The company plans to distribute a total dividend of 0.1580 yuan per share for the year, a 19.7% increase compared to the previous year [4]. Business Segments - The revenue from connected communication services accounted for 76% of service revenue, up 1.5% year-on-year, while the smart network business contributed 24%, increasing by 9.6% [3]. - By the end of 2024, the user base reached 470 million for mobile and broadband services, with a net increase of 19.52 million users [3]. - The IoT connections exceeded 620 million, with a net increase of 130 million, and the vehicle networking connections reached 76 million, maintaining industry leadership [3]. Investment Strategy - In 2024, capital expenditure was 61.37 billion yuan, a decrease of 17% year-on-year, while computing power investment rose by 19% [6]. - The company plans to reduce capital expenditure further in 2025, with computing power investment expected to grow by 28% [1][6]. - China Unicom is also increasing R&D spending by 9.1% and has allocated special budgets for AI infrastructure and major projects [6]. AI Transformation - The company is focusing on upgrading its infrastructure to support AI, including enhancing IDC to AIDC and creating a collaborative computing resource layout [8]. - China Unicom aims to build high-quality data sets to support AI development and is actively engaging in the open-source ecosystem for large models [8]. - The company plans to promote intelligent applications to various industries, facilitating digital transformation [8]. Security Measures - China Unicom is developing an internal security system for AI, ensuring reliability and traceability across computing power, data, models, and application services [9].

Financial Data and Key Metrics Changes - Operating revenue increased to JPY 386.89 billion, representing a 4.6% growth year-on-year [5] - Profitability reached JPY 20.6 billion, a 10.1% increase compared to the same period last year [5] - Return on equity rose by 5.8% [5] - Total mobile and broadband subscribers reached 470 million, with IoT connections exceeding 620 million [5] Business Line Data and Key Metrics Changes - Uni Unicom cloud revenue grew by 17.1% to JPY 68.6 billion [6] - Data center revenue increased by 7.4% to JPY 25.9 billion [6] - Net contract value of Intelligent Computing business exceeded JPY 1 billion [6] Market Data and Key Metrics Changes - International business revenue reached JPY 500 million, a 15.2% increase over the previous year [22] - The company established 40 global branches in countries like Saudi Arabia, Peru, UAE, and Uzbekistan [22] Company Strategy and Development Direction - Focus on connectivity communications, computing, and digital smart appliances, emphasizing innovation and breakthroughs [4] - Investment strategy aimed at building new infrastructure with a focus on intelligent operations [7] - Anticipated CapEx for 2025 is around JPY 55 billion, with a 28% year-on-year increase in computing power [25] - Commitment to enhancing innovation momentum and optimizing business structure [26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and commitment to enhancing quality, efficiency, and revenue [25] - The company aims to create more value for society and investors while fulfilling corporate ESG responsibilities [23][26] Other Important Information - The company was included in the FTSE China A50 index, effective soon [24] - Dividend payout ratio increased by 5% points, with a 20.1% increase in dividend payout [24][25] Q&A Session Summary Question: What are the expectations for future growth? - Management indicated that they anticipate continued growth in both domestic and international markets, with a focus on innovation and infrastructure development [25] Question: How is the company addressing ESG responsibilities? - The company highlighted its efforts in energy efficiency, clean energy use, and serving rural areas through digital platforms [23] Question: What are the key areas of investment for the upcoming year? - Key areas of investment include computing power, AI projects, and infrastructure development, with a special budget allocated for these initiatives [25]

Financial Performance - Operating revenue reached RMB 389.6 billion, a year-on-year increase of 4.6%; profit attributable to equity holders was RMB 20.6 billion, up 10.1% year-on-year[3]. - Total revenue for the year ended December 31, 2024, was RMB 389,589 million, an increase of 4.3% from RMB 372,597 million in 2023[24]. - Net profit for the year was RMB 20,733 million, representing a growth of 9.6% compared to RMB 18,922 million in 2023[24]. - Basic earnings per share increased to RMB 0.67 in 2024 from RMB 0.61 in 2023, reflecting a growth of 9.8%[24]. - Total comprehensive income for the year was RMB 20,996 million, up from RMB 19,241 million in 2023, marking an increase of 9.1%[25]. - Total service revenue for 2024 reached RMB 345.975 billion, an increase of 3.4% from RMB 335.170 billion in 2023[47]. - Revenue from communication product sales increased to RMB 43.614 billion in 2024, up 16.5% from RMB 37.427 billion in 2023[47]. - The company's internet communication business revenue was RMB 261.33 billion, reflecting a year-on-year growth of 1.5%[72]. - The smart network business revenue amounted to RMB 82.49 billion, marking a year-on-year increase of 9.6%[73]. Dividends - The proposed final dividend is RMB 0.1562 per share (before tax), with a total annual dividend of RMB 0.4043 per share (before tax), representing a year-on-year increase of 20.1%[3]. - The company declared an interim dividend of RMB 0.2481 per share for 2024, totaling approximately RMB 75.91 billion, compared to RMB 0.203 per share in 2023[58]. - The proposed final dividend for the year ending December 31, 2024, is RMB 0.1562 per share, amounting to approximately RMB 47.79 billion[57]. - The board proposed a final dividend of RMB 0.1562 per share, totaling approximately RMB 4.779 billion, subject to shareholder approval at the annual general meeting[98]. - The final dividend record date is set for June 6, 2025, with the payment expected around June 25, 2025, if approved[98]. User Growth and Engagement - Mobile and broadband user numbers reached 470 million, with a net increase of 19.52 million; IoT connections exceeded 620 million, with a net increase of 130 million[5]. - The number of cloud disk users exceeded 180 million, and ultra-clear users surpassed 50 million, indicating significant growth in user engagement[17]. - The total number of mobile internet users exceeded 340 million, with a net increase of 10.68 million users[1]. - The broadband internet user base surpassed 120 million, with a net increase of 8.84 million users[1]. Capital Expenditure and Investment - Capital expenditure for 2024 is RMB 61.37 billion, a decrease of 17% year-on-year, with computing power investment rising by 19%[3]. - The company aims for revenue, profit, and return on equity to achieve strong growth by 2025, with fixed asset investment projected at approximately RMB 55 billion, including a 28% year-on-year increase in computing power investment[21]. - Total capital expenditures for 2024 amounted to RMB 61.37 billion, with net cash flow from operating activities at RMB 89.40 billion, resulting in free cash flow of RMB 28.03 billion after capital expenditures[90]. Research and Development - R&D expenses increased by 9.1% year-on-year, with 42% of technology talent being innovation-focused[12]. - The company aims to enhance innovation and development, focusing on overcoming key technological bottlenecks and improving overall operational quality[62]. Operational Efficiency and Costs - The company’s operating costs were RMB 373.56 billion, up 4.5% year-on-year, with a cost-to-revenue ratio of 95.9%[75]. - The depreciation and amortization expenses were RMB 83.39 billion, down 1.7% year-on-year, reducing its share of operating revenue from 22.8% to 21.4%[77]. - In 2024, employee compensation and benefits expenses amounted to RMB 64.93 billion, a year-on-year increase of 3.2%, accounting for 16.7% of operating revenue, down from 16.9% in the previous year[79]. - Management expenses decreased by 7.4% year-on-year to RMB 5.12 billion, representing 1.3% of operating revenue, down from 1.5% in the previous year[82]. Corporate Governance and Compliance - The board of directors includes executive and independent non-executive members, ensuring diverse governance[106]. - The group has adopted revised Hong Kong Financial Reporting Standards, which do not significantly impact the financial position and performance as presented in the consolidated financial statements[41]. - The new Hong Kong Financial Reporting Standard 18, effective from January 1, 2027, will introduce new requirements for the presentation and disclosure of financial statements[44]. ESG and Social Responsibility - The company is actively pursuing ESG responsibilities, having established 22 national-level green data centers and promoting network energy conservation[20]. - The company has upgraded its "Unicom Rural" platform, serving 260,000 administrative villages and 280 million rural users, contributing to rural revitalization[20].

Core Viewpoint - The three major telecom operators in China are actively investing in artificial intelligence (AI) to enhance their service capabilities and drive new business opportunities [1] Group 1: Company Initiatives - China Mobile is accelerating breakthroughs in AI innovation [1] - China Telecom is deeply engaging in "AI+" initiatives to create a new engine for productivity [1] - China Unicom is implementing the "Artificial Intelligence+" action to enhance its technological capabilities and promote AI integration across various industries [1] Group 2: Benefits of DeepSeek Integration - All three telecom operators are integrating DeepSeek, a high-performance AI model, which is expected to improve customer service systems, intelligent recommendations, and fault diagnosis [1] - The integration of DeepSeek will assist operators in developing new AI-driven businesses as traditional business growth approaches saturation [1] - DeepSeek's integration will facilitate the transformation of operators from traditional communication service providers to digital service providers, while also optimizing the utilization of idle cloud computing resources [1] Group 3: Market Opportunities - The utilization rates of cloud, IDC, and computing resources are expected to significantly increase in the AI era, leading to revaluation opportunities for the telecom operators [1] - Key investment targets recommended include China Mobile, China Telecom, and China Unicom [1]

Core Viewpoint - The three major telecom operators in China have collectively responded to media reports regarding issues in telephone marketing practices, emphasizing their commitment to self-examination and improvement in service quality [1][2][3]. Group 1: Company Responses - China Mobile has initiated a targeted self-examination in response to the reports, pledging to uphold customer interests and improve service quality by addressing any identified issues [2]. - China Unicom has also expressed its commitment to a thorough self-check, promising to rectify any problems found and to standardize telephone marketing practices to ensure transparency for consumers [3]. - China Telecom has stated its intention to conduct a comprehensive self-assessment and to strengthen marketing service standards, ensuring that user rights are protected [3]. Group 2: Industry Context - The telecom industry is currently undergoing significant reforms and modernization efforts, with a focus on addressing consumer complaints related to misleading marketing practices and ensuring compliance with regulations [4][5]. - A recent investigation by Xinhua News Agency highlighted various deceptive marketing tactics used by telecom operators, including misleading offers and hidden fees, which have led to numerous consumer complaints [6][7]. - Experts have called for improved legal regulations and better management practices within telecom companies to address the persistent issues in marketing and enhance service quality [7].

Investment Rating - Maintain "Buy" rating for the industry [4] Core Viewpoints - The market has underestimated the explosive potential of innovative connection solutions in optical communication, particularly with the increasing demand for MPO and shuffle box in complex interconnections [1][21] - The transition from 400G to higher speeds like 800G and 1.6T in optical modules is becoming a consensus, creating new opportunities for passive connection devices [3][24] - The report emphasizes the importance of high-density, high-speed, and low-power solutions in the context of growing computing clusters, which will drive innovation in passive products [24] Summary by Sections Investment Strategy - Focus on the undervalued high-speed optical interconnect sector, recommending "Two Big and Four Small" companies: Tianfu Communication, Sanhuan Group, and smaller firms like Taicheng Light, Shijia Photon, Bochuang Technology, and Zhishang Technology [7][13][24] Market Review - The communication sector has seen an increase, with the blockchain segment performing the best [18][19] - The report notes significant stock movements, with Guomai Technology leading the sector with a 46.586% increase [20] Weekly Topic - The upcoming GTC and OFC events are expected to highlight new technologies in optical communication, with a focus on the demand for more compact and efficient solutions [1][21] Key Recommendations - The report suggests monitoring developments in optical modules and passive connection devices, as these areas are poised for growth due to technological advancements and market demand [24][26]

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