证券研究报告 | 2024年03月27日 中国联通（600050.SH） 买入 公司指引利润双位数增长，派息率稳步提升 核心观点 公司研究·财报点评 全年净利润实现双位数增长。公司2023年实现营业收入3726亿元，其中主 通信·通信服务 营业务收入3352亿元（同比+5.0%）；净利润实现187.1亿元，归母净利润 证券分析师：马成龙 联系人：钱嘉隆 实现81.7亿元（同比+12.0%）；EBITDA达到996亿元。单四季度，公司实 021-60933150 021-60375445 machenglong@guosen.com.cn qianjialong@guosen.com.cn 现收入909亿元（同比基本持平），实现归母净利润6亿元（同比+27.1%）。 S0980518100002 2024年，公司指引收入稳健增长，利润保持双位数增长。 基础数据 移动联网业务稳中有进。公司联网通信业务包括移动联网、宽带联网、电视 投资评级 买入(维持) 合理估值 联网、专线联网、通信业务及信息业务六大板块，2023年实现收入2446亿 收盘价 4.58元 总市值/流通市值 145647/141823百万元 元。移 ...

公司快报 2024 年 03 月 21 日 中 国联通(600050.SH) 证券研究报告 利润保持双位数增长，算网数智业务快速发展 电信运营Ⅲ 投资评级 买入-A 事件： 维持评级 2024 年 3月20日，公司发布2023 年年度报告。2023 年度，公司 6个月目标价 5.51元 实现营业收入 3,726.0 亿元，同比增长 5.0%；实现归母净利润 股价 (2024-03-21) 4.72元 81.7 亿元，同比增长 12.0%；实现扣非归母净利润 74.93 亿元， 同比增长 12.2%；实现基本每股收益 0.261元，同比增长 11.5%。 交易数据 归母净利润保持双位数增长，现金分红水平达到历史新高： 总市值(百万元) 150,098.74 流通市值(百万元) 146,157.88 2023 年，公司，聚焦联网通信和算网数智两大主业，经营发展稳中 总股本(百万股) 31,800.58 有进，基础能力快速补强，特色优势持续放大，创新转型走深走实， 流通股本(百万股) 30,965.65 为企业长远发展奠定了更为坚实的基础。2023 年，公司实现营业收 12个月价格区间 3.97/6.07元 入 3 ...

公司报告 | 年报点评报告 中国联通（600050） 证券研究报告 2024年03月 24日 投资评级 业绩稳步增长，投资回报显著增厚 行业 通信/通信服务 6个月评级 增持（维持评级） 当前价格 4.66元 事件：公司发布2023年度业绩，实现营业收入3726亿元，同比增长5.0%； EBITDA达到996亿元；归母净利润82 亿元，同比增长12.0%，连续7年实 目标价格 元 现双位数提升。净资产收益率达到5.1%，实现近年最好水平。 基本数据 我们的点评如下： A股总股本(百万股) 31,800.58 着力推进两大主业协调发展，实现质的有效提升和量的合理增长 流通A股股本(百万股) 30,965.65 A股总市值(百万元) 148,190.71 联网通信业务稳中有进，为稳健经营守好基本盘。23年联网通信业务（移 流通A股市值(百万元) 144,299.94 动联网、宽带联网、电视联网、专线联网、信息业务、通信业务）实现收 入2446 亿元，达两类主营业务收入 3/4。其中 1）移动联网量质提升，23 每股净资产(元) 5.01 年底移动用户数达3.33亿户，全年净增1060万，净增用户同比增长90%， ...

证券研究报告 公 2024年03月23日 司 报 告 中国联通(600050) │ 行 业： 通信/通信服务 公 投资评级： 买入（上调） 司 当前价格： 4.66元 营收增长和投资优化助力投资回报不断提升 年 目标价格： 5.80元 报 点 事件： 评 基本数据 2024 年 3 月 19 日中国联通发布 2023 年年度报告。2023 年公司实现营收 31,800.58/30,965. 总股本/流通股本(百万股) 65 3725.97 亿元，同比增长 4.97%，联网通信业务收入 2445.8 亿元，同比增 流通A股市值(百万元) 144,299.94 长 3.1%，网数智业务收入 752.8 亿元，同比增长 12.9%；公司实现归母净 每股净资产(元) 5.01 利润81.73亿元，同比增长11.96%。 资产负债率(%) 46.00 ➢ 公司联网通信业务稳盘托底效应突出。 移动联网方面，2023年移动用户规模达到 3.33亿户，净增用户达到 1060 一年内最高/最低(元) 6.13/3.90 万户。用户结构持续优化，5G 套餐用户渗透率达到 78%；宽带联网方面， 股价相对走势 公司持续打造千兆服务 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中国联通（ ） 600050.SH [中Ta国b联le_通Ti2tl0e2] 年报点评： 3 资本开支拐点已现， 年经营与派息指引积极 24 报告要点 [2T0a2b3le年_S公um司m业a绩ry]表现亮眼，净利润延续双位数增长，ROE水平创近年新高，顺利完成年初既 定目标。联网通信业务稳中有进，用户规模增势强劲；算网数智业务进中向好，是公司营收的 重要增长极。资本开支拐点已现，在总量减少的基础上，结构上向算网数智领域倾斜，折旧及 摊销占收比持续下降。派息率稳步提升且指引明确，现金流有所好转。公司全年指引积极，目 ...

[Table_Page] 年报点评|通信 证券研究报告 [中Table_国Title] 联通（600050.SH） [公Tab司le_I评nves级t] 买入 当前价格 4.66元 利润延续双位数增长，资本开支迎拐点 合理价值 6.30元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-22  2024年3月20日，公司发布2023年年度报告。全年实现营收3726 [相Tab对le_P市icQ场uote表] 现 亿元（YoY+5.0%），归母净利润82亿元（YoY+12.0%），ROE 5.08% （YoY+0.4pct），自由现金流 304亿元（YoY+10.8%），派息率约55%。 10% 2% 全年资本开支739亿元（前值742亿元），2024年指引为650亿元。 -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24  量质并举，联网通信和算网数智两大主业协调发展。（1）联网通信业 -14% 务：2023年实现收入2446亿元。移动联网方面，移动用户规模3.33 -22% -30% 亿户，5G 套餐用户渗透率 78%（ ...

Investment Rating - The report maintains a "Buy" rating for China Unicom [3] Core Views - The company reported a revenue of 372.6 billion yuan in 2023, a year-on-year increase of 5%, with a net profit of 8.2 billion yuan, reflecting a 12% growth [1] - Capital expenditure is shifting focus from traditional connectivity to intelligent computing, with a projected capital expenditure of 65 billion yuan in 2024 [1] - The company is confident in maintaining steady revenue growth and double-digit profit growth in 2024 [1] Financial Performance - Revenue for 2023 was 372.6 billion yuan, with a 5% growth compared to 2022 [2] - The net profit for 2023 reached 8.2 billion yuan, marking a 12% increase year-on-year [2] - EBITDA for 2023 was 99.6 billion yuan [1] - The company plans to invest 65 billion yuan in capital expenditures in 2024, focusing on intelligent computing [1] User Growth and Business Segments - The mobile user base increased by 10.6 million to 333 million, with a 90% year-on-year increase in net additions [1] - The broadband user base grew by 9.79 million to 113 million, with a penetration rate of 76% for integrated services [1] - The intelligent computing segment generated 75.2 billion yuan in revenue, accounting for 25% of total revenue, with significant contributions from cloud services and data services [1] Future Projections - Expected net profits for 2024, 2025, and 2026 are 9.2 billion, 10.4 billion, and 11.5 billion yuan respectively, with year-on-year growth rates of 13%, 12%, and 11% [2] - EPS for the same years is projected to be 0.29, 0.33, and 0.36 yuan [2] - The company aims to continue expanding its intelligent computing capabilities and maintain growth in traditional business segments [1]

Investment Rating - The report maintains a "Recommendation" rating for China Unicom, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][14]. Core Insights - China Unicom reported a revenue of 372.6 billion yuan in 2023, a year-on-year increase of 4.97%, and a net profit attributable to shareholders of 8.17 billion yuan, up 11.96% year-on-year, achieving double-digit growth for seven consecutive years [2][3]. - The company aims for steady revenue growth in 2024, targeting double-digit growth in total profit [2]. - The capital expenditure for 2023 was 73.87 billion yuan, slightly down from 74.20 billion yuan in 2022, with a focus on high-growth intelligent network services [4]. Summary by Sections Financial Performance - In 2023, China Unicom's gross margin was 24.52%, an increase of 0.27 percentage points year-on-year, while the net margin was 5.02%, up 0.33 percentage points year-on-year [2]. - The return on equity (ROE) reached a recent high of 5.1% [2]. User Growth and Business Segments - The mobile user base increased by 10.6 million, a 90% year-on-year rise, with a 5G package penetration rate of 78%, up 12 percentage points year-on-year [3]. - Broadband users grew by 9.79 million, the highest in nearly a decade, with a fusion penetration rate of 76% and a gigabit user penetration rate of 22%, up 6 percentage points year-on-year [3]. - The intelligent network services segment generated 75.2 billion yuan in revenue, accounting for about 25% of total revenue, and contributed over half of the new income [3]. Capital Expenditure and Shareholder Returns - The capital expenditure for 2024 is projected to be around 65 billion yuan, with a continued focus on intelligent network investments [4]. - The dividend payout ratio for 2023 is set to increase to 50.5%, with a cash dividend level reaching a historical high of approximately 0.132 yuan per share, a 21.1% increase year-on-year [4]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 395.14 billion yuan, 414.81 billion yuan, and 432.97 billion yuan, respectively, with net profits projected at 9.05 billion yuan, 9.99 billion yuan, and 11.05 billion yuan [4][10].

Investment Rating - The investment rating for the company is "Add-B" [3] Core Views - The company achieved a revenue of 372.6 billion RMB in 2023, a year-on-year growth of 5.0%, and a net profit attributable to shareholders of 8.2 billion RMB, representing a 12.0% increase [1][5] - The company has maintained double-digit profit growth for seven consecutive years, indicating significant results in high-quality development [1] - The company’s free cash flow increased by 10.8% year-on-year, reaching 30.4 billion RMB, and its debt-to-asset ratio remained at a reasonable level of 46.0% [1][5] - The company won the GSMA Foundry "Network Efficiency Excellence Award" during the 2024 World Mobile Communications Conference, showcasing its leadership in the global shared network field [1] Summary by Sections Financial Performance - In 2023, the company's main business revenue reached 335.2 billion RMB, with a gross margin of 24.5%, an increase of 0.3 percentage points from the previous year [1] - The weighted average return on equity (ROE) was 5.08%, marking the best level in recent years [1] - The company’s total profit was 22.7 billion RMB, with a net profit of 8.2 billion RMB, achieving a continuous double-digit growth [1] Business Segments - The company’s connected communication business generated 244.6 billion RMB in revenue, with a user base exceeding 1 billion, an increase of approximately 140 million from the end of 2022 [1] - The penetration rate of 5G packages reached 78%, up 12 percentage points year-on-year, with mobile users totaling 333 million [1] - The broadband user base reached 113 million, with a net increase of 9.79 million, the highest in nearly a decade [1] Digital and Intelligent Services - The company's digital and intelligent business generated 75.2 billion RMB in revenue, accounting for about one-quarter of total revenue and contributing over half of the new revenue [2] - The cloud segment achieved 51 billion RMB in revenue, growing by 41.6%, with cloud resource sales exceeding 1 million cores, a 186% increase [2] - Data services maintained over 50% market share for five consecutive years, with daily data collection doubling to 1.2PB [2] Research and Development - The company increased R&D investment to 8.1 billion RMB, a year-on-year growth of 18.5%, with 40% of personnel engaged in technological innovation [5] - The company has built over 1.21 million 5G mid-frequency base stations, with a focus on enhancing network coverage [5] Future Outlook - The company plans to maintain a dividend payout ratio not lower than that of 2023, with a total dividend of 0.132 RMB per share, a 21.1% increase year-on-year [5] - Revenue forecasts for 2024-2026 are projected at 398.8 billion RMB, 426.3 billion RMB, and 455.0 billion RMB, with corresponding net profits of 9.3 billion RMB, 10.5 billion RMB, and 11.7 billion RMB [5]

证券研究报告 | 公司动态点评 2024 年 03月 19日 中国联通（600050.SH） 基础业务稳健，看好 AI 智算及数据要素布局 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 354,944 372,597 411,347 455,361 506,361 股票信息 增长率yoy（%） 8.3 5.0 10.4 10.7 11.2 归母净利润（百万元） 7,299 8,173 9,422 11,087 13,056 行业 通信 增长率yoy（%） 15.8 12.0 15.3 17.7 17.8 2024年3月19日收盘价（元） 4.64 ROE（%） 4.8 5.2 5.6 6.3 6.9 总市值（百万元） 147,554.70 EPS最新摊薄（元） 0.23 0.26 0.30 0.35 0.41 流通市值（百万元） 143,680.63 P/E（倍） 20.6 18.4 15.9 13.5 11.5 总股本（百万股） 31,800.58 P/B（倍） 1.0 0.9 0.9 0.8 0.8 流通股本（百万股） 30,965.65 资料 ...