时间到了我们开始好女士们先生们大家下午好我是孟树森今天非常高兴能在这里与各位再次见面也非常感谢各位长期以来对中国联通的关心支持我谨代表公司管理层热烈欢迎大家出席中国联通2024年度业绩发布会 今天的发布会有两个环节首先是公司董事长的演讲然后是管理层与各位媒体投资者和分析师朋友的交流环节在交流期间管理层会回答业绩发布会讨论范围以内的问题如果因为时间关系我们还有一些感兴趣的问题 没有在会上回答我们在会后会由公司投资者关系部积极进行跟进本次发布会将以中文进行并且配有英文的同声传译会议期间请各位朋友将手机置于震动或关闭的状态首先请允许我介绍今天出席会议的公司董事会成员和管理层 他们是董事长兼首席执行官陈忠岳先生执行董事兼总裁简勤先生执行董事王俊智先生高级副总裁唐永博先生 营业收入稳健增长达到3896亿元同比提升4.6%增速领先行业盈利能力持续提升净利润达到206亿元同比提升10.1%净资产收益率提升至5.8% 联网通信稳盘托底用户规模再创新高移动和宽带用户数达到4.7亿竞争1952万物联网连接数超过6.2亿竞争1.3亿车联网连接数达到7600万保持行业第一 格物工业互联网平台纳管设备超过1200万台占全国1%算网数字 ...

Investment Rating - The report maintains a "Buy" rating for China Unicom, expecting a price increase of over 15% relative to the industry index in the next six months [9] Core Views - China Unicom's revenue for the first three quarters of 2024 reached 290.12 billion yuan, a year-on-year increase of 3.0%, while the net profit attributable to shareholders was 8.34 billion yuan, up 10.0% year-on-year [1] - The company is experiencing rapid growth in its computing power business, with cloud revenue reaching 43.86 billion yuan, a 19.5% increase year-on-year [2] - The company is accelerating the construction of new infrastructure, with 5G mid-frequency base stations reaching 1.36 million and 4G mid-frequency shared base stations exceeding 2 million [2] - The adjustment of the depreciation period for 4G equipment from 7 years to 10 years is expected to reduce fixed asset depreciation by 1.1 to 1.2 billion yuan in 2024 [2] Financial Performance - For 2022A, the total revenue was 354.94 billion yuan, with a projected revenue of 400.17 billion yuan for 2024E, reflecting a growth rate of 7.4% [1][4] - The net profit attributable to shareholders is projected to grow from 9.30 billion yuan in 2024E to 12.15 billion yuan in 2026E, with a compound annual growth rate of 14.5% [1][4] - The latest diluted EPS is expected to increase from 0.29 yuan in 2024E to 0.38 yuan in 2026E [1][4] User Growth and Market Position - As of Q3 2024, China Unicom's mobile users reached 345 million, with a net increase of 11.23 million users for the year, marking the highest growth in six years [2] - The penetration rate of 5G package users reached 83%, with 286 million users, indicating a continuous optimization of the user structure [2] Infrastructure Development - The company is enhancing its mobile internet coverage and has established high-performance computing centers in various locations, supporting the "East Data West Computing" initiative [2] - The construction of the AINet aims to meet the demand for high-throughput and high-performance data transmission [2]

Investment Rating - The investment rating for China Unicom is "Outperform the Market" and is maintained [2] Core Views - The report highlights that China Unicom's revenue for the first three quarters reached 290.12 billion yuan, a year-on-year increase of 2.99%, with a net profit of 18.973 billion yuan, up 9.59% year-on-year [6] - The company has shown strong growth in its computing and cybersecurity businesses, with cloud revenue increasing by 19.5% year-on-year [6] - The operating cash flow has improved, with a net cash flow of 58.251 billion yuan for the first three quarters, narrowing the decline from the previous year [6] - The report projects steady revenue growth for the company, with expected revenues of 387.82 billion yuan, 403.44 billion yuan, and 418.10 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - For Q3, the revenue was 92.782 billion yuan, a year-on-year increase of 3.25%, and the net profit was 5.223 billion yuan, up 7.54% year-on-year [6] - The gross profit margin for the first three quarters was 26.02%, an increase of 0.84 percentage points year-on-year [6] - The number of mobile users increased by 11.23 million to 345 million, with 5G package users reaching 286 million, a penetration rate of 83% [6] Revenue and Profit Forecast - The report forecasts a double-digit growth in total profit for the year, with a projected dividend yield of 5.8% for H shares and 2.5% for A shares [7] - The expected net profit for 2024 is 9.042 billion yuan, with a year-on-year growth of 10.6% [8] Valuation - The report assigns a price-to-book (PB) ratio of 1.4 to 1.6 for 2024, suggesting a reasonable value range of 7.20 yuan to 8.23 yuan per share [7] - The average P/E ratio for comparable companies is noted to be around 16 for 2024 [9]

Investment Rating - The investment rating for China Unicom (600050) is "Buy" (maintained) [4] Core Insights - In the third quarter of 2024, China Unicom achieved operating revenue of 290.12 billion yuan, a year-on-year increase of 2.99%, and a net profit attributable to shareholders of 8.34 billion yuan, up 10.04% year-on-year [2][6] - The company reported a record high in mobile user numbers, reaching 345 million, with a net increase of 11.23 million users for the year, marking the highest growth in six years [6] - The penetration rate of 5G package users reached 83%, with 286 million users, indicating a continuous optimization of user structure [6] - The company's cloud computing revenue grew by 19.5% year-on-year, reaching 43.86 billion yuan, while data center revenue increased by 6.8% to 19.69 billion yuan [6] Summary by Sections Financial Performance - For the first three quarters of 2024, operating revenue was 290.12 billion yuan, with a net profit of 8.34 billion yuan [6] - The third quarter alone saw operating revenue of 92.78 billion yuan, a 3.25% increase year-on-year, but a 5.17% decrease quarter-on-quarter [6] - The company expects operating revenues for 2024-2026 to be 391.08 billion, 410.83 billion, and 431.32 billion yuan respectively, with year-on-year growth rates of 4.96%, 5.05%, and 4.99% [6][7] User Growth and Market Position - Mobile users reached 345 million, with a net increase of 11.23 million users for the year [6] - The number of IoT connections reached 594 million, and fixed broadband users totaled 121 million, with a net increase of 7.12 million users [6] Business Expansion - The company is expanding its intelligent computing business, with significant investments in data centers and cloud services [6] - The establishment of large-scale computing centers is part of the "East Data West Computing" initiative, enhancing the company's digital infrastructure [6]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has maintained double-digit profit growth in the first three quarters of 2024, with total revenue reaching 290.12 billion yuan, a year-on-year increase of 3.0%, and net profit attributable to the parent company at 8.34 billion yuan, up 10.0% year-on-year [3][5] - The company is focusing on enhancing its digital infrastructure, with significant advancements in mobile internet coverage and the establishment of high-performance computing centers [2] - The company is expected to continue its trend of increasing shareholder returns, with planned interim dividends for 2024 showing a year-on-year growth of 22.2% for Hong Kong red-chip companies and 20.5% for A-shares [2] Financial Data and Valuation - Revenue (in million yuan) is projected to grow from 372,596.79 in 2023 to 422,925.70 in 2026, with growth rates of 4.97%, 3.84%, 4.89%, and 4.22% respectively [8] - EBITDA (in million yuan) is expected to decline slightly from 100,875.59 in 2023 to 99,869.30 in 2024, before increasing to 112,978.03 in 2026 [8] - Net profit attributable to the parent company (in million yuan) is forecasted to increase from 8,172.68 in 2023 to 11,074.78 in 2026, with growth rates of 11.96%, 11.26%, 10.51%, and 10.21% respectively [8] - Earnings per share (EPS) is projected to rise from 0.26 in 2023 to 0.35 in 2026 [8] - The price-to-earnings ratio (P/E) is expected to decrease from 20.00 in 2023 to 14.76 in 2026, indicating a more attractive valuation over time [8] Business Segments - The company's connectivity business is showing steady improvement, with mobile users reaching 345 million, and a net increase of 11.23 million users in the year, marking the highest growth in six years [4] - The computing and intelligence business is expanding rapidly, with cloud revenue reaching 43.86 billion yuan, a year-on-year increase of 19.5% [4] - The company is actively enhancing its 5G and industrial internet services, with a total of 14,013 clients served in the 5G industry virtual private network segment [4]

Investment Rating - The investment rating for the company is "Buy" with a target price set at 5.14 CNY per share, maintaining the previous rating of "Buy" [1]. Core Insights - The company's revenue for the first three quarters of 2024 reached 290.12 billion CNY, representing a year-on-year growth of 3.0%, while the net profit attributable to shareholders was 8.34 billion CNY, up 10.0% year-on-year [1]. - The communication business remains stable, with a significant increase in mobile users, reaching 345 million, marking a net addition of 11.23 million users [1]. - The computing power business is rapidly developing, with revenue from cloud services increasing by 19.5% year-on-year to 43.86 billion CNY [1][2]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 92.78 billion CNY, a 3.3% increase year-on-year, and a net profit of 2.30 billion CNY, up 7.8% year-on-year [1]. - The gross margin for the first three quarters was 26.0%, a slight increase of 0.8 percentage points year-on-year, while the net margin was 6.5%, up 0.4 percentage points [1]. Business Segments - The mobile user base saw a net increase of 11.23 million, with 5G package users reaching 286 million, resulting in a penetration rate of 83% [1]. - The Internet of Things (IoT) connections reached 594 million, with a net increase of nearly 100 million [1]. - The revenue from the industrial internet business was 60.69 billion CNY, accounting for 24.0% of total revenue, reflecting a year-on-year increase of 1.8 percentage points [1]. Management and Efficiency - The company has improved its management efficiency, with a decrease in the expense ratio to 16.6%, down 0.5 percentage points year-on-year [1]. - Research and development expenses increased by 0.4 percentage points to 1.9% of total revenue, indicating a commitment to innovation [1]. Cash Flow and Receivables - Operating cash flow for the first three quarters was 58.25 billion CNY, a decline of 14.0% year-on-year, attributed to an increase in accounts receivable [2]. - Accounts receivable and payable increased by 20.6% and 4.2% year-on-year, respectively, indicating a shift in the company's business model towards more B2B transactions [2]. Future Outlook - The revenue forecast for 2024-2026 has been adjusted, with expected revenues of 387.61 billion CNY, 403.93 billion CNY, and 421.50 billion CNY, respectively [3]. - The earnings per share (EPS) estimates have been revised to 0.28 CNY, 0.31 CNY, and 0.35 CNY for the same period [3].

本报记者 李乔宇 10月22日晚间，中国电信以及中国联通披露了2024年第三季度报告。至此，三大通信运营商三季报均已 披露。 具体来看，今年前三季度，中国移动实现营业收入7915亿元，同比增长2%；实现归属于母公司股东的 净利润1109亿元，同比增长5.1%。中国电信实现营业收入3919.68亿元，同比增长2.9%；实现归属于上 市公司股东的净利润为292.99亿元，同比增长8.1%。中国联通实现营业收入2901.2亿元，同比增长 3.0%；利润总额为234.2亿元，归属于母公司净利润为83.4亿元，同比增长10.0%。 华泰证券通信首席分析师王兴在接受《证券日报》记者采访时表示，从三大运营商披露的三季报来看， 三家企业在今年前三季度的表现均符合市场预期。长期来看，随着资本开支步入下降周期以及新兴产业 市场空间陆续释放，通信运营商业绩表现有望持续向好。 探索新业绩增长点 从用户情况来看，截至今年三季度末，中国移动的移动客户总数为10.04亿户，5G网络客户数5.39亿 户，前三季度，移动ARPU（每用户平均收入）为49.5元；截至9月30日，中国移动有线宽带客户总数为 3.14亿户，前三季度，家庭客户综合AR ...

中国联通：拟注销5.13亿股已回购股份 财联社10月22日电，中国联通公告，公司拟将回购专用证券账户 公司股份5.13亿股全部予以注销并相应减少公司注册资本。 该事项尚待提交股东大会审议。 回购股份注销后，公司股份结构将发生变化，有限售条件的流通股占比将由2.63%提升至2.67%，无限 售条件的流通股占比将由97.37%降低至97.33%。 查看公告原文 ...

证券代码:600050 证券简称:中国联通 公告编号:2024-063 中国联合网络通信股份有限公司 关于注销回购股份并减少注册资本的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2024 年 10 月 22 日，中国联合网络通信股份有限公司（以下简称"本公 司"或"公司"）召开了第八届董事会第七次会议，审议通过了《关于注销回 购股份并减少注册资本的议案》，公司拟将回购专用证券账户公司股份 513,314,385 股全部予以注销并相应减少公司注册资本，本事项尚待提交股东 大会审议。现将相关情况公告如下： 一、回购方案及实施情况 2021 年 3 月 11 日，公司召开了第六届董事会第二十四次会议及第六届 监事会第十七次会议，审议通过了《关于以集中竞价交易方式回购公司股份 的议案》。根据《公司章程》的相关规定，回购方案无需提交公司股东大会审 议。 公司于 2021 年 3 月 12 日披露的《关于以集中竞价交易方式回购公司股 份的回购报告书》（公告编号：2021-033），回购方案的主要内容如下：同意 公司以集中竞 ...

关于中国联合网络通信股份有限公司 会计估计变更事项的专项说明 2 2024年10月22日 六六四章多版(姑苏斯坦 -- 一个) 关于中国联合网络通信股份有限公司 会计估计变更事项的专项说明 德师报(函)字(24)第 Q01596 号 中国联合网络通信股份有限公司董事会: 根据上海证券交易所《上海证券交易所上市公司自律监管指南第 1 号 -- 公告格式(2024年 5 月 修订)》第三十三号 -- 会计差错更正、会计政策或会计估计变更公告及《企业会计准则第28号 --- 会计政策、会计估计变更和差错更正》的要求,中国联合网络通信股份有限公司(以下简称"贵公司") 编制了后附的《中国联合网络通信股份有限公司关于会计估计变更事项的情况说明》(简称"情况说 明")。 如实编制和对外披露情况说明并确保其真实性、合法性及完整性是贵公司管理层的责任。我们阅 读了情况说明,并对情况说明中的会计估计变更原因及会计处理进行了复核,公司会计估计变更具有 合理性,未发现情况说明在所有重大方面存在不符合企业会计准则的情况。 本专项说明仅供贵公司向上海证券交易所报送相关文件之目的使用,不得用作其他任何目的。 德勤华永会计 中国注册会计师 ...