Investment Rating - The investment rating for China Unicom (600050.SH) is "Outperform the Market" [6][4][25] Core Views - In 2024, China Unicom achieved a revenue of 389.6 billion yuan, representing a year-on-year growth of 4.6%, and a net profit attributable to shareholders of 9 billion yuan, which is a 10.5% increase year-on-year [1][9] - The company has shown significant growth in its innovative business sectors, with industrial internet revenue reaching 82.4 billion yuan, up 24% year-on-year, and notable performance in cloud computing, data centers, and big data services [2][13] - The capital expenditure for 2024 was 61.4 billion yuan, with a decreasing ratio of capital expenditure to revenue, indicating improved efficiency in capital allocation [3][16] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.5 billion yuan, a 9.4% increase year-on-year, and a net profit of 690 million yuan, up 16.26% year-on-year [1][9] - The EBITDA for 2024 reached 92.3 billion yuan, and the return on equity (ROE) was 5.49%, an increase of 0.41 percentage points year-on-year [1][9] Business Growth - The user structure of traditional businesses continues to optimize, with "Big Connection" users reaching 1.14 billion, a net increase of 195 million users for the year [2][15] - The penetration rate of 5G package users reached 83%, with 290 million users, reflecting a year-on-year growth of 5 percentage points [2][15] Capital Expenditure and Cost Management - The capital expenditure for 2024 was 61.4 billion yuan, with a planned reduction to 55 billion yuan for 2025, indicating a focus on cost efficiency [3][16] - The depreciation and amortization expenses for 2024 were 77.8 billion yuan, with a ratio to revenue decreasing by 2.8 percentage points compared to 2023 [3][16] Dividend Policy - The company proposed a final dividend of 0.0621 yuan per share, with an annual dividend of 0.158 yuan per share, resulting in a dividend payout ratio of 55%, an increase of 4.5 percentage points year-on-year [3][22]

Investment Rating - The investment rating for China Unicom (600050.SH) is "Outperform the Market" [6][4][25] Core Views - In 2024, China Unicom achieved a net profit of 9 billion yuan, representing a year-on-year growth of 10.5%, with total revenue reaching 389.6 billion yuan, an increase of 4.6% year-on-year [1][9] - The company has shown significant growth in its innovative business sectors, with industrial internet revenue reaching 82.4 billion yuan, a year-on-year increase of 24% [2][13] - The capital expenditure for 2024 was 61.4 billion yuan, with a decreasing ratio of capital expenditure to revenue, indicating improved efficiency [3][16] Summary by Sections Financial Performance - In 2024, China Unicom's revenue was 389.6 billion yuan, with a net profit of 9 billion yuan and EBITDA of 92.3 billion yuan [1][9] - The fourth quarter of 2024 saw a revenue of 99.5 billion yuan, with a net profit of 690 million yuan, marking a year-on-year growth of 16.26% [1][9] Business Growth - The industrial internet segment generated 82.4 billion yuan in revenue, with notable performances in cloud computing (36.1 billion yuan, +17.1%), data centers (25.9 billion yuan, +7.4%), and big data services (6.4 billion yuan, +20.8%) [2][13] - The user base for "Big Connection" reached 1.14 billion, with a net increase of 195 million users, while 5G package users reached 290 million, with a penetration rate of 83% [2][15] Capital Expenditure and Cost Management - Capital expenditure for 2024 was 61.4 billion yuan, with a planned reduction to 55 billion yuan for 2025 [3][16] - The depreciation and amortization expenses for 2024 were 77.8 billion yuan, with a ratio to revenue decreasing by 2.8 percentage points to 23.8% [3][16] Dividend Policy - The company proposed a final dividend of 0.0621 yuan per share, with an annual dividend of 0.158 yuan per share, resulting in a dividend payout ratio of 55%, an increase of 4.5 percentage points year-on-year [3][22]

Investment Rating - The report maintains a "Recommended" rating for China Unicom, with a target price of 5.77 CNY [6][4]. Core Insights - China Unicom achieved a revenue of 389.59 billion CNY in 2024, representing a year-on-year growth of 4.6%. The net profit attributable to shareholders was 9.03 billion CNY, up 10.5% year-on-year [1][4]. - The company is focusing on enhancing its AI-driven computing capabilities, with a significant increase in cloud revenue, which reached 68.6 billion CNY, growing by 17.1% year-on-year [2][4]. - Capital expenditures for 2024 are projected at 61.37 billion CNY, a decrease of 17% from the previous year, while investments in computing power are expected to rise by 19% [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion CNY, a 9.4% increase year-on-year, with a net profit of 0.692 billion CNY, up 16.3% [1]. - The operating cash flow decreased by 12.5% year-on-year, totaling 91.26 billion CNY [1]. Business Segments - The telecommunications revenue grew by 1.5%, with a total user base reaching 470 million, including 62 million IoT connections [2][3]. - The intelligent computing segment saw a revenue increase of 9.6%, with data center revenue at 25.9 billion CNY, up 7.4% [2]. Strategic Initiatives - China Unicom is accelerating its transformation into a technology service company, enhancing its mobile and broadband networks, and expanding its AI capabilities [3]. - The company plans to establish 10 national-level intelligent computing data centers and has a significant focus on AI infrastructure [3]. Shareholder Returns - The dividend per share for A-shares in 2024 is set at 0.16 CNY, with a payout ratio of 55%, reflecting a 4 percentage point increase year-on-year [4].

Investment Rating - The report maintains a "Recommendation" rating for China Unicom (600050) [1][7] Core Views - China Unicom achieved a revenue of CNY 389.59 billion in 2024, representing a year-on-year growth of 4.56%, while the net profit attributable to shareholders reached CNY 9.03 billion, up by 10.49% [1][7] - The company has experienced double-digit profit growth for eight consecutive years, with a stable gross margin of 23.42% and a net margin of 5.29% in 2024 [7][8] - The revenue from the Internet communication business accounted for 76% of service revenue, showing a 1.5% increase year-on-year, with significant growth in mobile and broadband users [7][8] - The intelligent network and data business contributed 24% to service revenue, marking a 9.6% increase, with cloud services revenue rising by 17.1% [7][8] - Capital expenditures were effectively controlled at CNY 61.37 billion, down 17% year-on-year, with a focus on shareholder returns, proposing a total dividend of CNY 0.1580 per share, a 19.7% increase [7][8] Financial Summary - Total revenue projections for 2025, 2026, and 2027 are CNY 407.56 billion, CNY 425.53 billion, and CNY 444.01 billion respectively, with net profits expected to be CNY 9.94 billion, CNY 10.91 billion, and CNY 11.86 billion [3][8] - Earnings per share (EPS) are projected to increase from CNY 0.29 in 2024 to CNY 0.38 by 2027 [3][8] - The company maintains a price-to-earnings (P/E) ratio of 22 for 2024, decreasing to 16 by 2027 [3][8]

Investment Rating - The investment rating for the company is "Buy" for H-shares and "Accumulate" for A-shares, both maintained [6][34]. Core Views - The company reported a revenue of RMB 389.59 billion for 2024, a year-on-year increase of 4.56%, and a net profit attributable to shareholders of RMB 9.03 billion, up 10.5% year-on-year, aligning with previous profit forecasts [1][5]. - The dividend per share for 2024 is set at RMB 0.41, reflecting a 20.1% increase, with a payout ratio of 60%, up 5 percentage points year-on-year [1][5]. - The launch of DeepSeek is expected to enhance revenue growth in cloud computing and data center businesses, marking a new development cycle for the company [1][4]. Summary by Sections Business Performance - The total number of mobile and broadband users reached 470 million, with a net increase of 19.52 million users. Revenue from connectivity services grew by 1.5% year-on-year, maintaining a solid performance [2]. - Cloud revenue reached RMB 68.6 billion, a 17.1% increase year-on-year, while data center revenue was RMB 25.9 billion, up 7.4% year-on-year [2]. - The company is constructing large-scale intelligent computing centers in Hohhot and Shanghai, with plans for multiple integrated hubs [2]. Financial Metrics - The company's return on equity (ROE) improved by 0.4 percentage points to 5.8%, and the net profit margin increased by 0.27 percentage points to 5.29% due to enhanced operational efficiency [3]. - Capital expenditures decreased by 17% year-on-year to RMB 61.37 billion, while investments in intelligent computing increased by 19% [3]. - The projected capital expenditure for 2025 is RMB 55 billion, with a 28% increase in intelligent computing investments [3]. Profitability Outlook - The company anticipates continued profit growth, with projected net profits for 2025-2027 at RMB 10.06 billion, RMB 11.07 billion, and RMB 12.02 billion respectively [4]. - The target price for A-shares is set at RMB 7.62, based on a price-to-book (PB) ratio of 1.31 for 2025, while H-shares are targeted at HKD 13.46 with a PB of 1.0 [4][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company achieved a revenue of 389.59 billion RMB in 2024, representing a year-on-year growth of 4.56%, and a net profit attributable to shareholders of 9.03 billion RMB, up 10.49% year-on-year [1]. - The growth in revenue is primarily driven by the company's intelligent computing and network services, which saw a significant increase in user numbers and revenue contributions [1][2]. - The company has made substantial investments in enhancing its computing power and network capabilities, with a focus on upgrading its infrastructure and services [2]. - Future earnings per share (EPS) estimates have been slightly adjusted upward to 0.34 RMB for 2025 and 0.38 RMB for 2026, with a new estimate of 0.41 RMB for 2027 [3]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 99.47 billion RMB, a 9.42% increase year-on-year, and a net profit of 0.69 billion RMB, reflecting a 16.26% growth [1]. - The total number of mobile and broadband users increased by 19.52 million, reaching a record high of 450 million, contributing to the stable growth of the company's communication revenue [1]. Operational Analysis - The intelligent computing business generated approximately 83.03 billion RMB in revenue, marking a 9.6% increase year-on-year, becoming a key growth driver for the company [1][2]. - The company has established over 300 integrated computing resource pools across various regions, enhancing its computing capabilities significantly [2]. Financial Forecast and Valuation - The report projects a steady growth trajectory for the company's revenue and net profit, with expected revenues of 403.90 billion RMB in 2025 and 418.08 billion RMB in 2026 [6]. - The company's price-to-earnings (P/E) ratio is projected to be 18.13 for 2025, 16.39 for 2026, and 15.19 for 2027, indicating a favorable valuation [3].

智通财经APP获悉，花旗发布研报称，维持中国联通(00762)"买入"评级，目标价为6.9港元。联通2025 财政年度电脑相关资本支出指引目标为同比增加28%，而管理层强调人工智能投资将来自另一个资金 池，并视需求而定。 花旗指出，中国联通去年第四季收入995亿人民币，较该行和市场预期分别高出8%和5%;EBITDA同比 下跌9%至190亿人民币，较该行和市场预期分别低5%和12%。净利润同比增长7%至16亿人民币，较该 行和市场预期低3%和4%。2024财政年度每股派息同比提升20%至0.404元人民币，派息比率为60%，略 高于该行预期。 报告提到，联通2024财政年度整体资本支出为610亿人民币，同比减少17%，未达650亿的指引目标，而 2025财政年度的支出指引目标为550亿人民币，同比减少约10%，该行认为这可能对中兴通讯(00763)不 利。 花旗：予中国联通(00762)"买入"评级 目标价6.9港 元 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for China Unicom [2][7]. Core Insights - In 2024, China Unicom achieved revenue of 389.6 billion yuan, a year-on-year increase of 4.6%, with net profit reaching 9 billion yuan, reflecting a growth of 10.5% [6][7]. - The company is focusing on enhancing its integrated communication and intelligent computing services, with significant growth in its cloud and IDC businesses [6][7]. - Capital expenditures (Capex) are being managed effectively, with a projected decrease in Capex for 2025 to 55 billion yuan, down 10% year-on-year [6][7]. Financial Performance - Revenue for 2024 was 389.6 billion yuan, with a year-on-year growth of 4.6% [6]. - The net profit for 2024 was 9 billion yuan, showing a year-on-year increase of 10.5% [6]. - The company reported a free cash flow of 29.9 billion yuan in 2024, maintaining stability [6]. Business Segments - The integrated communication segment accounted for approximately 76% of service revenue, generating 263.6 billion yuan, a year-on-year increase of 1.5% [6]. - The intelligent computing segment contributed 24% to service revenue, achieving 82.4 billion yuan, with a year-on-year growth of 24% [6]. Shareholder Returns - The dividend per share for A-shares was 0.16 yuan in 2024, reflecting a year-on-year increase of 19.7%, with a payout ratio of 55% [7]. - For H-shares, the total dividend was 0.40 yuan, with a payout ratio of 60% [7]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 9.8 billion yuan, 10.5 billion yuan, and 11.2 billion yuan, respectively, with corresponding PE ratios of 19.8, 18.5, and 17.3 [7][8].

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%。 ...

算力投资预计同比增28%，中国联通全面拥抱人工 智能 此外，公司推出一系列AI新产品新服务。例如，推出5G新通话、智家通通、智慧客服等AI智能体，持 续迭代智家平台，联通云手机、联通云盘、联通看家、联通超清等产品规模发展。云盘用户超过1.8 亿，超清用户超过5000万。坚持业务融合、市场融通，结构持续优化，融合用户占比超过77%，融合套 餐客单价月均超百元。 公司高度重视股东回报，中国联通董事会建议派发每股末期股息0.0621元（含税），连同已派发的中期 股息每股0.0959元（含税），全年股息合计每股0.1580元（含税），同比增长19.7%。 3月18日晚，中国联通披露的2024年年报显示，2024年，公司实现营业收入3895.89亿元，同比增长 4.6%；归属于上市公司股东的净利润为90.29亿元，同比增长10.5%。公司预计，2025年营收、利润及净 资产收益率将实现有力增长。 2025年，中国联通将进一步下调资本开支规模，不过算力投资规模将持续提升，预计将增长28%。中国 联通董事长陈忠岳表示，面对人工智能的划时代变革，中国联通必须勇立潮头、拥抱智能，向新而行。 净利润同比增长10.5% 年报显示， ...