Investment Rating - The report maintains a "Buy" rating for China Unicom, expecting the stock price to outperform the industry index by over 15% in the next six months [11]. Core Views - China Unicom's revenue structure is continuously optimizing, with significant growth in its cloud services and digital solutions, indicating a strong focus on integrating digital and traditional economies [2][3]. - The company achieved a revenue of 99.496 billion yuan in Q1 2024, representing a year-on-year growth of 2.3%, and a net profit of 2.447 billion yuan, up 8.0% year-on-year [1][2]. - The report forecasts that China Unicom will achieve revenues of 411.347 billion yuan, 455.361 billion yuan, and 506.361 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 9.422 billion yuan, 11.087 billion yuan, and 13.056 billion yuan for the same years [2]. Financial Performance Summary - **Revenue Growth**: The company reported a revenue of 372.597 billion yuan in 2023, with a projected growth rate of 10.4% in 2024 [1]. - **Net Profit**: The net profit for 2023 was 8.173 billion yuan, with an expected growth of 15.3% in 2024 [1]. - **Earnings Per Share (EPS)**: The EPS for 2023 was 0.26 yuan, projected to increase to 0.30 yuan in 2024 [1]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is expected to decrease from 18.4 in 2023 to 15.9 in 2024, indicating a potentially undervalued stock [1]. User and Revenue Structure Improvement - The mobile user base reached 337 million in Q1 2024, with a 5G package penetration rate exceeding 80% [2]. - The revenue from intelligent network services reached 23.215 billion yuan in Q1 2024, accounting for 26.1% of the main business revenue, reflecting a 1.1 percentage point increase [2]. - China Unicom's cloud services revenue grew by 30.3% year-on-year to 16.7 billion yuan in Q1 2024 [2]. Strategic Developments - The launch of the "Starry Sky" advanced computing scheduling platform at MWC 2024 aims to provide integrated computing services across various industries, enhancing digital transformation efforts [2]. - The company is focusing on strengthening its computing resource layout to support sectors such as manufacturing, energy, transportation, healthcare, and education [2].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 电信运营商 ＃investSuggestion＃ ＃ ＃d中yCo国mpa联ny＃通 （ 600050 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 算网一体驱动业绩提升，高分红迎配置良机 ange＃ ＃createTime1＃ 2024 年4月22 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2024年一季报。2024Q1，公司实现营业收入994.96亿元， 日期 2024/4/19 同比+2.34%；归母净利润24.47亿元，同比+7.98%；扣非归母净利润22.38 收盘价（元） 4.84 亿元，同比+11.04%。 总股本（百万股） 31,800.58  点评：1、传统业务稳中有进，算网一体化加速推进。公司主营业务收入同 流通股本（百万股） 30,965.65 比+3.4%至890.43亿元；或受数字集成等创新业务主动控制规模的影响，一 净资产（百万元） 161,896.80 季度收入增速有所放缓。 总资产（百万元） 665,855.42  用户规模 ...

%% 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] 4 一季报点评： 经营业绩稳步增长，两类主营业务协调发展 报告要点 [2T0a2b4leQ_1Su公m司m经ar营y]业绩稳步增长，盈利水平快速提升，两类主营业务协调发展，收入结构不断 优化。从成本端看，公司折旧及摊销占收比继续下降，资源效能持续优化。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，派息率提升趋势明确。公司全年指引明确， 目标实现营收稳健增长、利润总额双位数增长，派息率不低于2023年水平。 ...

证券研究报告 公 2024年04月21日 司 报 告 中国联通(600050) │ 行 业： 通信/通信服务 公 投资评级： 买入（维持） 司 当前价格： 4.84元 季 算网数智业务快速增长，公司盈利能力持续提升 目标价格： 5.85元 报 点 事件： 评 基本数据 2024年4月19日，公司发布2024年一季度报告：实现营业收入994.96亿 31,800.58/30,965. 总股本/流通股本(百万股) 元，同比增长2.3%；归母净利润24.47亿元，同比增长8%；扣非归母净利 65 流通A股市值(百万元) 149,873.76 润为22.38亿元，同比增长11.00%。 ➢ 营收结构持续优化，联通云保持快速增长 每股净资产(元) 5.09 算网数智业务加快公司发展转型。2024Q1，公司算网数智业务营收达到 资产负债率(%) 45.35 232.15亿元，占主营业务收入的26.1%，比2023年底提升1.1pct；联通云 一年内最高/最低(元) 5.76/3.90 业务营收达到167亿元，同比增长30.3%；数据中心业务营收达到66亿元， 同比增长4.1%；5G行业虚拟专网累计服务客户数达到10030 ...

中国联通（600050.SH）2024年一季报点评 扣非净利实现双位数增长，公司经营质量持续提升 2024年04月21日 ➢ 事件。4月19日晚，公司披露2024年一季报，公司营业收入实现994.96 推荐 维持评级 亿元，同比增长2.3%，同期扣非归母净利润实现22.38亿元，同比增长11.0%。 当前价格： 4.84元 ➢ 24Q1扣非净利实现双位数增长，算网数智收入占比稳步提升。2024Q1公 司实现主营业务收入890.43亿元，同比增长3.4%。其中联网通信收入623.04 [Table_Author] 亿元，占营收比例62.6%；算网数智收入232.15亿元，占营收比例为23.3%， 算力网络和数字经济是今年公司在收入端和资本开支端的重要业务发展方向。 2024Q1公司联通云（联通云收入为融合创新解决方案产生的云资源、云平台、 云服务、云集成、云互联、云安全等收入）收入实现167亿元，同比增长30.3%； 数据中心收入达到66亿元，同比提升4.1%。24Q1公司ROE为1.52%，环比 同比均实现提升，公司当期毛利率为 24.54%，同样实现环比同比增长。同期公 分析师 马天诣 司期间费用为 14. ...

Investment Rating - The report maintains a "Buy" rating for China Unicom, with a target price not specified [6]. Core Viewpoints - China Unicom's Q1 2024 results show a revenue of CNY 99.496 billion, a year-on-year increase of 2.3%, with a total profit of CNY 7.169 billion, reflecting a 10.0% growth [1][4]. - The company is focusing on the coordinated development of its two main business segments: network communication and intelligent computing [2]. - The network communication segment achieved revenue of CNY 62.304 billion, with a mobile user base of 337 million, including 269 million 5G users, resulting in a penetration rate of 80% [2]. - The intelligent computing segment generated revenue of CNY 23.215 billion, accounting for 26.1% of the main business revenue, with significant growth in cloud services and data center revenues [2][3]. Financial Summary - The projected net profits for the years 2024 to 2026 are CNY 9.093 billion, CNY 10.049 billion, and CNY 11.075 billion, respectively, indicating a positive growth trajectory [4]. - The company's revenue is expected to grow from CNY 403.66 billion in 2024 to CNY 465.29 billion in 2026, with growth rates of 8.34%, 7.83%, and 6.90% [5]. - The EBITDA is projected to be CNY 97.015 billion in 2024, with a slight increase to CNY 109.184 billion by 2026 [5]. Business Development - China Unicom is accelerating the construction of digital information infrastructure, focusing on high-quality 5G development with 1.27 million mid-frequency base stations [3]. - The company is actively investing in emerging industries such as artificial intelligence and digital applications, with a strong emphasis on technological innovation [3]. - The number of authorized patents reached 362 in Q1 2024, reflecting a steady increase in innovation capabilities [3].

Financial Performance - Revenue for the first quarter of 2024 was RMB 99.496 billion, a year-on-year increase of 2.3%[4] - Net profit attributable to shareholders of the listed company was RMB 2.447 billion, up 8.0% year-on-year[4] - Company's operating revenue reached RMB 994.96 billion, a year-on-year increase of 2.3%, with main business revenue at RMB 890.43 billion, up 3.4%[14] - Total profit reached RMB 7.169 billion, a year-on-year increase of 10.0%, with net profit attributable to the parent company at RMB 2.447 billion, up 8.0%[14] - Total revenue for Q1 2024 reached 99.50 billion RMB, a 2.34% increase compared to 97.22 billion RMB in Q1 2023[18] - Net profit for Q1 2024 was 5.57 billion RMB, up 7.50% from 5.18 billion RMB in Q1 2023[20] - Operating profit for Q1 2024 stood at 7.09 billion RMB, a 9.75% increase from 6.46 billion RMB in Q1 2023[20] - Net profit for the first quarter of 2024 was RMB 14,493,458, down from RMB 16,868,109 in the same period last year[29] - Total comprehensive income for the first quarter of 2024 was RMB 14,493,458, compared to RMB 16,868,109 in the previous year[29] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 665.855 billion, an increase of 0.5% compared to the end of the previous year[5] - Equity attributable to shareholders of the listed company was RMB 161.897 billion, up 1.7% from the end of the previous year[5] - Total assets as of Q1 2024 amounted to 665.86 billion RMB, slightly higher than 662.84 billion RMB in the previous quarter[16] - Total liabilities for Q1 2024 were 301.95 billion RMB, a slight decrease from 304.91 billion RMB in the previous quarter[17] - Total assets as of March 31, 2024, were RMB 107,655,552,026, slightly up from RMB 107,567,381,898 at the end of 2023[26] - Total liabilities as of March 31, 2024, were RMB 2,082,471,105, a slight increase from RMB 2,079,406,935 at the end of 2023[26] Cash Flow - Net cash flow from operating activities was RMB 10.864 billion, a year-on-year decrease of 37.4%[4] - Net cash flow from operating activities for the first quarter of 2024 was RMB 10,863,817,883, a decrease from RMB 17,361,777,540 in the same period last year[22] - Net cash flow from investing activities for the first quarter of 2024 was RMB -8,593,761,557, an improvement from RMB -17,621,580,579 in the previous year[24] - Net cash flow from financing activities for the first quarter of 2024 was RMB -4,942,345,584, compared to RMB -1,839,049,837 in the same period last year[24] - Operating cash flow for Q1 2024 was RMB 19.19 billion, a significant improvement from a negative RMB 12.11 billion in Q1 2023[30] - The company's cash and cash equivalents at the end of the first quarter of 2024 were RMB 45,065,738,137, down from RMB 47,737,212,410 at the beginning of the period[24] - Cash and cash equivalents at the end of Q1 2024 increased to RMB 54.69 billion, up from RMB 54.50 billion at the beginning of the quarter[30] Earnings Per Share - The company's basic and diluted earnings per share were both RMB 0.078, a year-on-year increase of 9.9%[4] - Basic earnings per share for the first quarter of 2024 were RMB 0.078, up from RMB 0.071 in the previous year[21] Inventory and Accounts Receivable - Inventory increased by 41.5% due to higher terminal arrivals for internet communication business needs[9] - Accounts receivable increased due to the longer implementation and acceptance cycles of computing network and digital intelligence projects[8] - Accounts receivable rose by 36.64% to 54.63 billion RMB in Q1 2024 from 39.98 billion RMB in the previous quarter[16] - Inventory increased by 41.50% to 3.14 billion RMB in Q1 2024 compared to 2.22 billion RMB in the previous quarter[16] Deferred Tax and Other Income - Deferred tax liabilities decreased by 66.8% due to temporary differences in provisions and credit impairment[9] - Other income decreased by 44.9% due to the discontinuation of the VAT additional deduction policy in 2024[9] User and Network Metrics - Mobile user base reached 337 million, with 5G package users at 269 million, representing a 5G package penetration rate of 80%[14] - IoT connections reached 529 million, with a net increase of 34.6 million[14] - Fixed-line broadband users reached 115 million, with gigabit users increasing by 2.11 million, and gigabit broadband penetration rate rising to 23%[14] - 5G mid-frequency base stations reached 1.27 million, with network coverage continuously improving[14] Cloud and Data Center Revenue - Unicom Cloud revenue reached RMB 16.7 billion, a year-on-year increase of 30.3%[14] - Data center revenue reached RMB 6.6 billion, a year-on-year increase of 4.1%[14] R&D Expenses - R&D expenses increased by 19.00% to 1.38 billion RMB in Q1 2024 compared to 1.16 billion RMB in Q1 2023[18] Guarantees and Non-Financing Business - Non-financing guarantee business provided RMB 86.04 million in guarantees during Q1 2024, with a total of 109 transactions[32] - The maximum guarantee balance for non-financing guarantees was increased from RMB 500 million to RMB 1.1 billion starting from 2024[32] - The largest single guarantee in Q1 2024 was RMB 1.76 million for Wuxi Branch, expiring on April 30, 2025[33] - Ningde Branch received the highest total guarantee amount of RMB 1.32 million across three transactions in Q1 2024[34] - The longest guarantee period was for Meizhou Branch, extending until April 30, 2027[34] - Ningbo Branch had the most guarantee transactions in Q1 2024, totaling seven separate guarantees[34] - The smallest guarantee amount in Q1 2024 was RMB 3,000 for Shanghai Branch, expiring on October 30, 2024[34] - Total guarantee amounts for Q1 2024 remained below the RMB 1 billion limit, with actual utilization at approximately 8.6% of the authorized limit[32] - The guarantee amount for China United Network Communications Co., Ltd. Jinhua Branch is 1,211,000.00 yuan, starting from 2024-01-17 and expiring on 2024-03-01[35] - The guarantee amount for China United Network Communications Co., Ltd. Jiangxi Branch is 128,669.36 yuan, starting from 2024-01-31 and expiring on 2029-01-25[35] - The guarantee amount for China United Network Communications Co., Ltd. Huzhou Branch is 3,345,672.61 yuan, starting from 2024-02-06 and expiring on 2025-08-01[35] - The guarantee amount for China United Network Communications Co., Ltd. Fuzhou Branch is 1,157,948.40 yuan, starting from 2024-03-13 and expiring on 2024-04-15[35] - The guarantee amount for China United Network Communications Co., Ltd. is 5,000,000.00 yuan, starting from 2024-03-14 and expiring on 2026-12-31[35] - The guarantee amount for Changchun FAW Communication Technology Co., Ltd. is 3,300,054.90 yuan, starting from 2024-03-07 and expiring on 2025-03-31[35] - The guarantee amount for Unicom Xiong'an Industrial Internet Co., Ltd. is 2,343,900.00 yuan, starting from 2024-03-01 and expiring on 2024-09-01[36] - The guarantee amount for Unicom Digital Technology Co., Ltd. Chongqing Branch is 3,113,051.29 yuan, starting from 2024-01-09 and expiring on 2024-12-12[36] - The guarantee amount for Unicom Digital Technology Co., Ltd. Xinjiang Branch is 1,671,632.08 yuan, starting from 2024-01-05 and expiring on 2024-04-30[36] - The guarantee amount for Unicom Digital Technology Co., Ltd. Shaanxi Branch is 207,000.00 yuan, starting from 2024-02-04 and expiring on 2024-12-31[36] - Total guarantee amount for 2024 is RMB 86,041,775.63, covering various subsidiaries across different regions[38] - The largest single guarantee amount is RMB 19,557,723.64 for China Unicom Digital Technology Co., Ltd., starting from 2024-01-17 and expiring on 2024-06-30[37] - China Unicom Digital Technology Co., Ltd. (Guangdong Branch) has a guarantee amount of RMB 608,227.36, starting from 2024-01-15 and expiring on 2025-04-15[37] - China Unicom Digital Technology Co., Ltd. (Inner Mongolia Branch) has a guarantee amount of RMB 5,399,400.00, starting from 2024-01-23 and expiring on 2024-12-30[37] - China Unicom (Zhejiang) Industrial Internet Co., Ltd. has a guarantee amount of RMB 1,103,000.00, starting from 2024-03-01 and expiring on 2024-09-30[38] - China Unicom (Shanghai) Industrial Internet Co., Ltd. has a guarantee amount of RMB 1,580,500.00, starting from 2024-03-05 and expiring on 2025-02-28[38] - China Unicom (Jiangsu) Industrial Internet Co., Ltd. has multiple guarantees, with the largest being RMB 359,030.00, starting from 2024-02-23 and expiring on 2024-12-31[38] - China Unicom (Guangdong) Industrial Internet Co., Ltd. has a guarantee amount of RMB 678,543.98, starting from 2024-02-28 and expiring on 2024-12-31[38] - China Unicom (Fujian) Industrial Internet Co., Ltd. has a guarantee amount of RMB 864,546.58, starting from 2024-01-23 and expiring on 2024-12-30[38] Long-term Equity Investments - Long-term equity investments grew by 2.01% to 55.52 billion RMB in Q1 2024 from 54.43 billion RMB in the previous quarter[16] Minority Interest - Minority interest in net profit for Q1 2024 was 3.12 billion RMB, up 7.13% from 2.91 billion RMB in Q1 2023[20] Comprehensive Income - Comprehensive income for the first quarter of 2024 reached RMB 5,834,666,783, an increase from RMB 5,376,211,768 in the same period last year[21] Company Goals - The company aims to achieve steady revenue growth and double-digit profit growth for the full year[14]

证券代码：600050 证券简称：中国联通 公告编号：2024-021 中国联合网络通信股份有限公司 2024年3月份运营数据公告 中国联合网络通信股份有限公司（简称"本公司"或"公 司"）持续全面贯彻新发展理念，服务构建新发展格局，推动高 质量发展，围绕"网络强国、数字中国"建设，奋楫数字经济主 航道，扬帆数字经济新未来。 现将截至 2024 年 3 月份的运营情况公布如下： | | 截至 | 2024 | 年 | 3 | 月份 | | --- | --- | --- | --- | --- | --- | | 一、"泛在智联" | | | | | | | "大联接"用户累计到达数 | | 102,784.3 | | | 万户 | | 5G 套餐用户累计到达数 | | 26,886.5 | | | 万户 | | 物联网终端连接累计到达数 | | 52,851.0 | | | 万户 | | 二、"创新应用" | | | | | | | 5G 行业虚拟专网服务客户数 | | | | 10,030 | 个 | | 三、"智慧服务" | | | | | | | 当月智慧客服客户问题解决率 | | | | | 98. ...

一、董事会会议召开情况 证券代码：600050 证券简称：中国联通 公告编号：2024-022 中国联合网络通信股份有限公司 第七届董事会第三十二次会议决议 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法律责任。 （一）本次董事会会议的召开符合法律、行政法规、部门规章、规范性 文件和《公司章程》的规定。 （二）本次会议的会议通知于2024年4月12日以电子邮件形式通知了公司 全体董事、监事以及其他参会人员。所有参会人员确认已经充分了解并知悉会 议审议事项和内容，无任何异议。 （三）本次会议于2024年4月19日在北京市西城区金融大街21号联通大厦 A2001会议室以现场、视频结合召开。 （四）会议应出席董事11名，亲自出席董事11名。会议出席情况符合《公 司章程》的规定。 （五）本次会议由董事长陈忠岳先生主持，全体监事和部分高级管理人 1 员等列席了本次会议。 二、董事会会议审议情况 本议案已经审计委员会事前审议通过。 （同意：11 票 反对：0 票 弃权：0 票） 特此公告。 中国联合网络通信股份有限公司 董事会 二〇二四年 ...

证券代码：600050 证券简称：中国联通 公告编号：2024-023 中国联合网络通信股份有限公司 第七届监事会第十六次会议决议 公 告 本公司监事会及全体监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法律责 任。 1、公司一季度报告编制和审议程序符合法律、法规、《公司章程》和 1 （二）本次会议的会议通知于2024年4月12日以电子邮件形式通知了公 司全体监事以及其他参会人员。所有参会人员确认已经充分了解并知悉会 议审议事项和内容，无任何异议。 （三）本次会议于2024年4月19日在北京市西城区金融大街21号联通大 厦A2001会议室以现场、视频结合召开。 （四）会议应出席监事3名，亲自出席监事3名。会议出席情况符合《公 司章程》的规定。 （五）本次会议由监事会主席李翀先生主持。 二、监事会会议审议情况 （一） 审议通过了《关于 2024 年第一季度报告的议案》（详见与本 公告同日登载在上海证券交易所及本公司网站的《公司 2024 年第一季度 报告》），认为： 一、监事会会议召开情况 （一）本次监事会会议的召开符合法律、行政法规、部门规章、规范 性文 ...