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%（ ...

证券研究报告 | 年报点评报告 2024年03月22日 中国联通（600050.SH） 重点投资算网数智，资本开支拐点已现 事件：公司发布 2023 年年报，公司实现营业收入 3726 亿元，同比增长 买入（维持） 5%；其中，主营业务收入实现3352亿元，同比增长5%。EBITDA达到 股票信息 996亿元。归母净利润达到82亿元，同比增长12.0%，连续7年实现双 行业 通信服务 位数提升。净资产收益率达到 5.1%。公司宣布港股派发期末股息每股 前次评级 买入 0.1336元，连同已派发的中期股息0.203元，全年估计共计0.34元，同 比增长23%。 3月21日收盘价(元) 4.72 总市值(百万元) 150,098.74 资本开支拐点出现，投资重点由联网通信转向算网数智。2023 年公司 总股本(百万股) 31,800.58 2023 年公司累计完成资本开支 738.7 亿元，其中 5G 完成投资 373.7 亿 其中自由流通股(%) 97.37 元（截至23年报，公司5G中频基站超过121万站，900M基站达到68 30日日均成交量(百万股) 271.05 万站），此外根据公司指引，2024年预计 ...

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 ...

中国联通（600050.SH）2023年年报点评 现金分红比例增长兑现，24 年持续加码算网数智建设 2024年03月20日 ➢ 事件。公司发布 2023 年年报，2023 年全年实现营业收入 3726 亿元，同 推荐 维持评级 比增长5.0%，实现归母净利润82亿元，同比增长12.0%。其中2023Q4公司 当前价格： 4.71元 实现营业收入909亿元，同比基本持平（-0.1%），实现归母净利润6亿元，同 比增长 27.3%，每 10 股拟派发现金股利 0.524 元(含税)，共计拟向公司股东派 [Table_Author] 发约16.39亿元(含税)。 ➢ 业务稳健发展，公司盈利能力持续提升，预计24年业绩维持双位数增长。 2023 年公司营业收入稳步增长，盈利能力持续提升，除归母净利润维持双位数 增长外，公司ROE水平达到5.4%，达到历年来新高。2023年公司联网通信业 务实现收入2446亿元，占主营业务75%。2023年公司移动用户和宽带连接用 户稳步增长，2023 年移动用户数达到3.33 亿，同比增长 3.3%，其中5G 用户 分析师 马天诣 渗透率78%，相比去年增加12个百分点，根据其披露 ...

Investment Rating - The report maintains a "Buy" rating for China Unicom [3][5] Core Views - The company reported a revenue of 372.6 billion yuan in 2023, a year-on-year increase of 5.0%, with a net profit attributable to shareholders of 8.2 billion yuan, reflecting a 12.0% growth [2] - The company expects stable revenue growth in 2024, with total profit projected to achieve double-digit growth [2] - The capital expenditure (CAPEX) has shown a turning point, with a forecasted decrease of approximately 12% in 2024, which is better than expected [2][3] - The innovation business has become a significant growth driver, with revenue from smart network services reaching 75.2 billion yuan, and cloud services revenue growing by 41.6% [2] Summary by Sections Financial Performance - In 2023, the company achieved an EBITDA of 99.6 billion yuan and a return on equity (ROE) of 5.1%, the best level in recent years [2] - The revenue from the connected communication business was 244.6 billion yuan, with mobile users reaching 333 million, a net increase of 10.6 million [2] - The company’s free cash flow improved to 28.5 billion yuan, an 8% increase year-on-year, and cash dividends per share reached 0.132 yuan, a 21.1% increase [2] Revenue and Profit Forecast - Revenue projections for 2024 are set at 396.1 billion yuan, with a growth rate of 6.31% [4] - Net profit forecasts for 2024 and 2025 are 9.3 billion yuan and 10.4 billion yuan, respectively, with growth rates of 13.47% and 12.31% [4] - The report anticipates a gradual increase in EPS from 0.26 yuan in 2023 to 0.29 yuan in 2024 [4] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 18 in 2023 to 16 in 2024, and further to 14 in 2025 [4] - The price-to-book (P/B) ratio is expected to remain stable around 0.9 for the next few years [4] Market Data - The total market capitalization of the company is approximately 150.15 billion yuan, with a current share price of 4.72 yuan [6]

Dividend and Profit Distribution - The board of directors proposed a cash dividend of 0.524 CNY per share, totaling approximately 16.39 billion CNY to be distributed to shareholders[4]. - The company plans to maintain the total distribution amount unchanged, adjusting the per-share dividend ratio if there are changes in the total share capital before the dividend record date[4]. - The total distributable profit available for shareholders is estimated to be around 16.45 billion CNY after accounting for expenses and reserves[4]. - The proposed cash dividend represents 50.5% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which is RMB 8.17 billion[103]. - The company has proposed to receive dividends of approximately RMB 17.96 billion from its subsidiary, subject to the approval of the annual general meeting[101]. Financial Performance - The total operating revenue for 2023 reached CNY 372.60 billion, representing a 5.0% increase compared to CNY 354.94 billion in 2022[18]. - The net profit attributable to shareholders for 2023 was CNY 8.17 billion, up 12.0% from CNY 7.30 billion in 2022[18]. - The net cash flow from operating activities for 2023 was CNY 104.34 billion, a 2.6% increase from CNY 101.71 billion in 2022[18]. - The basic earnings per share for 2023 was CNY 0.261, an increase of 11.5% compared to CNY 0.234 in 2022[18]. - The company reported a net profit of CNY 2.27 billion in Q1 2023, with a revenue of CNY 97.22 billion for the same period[20]. - The company’s net assets attributable to shareholders at the end of 2023 were CNY 159.24 billion, a 3.2% increase from CNY 154.37 billion at the end of 2022[18]. User Growth and Market Expansion - The number of mobile users increased by 10.6 million in 2023, reaching a total of 333 million, with a 5G package penetration rate of 78%, up 12 percentage points year-on-year[27]. - The broadband user base grew to 113 million, with a net increase of 9.79 million, the highest in nearly a decade[28]. - The company launched over 30,000 commercial 5G application projects, covering 71 major categories of the national economy[41]. - The number of 5G mobile phone users reached 46.6% of total mobile phone users, which is 2.5 times the global average[38]. - The company has expanded its digital rural platform to cover 255,000 administrative villages, serving over 26 million villagers[34]. Research and Development - R&D expenses increased by 18.5% to CNY 8.1 billion, reflecting a commitment to technological innovation[45]. - The company authorized 2,287 patents in the year, representing a 37% year-on-year increase, with 40% of its workforce engaged in technology innovation[33]. - The company is investing 10 billion yuan in research and development for new technologies, focusing on 5G and AI applications[87]. Environmental and Social Responsibility - The company invested 335.98 million yuan in environmental protection during the reporting period[109]. - The company reduced carbon emissions by 1.36 million tons through various energy-saving measures[112]. - Total investment in poverty alleviation and rural revitalization projects reached CNY 227.79 million in 2023[116]. - The company established a "Digital Village" service cloud platform, serving over 255,000 administrative villages and 200 million rural residents[117]. Governance and Compliance - The audit report issued by Deloitte Touche Tohmatsu Certified Public Accountants confirms the accuracy and completeness of the financial report[3]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[5]. - There are no violations of decision-making procedures regarding external guarantees[6]. - The company emphasizes the importance of internal control systems, focusing on risk prevention and compliance, with a structured approach to governance and oversight[106]. Future Outlook - The company aims for double-digit profit growth and steady revenue growth in 2024, with fixed asset investments projected at approximately RMB 65 billion[36]. - Future guidance indicates a cautious outlook with expected revenue growth of 5% for 2024[144]. - The company plans to invest RMB 50 billion in 2024 for network expansion and technological upgrades, focusing on 5G and cloud services[85]. - The company aims to enhance operational efficiency through digital transformation strategies[144]. Leadership and Management - The company’s chairman, Chen Zhongyue, has been in position since March 8, 2021, and is set to continue until December 1, 2023[81]. - The company has undergone changes in its board structure, with several directors resigning in July 2023 due to work arrangements[92]. - The company has a strong governance structure with multiple directors holding positions in various financial and insurance institutions, enhancing strategic partnerships[89]. Financial Position and Ratios - The debt-to-asset ratio was 46.0%, slightly improved from 46.1% in the previous year[173]. - The current ratio improved to 60.7%, up by 1.7 percentage points from 59.0% in the previous year[173]. - The company’s total assets increased, indicating a positive trend in market expansion and operational growth[193]. - The total liabilities reached RMB 304.91 billion as of December 31, 2023, compared to RMB 297.41 billion in the previous year, indicating an increase of about 2.5%[191].