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].

证券代码：600050 证券简称：中国联通 公告编号：2024-016 中国联合网络通信股份有限公司 2024年2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 2 月份的运营情况公布如下： | | 截至 | 2024 年 | 2 | 月份 | | --- | --- | --- | --- | --- | | 一、"泛在智联" | | | | | | "大联接"用户累计到达数 | | 101,252.6 | | 万户 | | 5G 套餐用户累计到达数 | | 26,565.9 | | 万户 | | 物联网终端连接累计到达数 | | 51,634.1 | | 万户 | | 二、"创新应用" | | | | | | 5G 行业虚拟专网服务客户数 | | | 9,506 | 个 | | 三、"智慧服务" | | | | | | 当月智慧客服客户问题解决率 | | | | 98.0% | | 当月智慧客服智能服务占比 | | | ...

证券代码：600050 证券简称：中国联通 公告编号：2024-006 中国联合网络通信股份有限公司 关于召开 2023 年度业绩说明会的公告 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法律责任。 重要内容提示： （https://roadshow.sseinfo.com/） （http://roadshow.sseinfo.com/questionCollection.do）， 根据活动时间，选中本次活动或通过公司邮箱 ir@chinaunicom.cn 向公司提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 投资者也可于当日 18:30-19:30 登录上述上证路演中心平台和本 中国联合网络通信股份有限公司（以下简称"公司"）将于 2024 年 3 月 19 日闭市后发布公司 2023 年年度报告，为便于广大投 资者更全面深入地了解公司 2023 年年度业绩，公司计划于 2024 年 3 月 19 日 18:30-19:30 举行 2023 年度业绩说明会，就投资者关心 的问题进行交流。 一、 说明会类型 本次投资者说明 ...

二〇二四年三月 1 北京市通商律师事务所 关于中国联合网络通信股份有限公司 回购注销部分限制性股票 之法律意见书 释 义 在本法律意见书中，除非文中另有特别说明，下列词语应具有如下含义： | 公司 | 指 | 中国联合网络通信股份有限公司 | | --- | --- | --- | | A股 | 指 | 经证监会核准向境内投资者发行、在境内证券交易所上 市、以人民币标明股票面值、以人民币认购和进行交易的 | | | | 普通股 | | 本次激励计划 | 指 | 中国联合网络通信股份有限公司实施的第二期限制性股票 | | | | 激励计划 | | 《激励计划(草案)》 | 指 | 《中国联合网络通信股份有限公司第二期限制性股票激励 | | | | 计划(草案)》 | | 《激励计划(草案修 | 指 | 《中国联合网络通信股份有限公司第二期限制性股票激励 | | 订稿)》 | | 计划(草案修订稿)》 | | 《考核管理办法(草 | 指 | 《中国联合网络通信股份有限公司第二期限制性股票激励 | | 案)》 | | 计划授予实施考核管理办法(草案)》 | | 激励对象 | 指 | 依据本次激励计划获授限制性股票的 ...

证券代码:600050 证券简称:中国联通 公告编号:2024-005 中国联合网络通信股份有限公司 关于第二期限制性股票计划部分激励对象 限制性股票回购注销实施公告 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。 重要内容提示： 回购注销原因：鉴于28名激励对象因主动离职、辞退等原因和6名激励 对象因组织调动等原因已不属于激励范围，中国联合网络通信股份有限公司 （以下简称"公司"）对上述34人已获授但尚未解除限售的3,411,000股限制 性股票进行回购注销。 本次注销股份的有关情况： 二、本次限制性股票回购注销情况 （一）本次回购注销限制性股票的原因及依据 根据《公司第二期限制性股票激励计划(草案修订稿)》相关规定以及 2022 年第一次临时股东大会的授权，鉴于28 名激励对象因主动离职、辞退等原因， 6 名激励对象因组织调动、死亡、退休等原因，已不属于激励范围，公司对该 等激励对象分别持有的 283.1 万股和 58 万股已获授但尚未解除限售的限制性 股票进行回购注销。 | 回购股份数量 | 注销股份数量 | 注销 ...

Core Viewpoint - Domestic financial institutions are increasing cooperation with Middle Eastern investors, who are leveraging public funds to enter the Chinese capital market [1][2]. Group 1: Cooperation Initiatives - On February 20, a memorandum of cooperation was signed between E Fund and Riyad Capital, aiming to explore investment opportunities in various markets and asset classes [1][2]. - E Fund's chairman highlighted that the high-level opening of the Chinese capital market provides opportunities for international development, enhancing investment capabilities in Saudi Arabia and beyond [2]. Group 2: Previous Collaborations - The first Saudi Arabia ETF, launched by Southern Fund's subsidiary, was listed on the Hong Kong Stock Exchange in November, marking a significant step in the collaboration between public funds and Middle Eastern capital [2]. - In December, Huatai-PineBridge Fund submitted a proposal for a fund that would directly invest in Saudi Arabia, potentially becoming the first domestic ETF to do so [2]. Group 3: Increasing Middle Eastern Investment in China - Middle Eastern capital has been actively investing in China, with significant transactions reported, including Saudi Aramco's acquisition of stakes in Chinese companies [4]. - From 2019 to Q1 2023, the Abu Dhabi Investment Authority increased its allocation to Chinese assets from 4.5% to 22.9%, reflecting a growing preference for Chinese investments [4]. - In 2023, over 10 investment events involving Middle Eastern capital in Chinese companies were recorded, with total investments exceeding 20 billion yuan [4]. Group 4: Focus Areas for Investment - Middle Eastern investments in China are increasingly directed towards technology and innovation sectors, particularly in electric vehicles and biomedicine [4]. - The trend indicates that Middle Eastern capital is becoming a significant source of liquidity in both primary and secondary markets in China [4].