花旗：予中国联通(00762)“买入”评级 目标价6.9港元

Group 1 - Citi maintains a "Buy" rating for China Unicom (00762) with a target price of HKD 6.9 [1] - For the fiscal year 2025, China Unicom's capital expenditure guidance aims for a 28% year-on-year increase, with AI investments coming from a separate funding pool based on demand [1] - In Q4 of the previous year, China Unicom reported revenue of RMB 99.5 billion, exceeding both Citi's and market expectations by 8% and 5% respectively [1] Group 2 - EBITDA for the same quarter decreased by 9% to RMB 19 billion, falling short of Citi's and market expectations by 5% and 12% respectively [1] - Net profit increased by 7% to RMB 1.6 billion, which was 3% and 4% lower than Citi's and market expectations [1] - For the fiscal year 2024, the dividend per share is expected to rise by 20% to RMB 0.404, with a payout ratio of 60%, slightly above Citi's expectations [1] Group 3 - The overall capital expenditure for fiscal year 2024 is projected at RMB 61 billion, a 17% year-on-year decrease, not meeting the guidance target of RMB 65 billion [1] - The capital expenditure guidance for fiscal year 2025 is set at RMB 55 billion, representing a year-on-year decrease of approximately 10%, which may negatively impact ZTE Corporation (00763) [1]