China Unicom(SH:600050) Xin Lang Cai Jing·2025-08-13 04:27Core Insights - The company reported a revenue of 200.2 billion yuan for the first half of 2025, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of 6.349 billion yuan, up 5.1% year-on-year [1] Group 1: Business Performance - Traditional networking communication business showed steady growth with a revenue of 131.9 billion yuan in 1H25, an increase of 5.4% year-on-year [2] - The computing and intelligent network business became a new growth engine, generating 45.4 billion yuan in revenue, a year-on-year increase of 4.4%, accounting for 26% of total revenue [2] - The strategic emerging industries saw their revenue share rise to 86%, marking a historical high [2] Group 2: Infrastructure and Cash Flow - The company achieved a revenue of 37.6 billion yuan from cloud services in 1H25, an increase of 18.6% year-on-year, and 14.4 billion yuan from IDC data center services, up 9.4% year-on-year [3] - The IDC resource utilization rate exceeded 70%, with a total IDC capacity of 2,650 MW and a total intelligent computing scale of 30 EFLOPS [3] - Capital expenditures decreased to 20.2 billion yuan in 1H25, down 15% year-on-year, leading to an increase in free cash flow [3] Group 3: Financial Projections and Valuation - Revenue projections for 2025, 2026, and 2027 are 403.9 billion yuan, 418.1 billion yuan, and 431.6 billion yuan respectively, with net profits of 10.03 billion yuan, 10.90 billion yuan, and 11.78 billion yuan [4] - The current stock price corresponds to a PE valuation of 16.80, 15.46, and 14.30 times for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4]