民生证券：中国联通经营业绩稳健增长，维持“推荐”评级

Core Viewpoint - China Unicom achieved a net profit attributable to shareholders of 6.349 billion yuan in the first half of the year, representing a year-on-year growth of 5.1% [1] Financial Performance - The company demonstrated steady growth in operating performance with continuous optimization of its business structure [1] - International business revenue reached 6.8 billion yuan, marking an 11% year-on-year increase [1] - The proportion of revenue from strategic emerging industries increased to 86%, promoting high-quality development [1] AI and Technological Development - The company is building a high-quality data set through multi-source integration and developing a multi-modal symbiotic metaverse model [1] - Initial results of large-scale commercialization of artificial intelligence applications are evident, with the creation of over a hundred intelligent agents [1] Dividend and Future Projections - The company plans to distribute a dividend of 0.11 yuan per share by mid-2025, reflecting a 16% year-on-year increase [1] - The company is expected to achieve net profits attributable to shareholders of 10.1 billion, 11.3 billion, and 12.6 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 17x, 15x, and 13x [1] Investment Rating - The company maintains a "recommended" rating based on the rapid growth of dividends, improved operational efficiency in traditional businesses, and favorable prospects for computing power business in the context of AI industry development [1]