研报掘金丨民生证券：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's operating performance shows steady growth with continuous optimization of its business structure [1] - International business revenue reached 6.8 billion yuan, an increase of 11% year-on-year [1] - The proportion of revenue from strategic emerging industries increased to 86%, promoting high-quality development [1] Dividend Policy - The company has decided to pay a dividend of 0.11 yuan per share in mid-2025, reflecting a year-on-year increase of 16% [1] Future Outlook - The company is expected to maintain rapid growth in dividends, improve operational efficiency in traditional businesses, and enhance profitability [1] - The AI industry development is anticipated to provide a favorable outlook for computing power business [1] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated to be 10.1 billion yuan, 11.3 billion yuan, and 12.6 billion yuan, respectively, with corresponding price-to-earnings ratios of 17x, 15x, and 13x [1] Investment Rating - The recommendation rating is maintained as "Recommended" [1]