研报掘金丨长江证券：维持中国联通“买入”评级，收入、利润稳健增长

Core Viewpoint - China Unicom has shown strong operational development in the first three quarters of 2025, with steady growth in revenue and profit, indicating a positive outlook for the company [1] Financial Performance - Revenue and profit have demonstrated robust growth, with a significant increase in net additions of broadband and mobile users, reaching the highest level for the same period in recent years [1] - The average revenue per user (ARPU) for bundled packages remains above 100 yuan [1] - The scale of accounts receivable and credit impairment losses has seen a notable reduction year-on-year, and cash flow has improved compared to the mid-year report, indicating ongoing optimization of financial statements [1] Future Outlook - For 2025, the company is expected to achieve substantial growth in operating revenue, profit, and return on equity [1] - Projected net profit for the parent company from 2025 to 2027 is estimated at 9.58 billion yuan, 10.08 billion yuan, and 10.57 billion yuan, with corresponding year-on-year growth rates of 6.1%, 5.3%, and 4.9% [1] - The price-to-earnings (PE) ratios are forecasted to be 18 times, 17 times, and 16 times for the respective years [1] - The company is recommended as a "buy" with a maintained positive rating [1]