China Unicom(600050) 国联证券·2024-10-24 06:30Investment Rating - The investment rating for China Unicom (600050) is "Buy" (maintained) [4] Core Insights - In the third quarter of 2024, China Unicom achieved operating revenue of 290.12 billion yuan, a year-on-year increase of 2.99%, and a net profit attributable to shareholders of 8.34 billion yuan, up 10.04% year-on-year [2][6] - The company reported a record high in mobile user numbers, reaching 345 million, with a net increase of 11.23 million users for the year, marking the highest growth in six years [6] - The penetration rate of 5G package users reached 83%, with 286 million users, indicating a continuous optimization of user structure [6] - The company's cloud computing revenue grew by 19.5% year-on-year, reaching 43.86 billion yuan, while data center revenue increased by 6.8% to 19.69 billion yuan [6] Summary by Sections Financial Performance - For the first three quarters of 2024, operating revenue was 290.12 billion yuan, with a net profit of 8.34 billion yuan [6] - The third quarter alone saw operating revenue of 92.78 billion yuan, a 3.25% increase year-on-year, but a 5.17% decrease quarter-on-quarter [6] - The company expects operating revenues for 2024-2026 to be 391.08 billion, 410.83 billion, and 431.32 billion yuan respectively, with year-on-year growth rates of 4.96%, 5.05%, and 4.99% [6][7] User Growth and Market Position - Mobile users reached 345 million, with a net increase of 11.23 million users for the year [6] - The number of IoT connections reached 594 million, and fixed broadband users totaled 121 million, with a net increase of 7.12 million users [6] Business Expansion - The company is expanding its intelligent computing business, with significant investments in data centers and cloud services [6] - The establishment of large-scale computing centers is part of the "East Data West Computing" initiative, enhancing the company's digital infrastructure [6]