China Unicom(600050) 华鑫证券·2024-12-11 09:43Investment Rating - The report maintains a "Buy" rating for China Unicom (600050.SH) [1] Core Views - The dual drivers of communication and digital intelligence business are injecting vitality into the company's performance [1] - The user base is steadily expanding, and profitability is improving rapidly [1] - The company achieved a revenue of 290.12 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 3.0%, with the third quarter revenue reaching 92.782 billion yuan, up 3.25% year-on-year [1] Summary by Sections Business Performance - The mobile user base reached 345 million, with a net increase of 11.23 million users, marking the highest growth in nearly six years; 5G package users reached 286 million, with a penetration rate of 83% [1] - The number of IoT connections reached 594 million, with a net increase of nearly 10 million; fixed broadband users reached 121 million, with a net increase of 7.12 million users for the year [1] Digital Transformation - The digital intelligence business is expanding and enhancing efficiency, actively supporting new industrialization, and boosting the brand influence of China Unicom's 5G + industrial internet [1] - The company is continuously building a digital transformation and aims to establish a first-class technology service enterprise [1] Financial Forecast - The company is projected to achieve revenues of 388.95 billion yuan, 405.99 billion yuan, and 423.16 billion yuan for the years 2024 to 2026, respectively, with EPS of 0.29 yuan, 0.32 yuan, and 0.35 yuan [4][7] - The current stock price corresponds to PE ratios of 19, 17, and 15 times for the years 2024 to 2026 [1]