China Unicom(600050) 华鑫证券·2024-12-11 10:10Investment Rating - The report maintains a "Buy" rating for China Unicom (600050.SH) [1] Core Views - The dual drivers of communication and digital intelligence business inject vitality into the company's performance [1] - The user base is steadily expanding, and profitability is improving rapidly [1] - The company achieved revenue of 290.12 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.0%, with Q3 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, the highest 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 100 million; fixed broadband users reached 121 million, with a net increase of 7.12 million users for the year [1] Digital Transformation - The company is actively promoting digital transformation and building a first-class technology service enterprise [1] - The construction of new digital infrastructure is accelerating, with 5G mid-frequency base stations reaching 1.36 million and 4G mid-frequency shared base stations exceeding 2 million [1] Financial Forecast - The company forecasts revenues of 388.95 billion, 405.99 billion, and 423.16 billion yuan for 2024, 2025, and 2026 respectively, with EPS of 0.29, 0.32, and 0.35 yuan [4][7] - The current stock price corresponds to PE ratios of 19, 17, and 15 times for the years 2024, 2025, and 2026 respectively [1]