AI系列跟踪专题报告：中国联通打响运营商算力加码第一枪，全面拥抱AI，迎科技转型待价值重估

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [10]. Core Insights - The report highlights that China Unicom has taken the lead in enhancing computing power, fully embracing AI, and is expected to undergo a value reassessment due to its technological transformation [1]. - The AI wave is anticipated to significantly benefit telecom operators from the growth in intelligent computing business and value reassessment, with a recommendation to focus on the three major operators: China Mobile, China Telecom, and China Unicom [3]. - The report emphasizes that the intelligent computing business has become a crucial driver of revenue growth for China Unicom, with a projected revenue of RMB 389.6 billion in 2024, reflecting a year-on-year increase of 4.6% [5]. Summary by Sections Investment Recommendations - The report suggests that telecom operators will benefit from the intelligent computing business, leading to revenue growth and value reassessment, recommending attention to the three major operators: China Mobile, China Telecom, and China Unicom [3]. Performance Metrics - China Unicom's revenue for 2024 is projected to be RMB 389.6 billion, a 4.6% increase year-on-year, with a total profit of RMB 25.1 billion and a net profit of RMB 9 billion, up 10.5% year-on-year [5]. - The intelligent computing business revenue accounted for 24% of service revenue, growing by 9.6% year-on-year, while cloud revenue reached RMB 68.6 billion, up 17.1% year-on-year [5]. Capital Expenditure Trends - China Unicom's capital expenditure for 2024 is expected to be RMB 61.37 billion, a decrease of 17% year-on-year, while computing power investment is projected to increase by 19% [5]. - The company plans to further reduce fixed asset investment to RMB 55 billion in 2025, a decline of 10.38%, while continuing to increase computing power investment by 28% [5]. Industry Landscape - The report notes that the three major telecom operators are increasing their computing power infrastructure, with a total of 830,000 data center racks and a computing power scale exceeding 50 EFLOPS, doubling year-on-year [5]. - The demand for AI computing is expected to reshape the industry, transitioning telecom operators from traditional network providers to technology service companies, which may lead to a value reassessment [5].