China Unicom(600050) 国金证券·2025-03-19 08:24Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company achieved a revenue of 389.59 billion RMB in 2024, representing a year-on-year growth of 4.56%, and a net profit attributable to shareholders of 9.03 billion RMB, up 10.49% year-on-year [1]. - The growth in revenue is primarily driven by the company's intelligent computing and network services, which saw a significant increase in user numbers and revenue contributions [1][2]. - The company has made substantial investments in enhancing its computing power and network capabilities, with a focus on upgrading its infrastructure and services [2]. - Future earnings per share (EPS) estimates have been slightly adjusted upward to 0.34 RMB for 2025 and 0.38 RMB for 2026, with a new estimate of 0.41 RMB for 2027 [3]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 99.47 billion RMB, a 9.42% increase year-on-year, and a net profit of 0.69 billion RMB, reflecting a 16.26% growth [1]. - The total number of mobile and broadband users increased by 19.52 million, reaching a record high of 450 million, contributing to the stable growth of the company's communication revenue [1]. Operational Analysis - The intelligent computing business generated approximately 83.03 billion RMB in revenue, marking a 9.6% increase year-on-year, becoming a key growth driver for the company [1][2]. - The company has established over 300 integrated computing resource pools across various regions, enhancing its computing capabilities significantly [2]. Financial Forecast and Valuation - The report projects a steady growth trajectory for the company's revenue and net profit, with expected revenues of 403.90 billion RMB in 2025 and 418.08 billion RMB in 2026 [6]. - The company's price-to-earnings (P/E) ratio is projected to be 18.13 for 2025, 16.39 for 2026, and 15.19 for 2027, indicating a favorable valuation [3].