China Unicom(600050) 民生证券·2025-03-20 02:38Investment Rating - The report maintains a "Recommended" rating for China Unicom, with a target price of 5.77 CNY [6][4]. Core Insights - China Unicom achieved a revenue of 389.59 billion CNY in 2024, representing a year-on-year growth of 4.6%. The net profit attributable to shareholders was 9.03 billion CNY, up 10.5% year-on-year [1][4]. - The company is focusing on enhancing its AI-driven computing capabilities, with a significant increase in cloud revenue, which reached 68.6 billion CNY, growing by 17.1% year-on-year [2][4]. - Capital expenditures for 2024 are projected at 61.37 billion CNY, a decrease of 17% from the previous year, while investments in computing power are expected to rise by 19% [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion CNY, a 9.4% increase year-on-year, with a net profit of 0.692 billion CNY, up 16.3% [1]. - The operating cash flow decreased by 12.5% year-on-year, totaling 91.26 billion CNY [1]. Business Segments - The telecommunications revenue grew by 1.5%, with a total user base reaching 470 million, including 62 million IoT connections [2][3]. - The intelligent computing segment saw a revenue increase of 9.6%, with data center revenue at 25.9 billion CNY, up 7.4% [2]. Strategic Initiatives - China Unicom is accelerating its transformation into a technology service company, enhancing its mobile and broadband networks, and expanding its AI capabilities [3]. - The company plans to establish 10 national-level intelligent computing data centers and has a significant focus on AI infrastructure [3]. Shareholder Returns - The dividend per share for A-shares in 2024 is set at 0.16 CNY, with a payout ratio of 55%, reflecting a 4 percentage point increase year-on-year [4].