China Unicom(600050) 国信证券·2025-03-20 03:12Investment Rating - The investment rating for China Unicom (600050.SH) is "Outperform the Market" [6][4][25] Core Views - In 2024, China Unicom achieved a net profit of 9 billion yuan, representing a year-on-year growth of 10.5%, with total revenue reaching 389.6 billion yuan, an increase of 4.6% year-on-year [1][9] - The company has shown significant growth in its innovative business sectors, with industrial internet revenue reaching 82.4 billion yuan, a year-on-year increase of 24% [2][13] - The capital expenditure for 2024 was 61.4 billion yuan, with a decreasing ratio of capital expenditure to revenue, indicating improved efficiency [3][16] Summary by Sections Financial Performance - In 2024, China Unicom's revenue was 389.6 billion yuan, with a net profit of 9 billion yuan and EBITDA of 92.3 billion yuan [1][9] - The fourth quarter of 2024 saw a revenue of 99.5 billion yuan, with a net profit of 690 million yuan, marking a year-on-year growth of 16.26% [1][9] Business Growth - The industrial internet segment generated 82.4 billion yuan in revenue, with notable performances in cloud computing (36.1 billion yuan, +17.1%), data centers (25.9 billion yuan, +7.4%), and big data services (6.4 billion yuan, +20.8%) [2][13] - The user base for "Big Connection" reached 1.14 billion, with a net increase of 195 million users, while 5G package users reached 290 million, with a penetration rate of 83% [2][15] Capital Expenditure and Cost Management - Capital expenditure for 2024 was 61.4 billion yuan, with a planned reduction to 55 billion yuan for 2025 [3][16] - The depreciation and amortization expenses for 2024 were 77.8 billion yuan, with a ratio to revenue decreasing by 2.8 percentage points to 23.8% [3][16] Dividend Policy - The company proposed a final dividend of 0.0621 yuan per share, with an annual dividend of 0.158 yuan per share, resulting in a dividend payout ratio of 55%, an increase of 4.5 percentage points year-on-year [3][22]