China Unicom(600050) 国信证券·2025-03-20 04:08Investment Rating - The investment rating for China Unicom (600050.SH) is "Outperform the Market" [6][4][25] Core Views - In 2024, China Unicom achieved a revenue of 389.6 billion yuan, representing a year-on-year growth of 4.6%, and a net profit attributable to shareholders of 9 billion yuan, which is a 10.5% increase 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, up 24% year-on-year, and notable performance in cloud computing, data centers, and big data services [2][13] - The capital expenditure for 2024 was 61.4 billion yuan, with a decreasing ratio of capital expenditure to revenue, indicating improved efficiency in capital allocation [3][16] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.5 billion yuan, a 9.4% increase year-on-year, and a net profit of 690 million yuan, up 16.26% year-on-year [1][9] - The EBITDA for 2024 reached 92.3 billion yuan, and the return on equity (ROE) was 5.49%, an increase of 0.41 percentage points year-on-year [1][9] Business Growth - The user structure of traditional businesses continues to optimize, with "Big Connection" users reaching 1.14 billion, a net increase of 195 million users for the year [2][15] - The penetration rate of 5G package users reached 83%, with 290 million users, reflecting a year-on-year growth of 5 percentage points [2][15] Capital Expenditure and Cost Management - The capital expenditure for 2024 was 61.4 billion yuan, with a planned reduction to 55 billion yuan for 2025, indicating a focus on cost efficiency [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 compared to 2023 [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]