China Unicom(SH:600050) Zhongyuan Securities·2025-04-16 12:23Investment Rating - The report maintains an "Accumulate" rating for China Unicom (600050) [1][11] Core Views - The company achieved a revenue of 389.59 billion yuan in 2024, representing a year-on-year growth of 4.56%, with a net profit of 9.03 billion yuan, up 10.49% year-on-year [4][11] - The company focuses on two main businesses: network communication and intelligent computing, with a steady improvement in profitability [9][11] - The company has effectively controlled costs while increasing R&D investment, with R&D expenses rising by 9.1% in 2024 [9][11] - The capital expenditure for 2024 was 61.37 billion yuan, a decrease of 17% year-on-year, optimizing the investment structure [10][11] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion yuan, a 9.42% increase year-on-year, and a net profit of 0.692 billion yuan, up 16.26% year-on-year [4] - The gross profit margin for 2024 was 23.42%, a decrease of 1.1 percentage points year-on-year [9] Business Segments - The network communication business accounted for 76% of service revenue, with a 1.5% year-on-year growth, while the intelligent computing business made up 24% of service revenue, growing by 9.6% [9] - The number of mobile and broadband users reached 470 million, with a net increase of 19.52 million users [9] Future Outlook - The company expects to see significant growth in net profit, with projections of 9.80 billion yuan, 10.52 billion yuan, and 11.21 billion yuan for 2025, 2026, and 2027 respectively [11] - The capital expenditure for 2025 is projected to be around 55 billion yuan, with a 28% increase in computing investment [10][11]