China Unicom(SH:600050) Guoxin Securities·2025-08-13 02:01Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][23] Core Views - The company achieved a steady revenue growth of 200.2 billion yuan in the first half of 2025, representing a year-on-year increase of 1.45%, with a net profit of 6.349 billion yuan, up 5.1% year-on-year [1][8] - The company's business structure continues to optimize, with significant growth in its computing power business, which generated 45.4 billion yuan in revenue, a 4.3% increase year-on-year, contributing to 26% of total revenue [1][20] - The company is focusing on enhancing shareholder returns, announcing an interim dividend of 0.11 yuan per share, a 16% increase year-on-year [2][23] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 200.2 billion yuan, with a net profit of 6.349 billion yuan and a return on equity (ROE) of 3.75% [1][8] - The EBITDA margin decreased by 1.01 percentage points to 25.28% [1][8] Business Development - The company saw a net increase of 11.19 million mobile and broadband users, the highest in recent years, with "dual-gigabit" users accounting for 50% of the total [1][13] - The company is enhancing its cloud services and integrating AI capabilities, leading to improved market positioning and increased customer engagement [2][20] Capital Expenditure and Shareholder Returns - Capital expenditure for the first half of 2025 was 20.2 billion yuan, with a full-year plan of 55 billion yuan, indicating a continued decline in capital spending [2][13] - The company is committed to increasing shareholder returns, as evidenced by the planned dividend increase [2][23] Profit Forecast - The company forecasts net profits of 9.5 billion yuan, 10.1 billion yuan, and 10.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 18.1x, 17.0x, and 15.7x [3][4][23]