中国联通（600050）：经营效率提升，算网数智高质量发展

Investment Rating - The report maintains a "Recommended" rating for China Unicom (600050.SH) [3] Core Views - The company demonstrated steady growth in operating performance, with revenue reaching 200.2 billion yuan in the first half of 2025, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of 6.349 billion yuan, up 5.1% year-on-year [1][2] - The business structure continues to optimize, with the connectivity communication segment generating 131.9 billion yuan in revenue, a 5.4% increase, accounting for 74.0% of total revenue [2] - The company has seen a significant increase in user scale, surpassing 1.2 billion connected users, with net additions of over 11 million mobile and broadband users, marking a record high for the same period in recent years [2] - The intelligent network segment generated 45.4 billion yuan in revenue, a 4.4% increase, contributing 25.5% to total revenue [2] - The company is enhancing its operational efficiency, with a net profit margin of 7.21%, an increase of 0.24 percentage points year-on-year [3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 200.2 billion yuan, with a net profit of 6.349 billion yuan, and a non-recurring net profit of 5.580 billion yuan, reflecting growth rates of 1.5%, 5.1%, and 10.3% respectively [1] - The company’s capital expenditure decreased by 15% year-on-year to 20.2 billion yuan, with a projected annual capital expenditure of around 55 billion yuan [3] User Growth and Business Segmentation - The total number of connected users exceeded 1.2 billion, with a net increase of over 11 million users in mobile and broadband services [2] - The "dual-gigabit" user ratio reached 50%, and the penetration rate of integrated services exceeded 77% [2] Profitability and Efficiency - The company’s cost operation efficiency improved, with a decrease in network settlement expenses by 0.2% and depreciation and amortization by 4.8% [3] - The report forecasts net profits for 2025, 2026, and 2027 to be 10.1 billion yuan, 11.3 billion yuan, and 12.6 billion yuan respectively, with corresponding PE ratios of 17x, 15x, and 13x [3][5]