China Unicom(SH:600050) Great Wall Securities·2025-09-11 09:53Investment Rating - The report maintains a "Buy" rating for China Unicom, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][16]. Core Views - China Unicom has officially entered the satellite mobile communication sector, focusing on satellite and industry development, which is expected to enhance its service offerings in emergency communication, maritime communication, and remote area communication [1]. - The company is actively exploring the integration of satellite technology with vertical industries, such as vehicle networking and the Internet of Things (IoT), which will drive innovation and application in various sectors [2]. - The report forecasts revenue growth for China Unicom, projecting revenues of 418.4 billion yuan, 454.8 billion yuan, and 496.7 billion yuan for the years 2025, 2026, and 2027 respectively, alongside net profits of 9.9 billion yuan, 10.9 billion yuan, and 12.2 billion yuan for the same years [3]. Financial Summary - Revenue for 2023 is projected at 372.6 billion yuan, with a year-over-year growth rate of 5.0%. This is expected to increase to 496.7 billion yuan by 2027, with a growth rate of 9.2% [1][8]. - The net profit attributable to the parent company is expected to rise from 8.2 billion yuan in 2023 to 12.2 billion yuan in 2027, reflecting a compound annual growth rate of approximately 12.1% [1][8]. - The report indicates an improvement in key financial ratios, with the return on equity (ROE) expected to increase from 5.2% in 2023 to 6.3% in 2027 [1][8].