中国联通（600050）：全面推进融合创新，前三季度营收净利润实现双增长

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has achieved revenue of 293 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.0%, and a net profit attributable to the parent company of 8.8 billion yuan, which is a year-on-year increase of 5.2% [1] - The company is focusing on comprehensive innovation and development, enhancing its operational capabilities and expanding its user base through integrated services [4] - The company is expected to maintain a positive growth trajectory, with projected net profits of 9.62 billion, 10.23 billion, and 10.85 billion yuan for 2025, 2026, and 2027 respectively [4] Business Performance - The mobile user base has reached 356 million, with a net increase of 12.48 million users, while fixed broadband users have reached 129 million, with a net increase of 6.79 million users [2] - The company has seen a significant increase in its IoT connections, surpassing 700 million [2] - Cloud revenue has reached 52.9 billion yuan, and data center revenue has increased by 8.9% year-on-year to 21.4 billion yuan [2] Network Investment - The company is committed to high-standard construction and efficient operations, significantly enhancing network capabilities [3] - The mobile network is being upgraded from 5G to 5G-A, and broadband networks are transitioning from gigabit to 10-gigabit [3] Technological Development - The company is strengthening its capabilities in next-generation internet, big data, artificial intelligence, and cybersecurity, with a focus on cutting-edge technologies such as 6G and satellite internet [4] - R&D expenses have increased by 5.9% year-on-year, leading to more significant achievements [4] Financial Forecast - The company is projected to achieve revenue growth rates of 4.97%, 4.56%, 3.26%, 2.87%, and 2.72% from 2023 to 2027 [11] - The net profit attributable to the parent company is expected to grow at rates of 11.96%, 10.49%, 6.54%, 6.39%, and 6.03% over the same period [11]