数智化发展持续加速，CAPEX优化助业绩高增

Investment Rating - The report maintains a "Buy" rating for China Unicom (600050) [2] Core Views - The company reported a revenue of 372.60 billion yuan in 2023, a year-on-year increase of 4.97%, and a net profit attributable to shareholders of 8.17 billion yuan, up 11.96% year-on-year [1][2] - The traditional business remains stable, while the digital intelligence business is becoming a new growth driver, contributing 25% to the main business revenue [2][3] - The company is focusing on optimizing capital expenditures (CAPEX), which is expected to decrease by 12% to 65 billion yuan in 2024, while maintaining a high dividend yield [3] Financial Summary - In 2023, the company achieved a gross profit margin of 24.5% and a return on equity (ROE) of 5.1% [2][4] - The projected revenues for 2024, 2025, and 2026 are 401.31 billion yuan, 426.63 billion yuan, and 453.97 billion yuan, respectively, with year-on-year growth rates of 7.7%, 6.3%, and 6.4% [2][4] - The net profit attributable to shareholders is expected to reach 9.17 billion yuan in 2024, 10.01 billion yuan in 2025, and 11.36 billion yuan in 2026, with corresponding growth rates of 12.2%, 9.2%, and 13.5% [2][4]