收入结构不断优化，联通云保持较快增速

Investment Rating - The report maintains a "Buy" rating for China Unicom, expecting the stock price to outperform the industry index by over 15% in the next six months [11]. Core Views - China Unicom's revenue structure is continuously optimizing, with significant growth in its cloud services and digital solutions, indicating a strong focus on integrating digital and traditional economies [2][3]. - The company achieved a revenue of 99.496 billion yuan in Q1 2024, representing a year-on-year growth of 2.3%, and a net profit of 2.447 billion yuan, up 8.0% year-on-year [1][2]. - The report forecasts that China Unicom will achieve revenues of 411.347 billion yuan, 455.361 billion yuan, and 506.361 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 9.422 billion yuan, 11.087 billion yuan, and 13.056 billion yuan for the same years [2]. Financial Performance Summary - Revenue Growth: The company reported a revenue of 372.597 billion yuan in 2023, with a projected growth rate of 10.4% in 2024 [1]. - Net Profit: The net profit for 2023 was 8.173 billion yuan, with an expected growth of 15.3% in 2024 [1]. - Earnings Per Share (EPS): The EPS for 2023 was 0.26 yuan, projected to increase to 0.30 yuan in 2024 [1]. - Price-to-Earnings (P/E) Ratio: The P/E ratio is expected to decrease from 18.4 in 2023 to 15.9 in 2024, indicating a potentially undervalued stock [1]. User and Revenue Structure Improvement - The mobile user base reached 337 million in Q1 2024, with a 5G package penetration rate exceeding 80% [2]. - The revenue from intelligent network services reached 23.215 billion yuan in Q1 2024, accounting for 26.1% of the main business revenue, reflecting a 1.1 percentage point increase [2]. - China Unicom's cloud services revenue grew by 30.3% year-on-year to 16.7 billion yuan in Q1 2024 [2]. Strategic Developments - The launch of the "Starry Sky" advanced computing scheduling platform at MWC 2024 aims to provide integrated computing services across various industries, enhancing digital transformation efforts [2]. - The company is focusing on strengthening its computing resource layout to support sectors such as manufacturing, energy, transportation, healthcare, and education [2].