中国联通：公司经营向好，资本开支下降

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6][8]. Core Insights - The company has shown steady revenue growth, with a 5% year-on-year increase in operating revenue for 2023, reaching 372.6 billion yuan. The net profit attributable to shareholders increased by 12% to 8.2 billion yuan, marking the seventh consecutive year of double-digit growth [5][6]. - The company is actively enhancing its digital and intelligent services, with significant growth in its cloud services and data services, which saw revenue increases of 41.6% and 32% respectively [6]. - Capital expenditures are expected to decrease in 2024, with a focus on strategic investments in computing power and digital services [6]. Summary by Sections Company Overview - The latest closing price is 4.51 yuan, with a total market capitalization of 143.4 billion yuan and a P/E ratio of 17.28 [3][4]. Financial Performance - In 2023, the company achieved an EBITDA of 99.6 billion yuan and a net asset return of 5.1%. The first quarter of 2024 showed a revenue of 994.96 billion yuan, a 2.3% increase year-on-year, with a net profit of 24.47 billion yuan, up 8% [5][6]. User Growth and Market Position - The company added 10.6 million mobile users in 2023, bringing the total to 333 million, with a 78% penetration rate for 5G users. The broadband user base increased by 9.79 million, reaching 113 million [6]. Future Projections - The company forecasts net profits of 9.28 billion yuan, 10.4 billion yuan, and 11.86 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 13.57%, 12.08%, and 14% [6][8].