【中国联通（0762.HK）】数字信息服务国家队，云业务打造第二增长曲线——覆盖报告（付天姿）

Core Viewpoint - The article highlights the growth and resilience of China Unicom, emphasizing its revenue and profit increases, as well as its strategic focus on core businesses and digital transformation initiatives [3][4][5]. Group 1: Company Overview - China Unicom is a leading integrated information service operator, established in 1994, with a presence in 31 provinces and multiple countries, ranking 279th in the 2024 Fortune Global 500 [2]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 389.6 billion yuan, a year-on-year increase of 4.6%, and a net profit of 20.6 billion yuan, up 10.1% [3]. - The average dividend yield from 2020 to 2024 exceeded 6%, indicating strong defensive attributes [3]. Group 3: Business Segments - The "Connected Communication" and "Intelligent Computing" segments are the two core business areas, with the connected communication segment generating 261.3 billion yuan in revenue, a 1.5% increase [4]. - The intelligent computing segment, which includes cloud services, data centers, and smart applications, generated 82.5 billion yuan, growing by 9.6%, with the "Unicom Cloud" segment alone reaching 68.6 billion yuan, a 17.1% increase [4]. Group 4: Industry Trends - The digital economy is accelerating the empowerment of the telecommunications industry, with China Unicom's cloud platform supporting over 35 industry-specific large models [5]. - According to the Ministry of Industry and Information Technology, the overall growth rate of the telecommunications industry in 2024 slowed to 3.2%, but emerging businesses like cloud computing and big data saw significant revenue increases, with big data revenue rising by 69.2% [6].