Investment Rating - The report maintains a "Buy" rating for China Unicom (0762.HK) [4] Core Views - The company demonstrates continuous profit growth and a high dividend payout, reflecting confidence in long-term development [2] - The revenue for the first half of 2025 reached RMB 200.2 billion, a year-on-year increase of 1.5%, with total profit amounting to RMB 17.8 billion, up 5.1% year-on-year [2] - The board proposed an interim dividend of RMB 0.2841 per share, a 14.5% increase compared to the previous year, significantly higher than the growth rate of net profit attributable to shareholders [2] Summary by Sections Revenue and Profit Growth - The revenue from the Internet of Things (IoT) communication business was RMB 131.9 billion, growing by 0.4% year-on-year, with a total user base exceeding 1.2 billion [2] - The net increase in mobile and broadband users exceeded 11 million, reaching a total of 480 million users, marking the highest net increase in recent years [2] Intelligent Network Business Expansion - The revenue from the intelligent network business was RMB 45.4 billion, a year-on-year increase of 4.3%, accounting for 26% of total revenue [3] - Cloud revenue reached RMB 37.6 billion, growing by 18.6% year-on-year, while data center revenue increased by 9.4% to RMB 14.4 billion [3] - The company has signed contracts worth 60% more in AIDC compared to the previous year, and has launched over 5,000 5G application projects [3] Capital Expenditure and Cash Flow - Capital expenditure decreased by 15% year-on-year, indicating effective cost control [4] - The net cash flow from operating activities was RMB 29 billion, with free cash flow after capital expenditure reaching RMB 8.78 billion, a 63.1% increase year-on-year [4] - The comprehensive gross margin improved by 0.5 percentage points, enhancing profitability [4] Profit Forecast and Valuation - The report forecasts net profit attributable to shareholders for 2025 to be RMB 21.748 billion, with a corresponding P/E ratio of 13X [4] - The company is expected to maintain a stable dividend yield, averaging over 6% in the past five years, indicating strong stability [4]

Investment Rating - The investment rating for China Unicom is "Accumulate" with a target price of 7.59 CNY [6][12]. Core Insights - The company continues to optimize its cost structure and enhance operational efficiency, with a focus on R&D investments in AI and computing power, laying a solid foundation for high-quality development [2]. - In the first half of 2025, the company achieved steady revenue growth, with total operating income reaching 200.2 billion CNY (YoY +1.5%) and net profit attributable to shareholders at 6.349 billion CNY (YoY +5.1%) [12]. - The intelligent computing business has become a core growth engine, contributing 45.4 billion CNY in revenue, accounting for 26% of total operating income [12]. - The company has effectively controlled capital expenditures, which decreased by 15% year-on-year, while increasing R&D expenses by 15.6% to 3.46 billion CNY [12]. Financial Summary - Total operating revenue is projected to grow from 372.6 billion CNY in 2023 to 439.4 billion CNY in 2027, with a CAGR of approximately 4.9% [5]. - Net profit attributable to shareholders is expected to increase from 8.17 billion CNY in 2023 to 11.24 billion CNY in 2027, reflecting a CAGR of about 9.2% [5]. - The earnings per share (EPS) is forecasted to rise from 0.26 CNY in 2023 to 0.36 CNY in 2027 [5]. - The return on equity (ROE) is anticipated to improve from 5.1% in 2023 to 6.2% in 2027 [5]. Business Performance - The intelligent computing business has shown strong momentum, with cloud revenue reaching 37.6 billion CNY and data center revenue growing by 9.4% to 14.4 billion CNY [12]. - The connectivity business remains stable, with revenue of 131.9 billion CNY and a user base exceeding 480 million, marking a net increase of over 11 million users in the first half of 2025 [12]. - The company has maintained a stable average revenue per user (ARPU) while achieving high-quality user growth [12].

Group 1 - The core viewpoint of the report is that China Unicom is rated as a "buy" due to its stable growth in traditional communication services and the emergence of intelligent network services as a new growth engine [2] - The report highlights the increased utilization of computing infrastructure resources, with a positive outlook on the growth of cloud and IDC (Internet Data Center) businesses [2] - A decrease in capital expenditure is noted, leading to an increase in cash flow for the company [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][23] Core Views - The company achieved a steady revenue growth of 200.2 billion yuan in the first half of 2025, representing a year-on-year increase of 1.45%, with a net profit of 6.349 billion yuan, up 5.1% year-on-year [1][8] - The company's business structure continues to optimize, with significant growth in its computing power business, which generated 45.4 billion yuan in revenue, a 4.3% increase year-on-year, contributing to 26% of total revenue [1][20] - The company is focusing on enhancing shareholder returns, announcing an interim dividend of 0.11 yuan per share, a 16% increase year-on-year [2][23] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 200.2 billion yuan, with a net profit of 6.349 billion yuan and a return on equity (ROE) of 3.75% [1][8] - The EBITDA margin decreased by 1.01 percentage points to 25.28% [1][8] Business Development - The company saw a net increase of 11.19 million mobile and broadband users, the highest in recent years, with "dual-gigabit" users accounting for 50% of the total [1][13] - The company is enhancing its cloud services and integrating AI capabilities, leading to improved market positioning and increased customer engagement [2][20] Capital Expenditure and Shareholder Returns - Capital expenditure for the first half of 2025 was 20.2 billion yuan, with a full-year plan of 55 billion yuan, indicating a continued decline in capital spending [2][13] - The company is committed to increasing shareholder returns, as evidenced by the planned dividend increase [2][23] Profit Forecast - The company forecasts net profits of 9.5 billion yuan, 10.1 billion yuan, and 10.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 18.1x, 17.0x, and 15.7x [3][4][23]

Financial Performance - The company's revenue for the first half of the year reached RMB 200.2 billion, showing a steady increase compared to RMB 197.3 billion in the same period last year [1] - Total profit amounted to RMB 17.7 billion, reflecting a year-on-year growth of 5.2% [1] - Net profit attributable to shareholders was RMB 6.35 billion, up from RMB 6.04 billion year-on-year [1] - The net cash flow from operating activities was RMB 29.3 billion, slightly down from RMB 30.1 billion in the previous year [1] User and Service Growth - The company surpassed 1.2 billion connected users, with net additions of over 11 million mobile and broadband users, reaching a total of 480 million [2] - The number of IoT connections increased by over 60 million, totaling 690 million, with 86 million in the automotive sector [2] - 50% of users opted for "dual-gigabit" services, and the penetration rate of integrated services exceeded 77% [2] Business Segments and Innovations - The smart network business achieved significant growth, with cloud revenue reaching RMB 376 billion [2] - The data center revenue was RMB 144 billion, marking a 9.4% increase year-on-year, with a 60% growth in AIDC contract value [2] - The company has established over 30 trusted data spaces and developed more than 100 AI intelligent agents [2] International Expansion - The company rebranded its international operations as UniCom, collaborating with over 600 global operators and 1,000 industry partners [3] - New international smart computing centers were established, enhancing the global innovation network [3] - The company is involved in several benchmark projects across ASEAN, the Middle East, Africa, and Europe [3] Network Investment and Infrastructure - Capital expenditure was RMB 20.2 billion, a 15% decrease year-on-year, with significant savings in operational expenses [3] - The company upgraded its mobile and broadband networks, achieving a data center capacity of 2,650 MW and a total computing power of 30 EFLOPS [3] - The backbone optical cable network expanded to 200,000 kilometers, with a 23% increase in international submarine cable capacity [3]

Core Insights - China Unicom reported a revenue of 200.2 billion yuan and a net profit of 6.349 billion yuan for the first half of 2025, marking a year-on-year growth of 5.12% [1] - The company plans to distribute a cash dividend of 1.112 yuan per 10 shares, reflecting a 16% increase compared to the previous year [1] Group 1: Financial Performance - The operating cash flow for the first half of the year decreased by 2.8% year-on-year due to slower payment collection in the new intelligent network business compared to traditional communication services [1] - Capital expenditure for the first half of 2025 was 20.2 billion yuan, a decline of 15% year-on-year, with an expected annual fixed asset investment of around 55 billion yuan [1][2] Group 2: Strategic Focus - The company is shifting its investment focus from traditional mobile and broadband services to IDC and cloud services, with a projected investment decline of over 10% in 2024 and 2025 [2] - China Unicom is enhancing its network capabilities by building intelligent computing centers and increasing data center capacity to 2,650 MW, with a total intelligent computing scale reaching 30 EFLOPS [2] Group 3: Business Development - Revenue from the connected communication segment reached 131.9 billion yuan, while intelligent network revenue was 45.4 billion yuan, accounting for 26% of total revenue [3] - The company has seen a 9.4% year-on-year growth in data center revenue, with significant increases in AIDC contract amounts, indicating a strengthening market position [3] - International business revenue grew by 11% year-on-year, with the establishment of five new overseas intelligent computing centers enhancing global service capabilities [3]

Core Viewpoint - China Unicom reported a revenue of 200.2 billion yuan and a net profit of 6.349 billion yuan for the first half of 2025, indicating a year-on-year growth of 1.5% and 5.12% respectively, as the company accelerates AI integration into network operations [1][2] Financial Performance - China Unicom's revenue reached 200.2 billion yuan, a 1.5% increase year-on-year, with a net profit of 6.349 billion yuan, reflecting a 5.12% growth [2] - The company plans to distribute a cash dividend of 1.112 yuan per 10 shares, a 16% increase from the previous year, totaling approximately 3.477 billion yuan [2] - Operating cash flow for China Unicom decreased by 2.8% year-on-year, attributed to the slower return on investment in the new intelligent network business compared to traditional communication services [3] Capital Expenditure - China Unicom's capital expenditure for the first half of 2025 was 20.2 billion yuan, a 15% decrease year-on-year, with an annual investment forecast of around 55 billion yuan [4] - The company emphasizes a cautious approach to capital expenditure, focusing on optimizing investment structure and enhancing investment efficiency [4] - Investment priorities have shifted from traditional connectivity to intelligent data centers and cloud services, with a continuous decline in overall investment scale since 2022 [4] Business Development - The intelligent network business of China Unicom showed strong growth, with revenue from this segment reaching 45.4 billion yuan, accounting for 26% of total revenue [7] - The company has made significant advancements in AI applications, with cloud revenue hitting 37.6 billion yuan and data center revenue increasing by 9.4% year-on-year [8] - China Unicom's user base surpassed 1.2 billion, with notable growth in mobile and broadband users, and a net increase of over 60 million IoT connections [8] International Expansion - China Unicom has established a more comprehensive international intelligent computing layout, including five new overseas intelligent computing centers [8] - The company is actively providing digital services to over 280 cloud service providers and connecting more than 400 data centers globally [8]

Core Viewpoint - The development of the low-altitude economy relies on the support of low-altitude network communication and perception capabilities, with China Unicom actively building a digital foundation through five-network integration to foster innovative capabilities in low-altitude scenarios [1][2]. Group 1: Low-altitude Economy Infrastructure - China Unicom is constructing a "1+1+3+N" low-altitude capability system, which includes an integrated low-altitude smart network, a fusion of spatiotemporal big data, and three core platforms for safety regulation, airspace management, and smart low-altitude applications [1]. - The company emphasizes that traditional operators only provide communication pipelines, while low-altitude operations require centimeter-level positioning, real-time weather warnings, and obstacle avoidance decision-making [1]. Group 2: Data and Service Capabilities - China Unicom has made significant investments in edge computing and terminal computing, achieving data centralization across 31 provinces, positioning itself as a leader in data governance in China [2]. - The company has developed a public and industry data fusion computing infrastructure, accumulating high-quality datasets across over 10 industries, totaling 400 terabytes [2]. Group 3: Cost Efficiency and Operational Advantages - The operational cost for a logistics company building its own low-altitude network is 28 yuan per kilometer, while China Unicom's project in Zhejiang achieves a cost of only 9.7 yuan [2]. - In a project for the Yunnan power grid inspection, China Unicom reduced data processing latency from 3 seconds to 200 milliseconds by establishing edge computing nodes [2]. Group 4: Application Scenarios - In Longyan, Fujian, the efficiency of blood transport via drones has improved by 150% [2]. - In Zhengzhou, the company has implemented automatic inspection with "instant recognition" for heating pipeline networks [2]. - Cross-border island logistics testing has also been initiated [2].

Core Viewpoint - China Unicom has achieved significant breakthroughs in its operations, reporting a record high revenue and net profit for the first quarter of 2025, marking a strong start to the year [2][5][6]. Financial Performance - In Q1 2025, China Unicom reported revenue of 103.35 billion yuan, a year-on-year increase of 3.88%, and a net profit attributable to shareholders of over 2.6 billion yuan, up 6.5% [5][6]. - The company's operating cash flow for the first quarter was 7.846 billion yuan, maintaining a positive cash flow status [9]. - The asset-liability ratio as of March 2025 was 43.89%, a decrease of 1.3 percentage points from the beginning of the year [4][12]. User Growth and Business Segments - The company has seen steady growth in user numbers, with mobile users reaching 349 million, an increase of 4.78 million, and IoT connections totaling 663 million, up by 38.4 million [8]. - The cloud revenue reached 19.72 billion yuan, with significant advancements in the "5G + Industrial Internet" projects, totaling 30,000 implementations and over 7,500 5G factories [8]. Research and Development - R&D investment for Q1 2025 was 1.471 billion yuan, reflecting a year-on-year increase of 6.67% [3][11]. - The number of authorized patents in Q1 2025 was 84 [12]. Strategic Initiatives - China Unicom is focusing on three key areas: network innovation, technology innovation, and service innovation, which have shown significant results in enhancing the company's high-quality development [10]. - The company is actively embracing artificial intelligence, launching new AI products and services, and enhancing its product supply capabilities [10]. Historical Performance - Since the completion of its mixed-ownership reform in 2017, China Unicom has seen continuous growth in its operating performance, with revenue increasing from 274.83 billion yuan in 2017 to 389.59 billion yuan in 2024, a cumulative growth of 1.147 trillion yuan [11]. - The net profit attributable to shareholders has also shown uninterrupted growth, reaching 9.03 billion yuan in 2024, a growth of approximately 2019.72% since 2017 [11].

电信运营Ⅱ 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 算力服务快速增长，派息率稳步提升 ——中国联通(600050)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 5.41 | | --- | --- | | 一年内最高/最低(元) | 6.82/4.42 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.04 | | 流通市值(亿元) | 1,664.49 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.18 | | 每股经营现金流(元) | 2.87 | | 毛利率(%) | 23.42 | | 净资产收益率_摊薄(%) | 5.48 | | 资产负债率(%) | 45.19 | | 总股本/流通股(万股) | 3,126,442.53/3,076,6 | B 股/H 股(万股) 0.00/0.00 相关报告 《中国联通(600050)季报点评：联通云快速发 展，净利润双位数增长》 2024-10-31 联系人：李智 ...