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 ...

Investment Rating - The report maintains an "Accumulate" rating for China Unicom (600050) [1][3] Core Views - The company achieved a revenue of 389.59 billion yuan in 2024, representing a year-on-year growth of 4.56%, with a net profit attributable to shareholders of 9.03 billion yuan, up 10.49% year-on-year [4][11] - The company focuses on two main businesses: network communication and intelligent computing, with a steady improvement in profitability [9][11] - The company has effectively controlled costs while increasing R&D investment, with R&D expenses rising by 9.1% year-on-year [9][11] - The capital expenditure for 2024 was 61.37 billion yuan, a decrease of 17% year-on-year, with a significant optimization in investment structure [10][11] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion yuan, a year-on-year increase of 9.42%, and a net profit of 0.692 billion yuan, up 16.26% year-on-year [4] - The gross profit margin for 2024 was 23.42%, a decrease of 1.1 percentage points year-on-year [9] Business Segments - The network communication business accounted for 76% of service revenue, with a year-on-year growth of 1.5%, while the intelligent computing business represented 24% of service revenue, growing by 9.6% [9] - The number of mobile and broadband users reached 470 million, with a net increase of 19.52 million users [9] Future Outlook - The company expects to see significant growth in net profit, with projections of 9.797 billion yuan, 10.522 billion yuan, and 11.207 billion yuan for 2025, 2026, and 2027 respectively [11] - The company plans to reduce the capital expenditure-to-revenue ratio, which is expected to enhance performance release capabilities [11]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a double-digit growth in net profit, with a total revenue of 389.59 billion yuan in 2024, representing a year-on-year increase of 4.6%. The net profit attributable to shareholders reached 9.03 billion yuan, up 10.5% year-on-year [1][6] - The company's focus on integrated communication and intelligent network services is expected to drive high-quality development and new breakthroughs in the future [6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 389.59 billion yuan, with service revenue of 345.98 billion yuan, marking a 3.2% increase year-on-year. The total profit reached 25.09 billion yuan, and the net profit attributable to shareholders was 9.03 billion yuan, reflecting a 10.5% growth [1][11] - The weighted average return on equity increased to 5.5% [1] Business Segments - The revenue from integrated communication services grew by 1.5% year-on-year, accounting for 76% of service revenue. The user base reached 470 million, with a net increase of 19.52 million users. The IoT connections exceeded 620 million, with a net increase of 13 million [2] - The intelligent network services revenue increased by 9.6% year-on-year, contributing 24% to service revenue. Cloud revenue was 68.6 billion yuan, up 17.1%, while data center revenue reached 25.9 billion yuan, up 7.4% [2] Investment Strategy - The company adopted a precise and moderate investment strategy, with capital expenditure of 61.37 billion yuan in 2024, a decrease of 17% year-on-year. However, investment in computing power increased by 19% [4] - The mobile network coverage reached 99%, benefiting millions of users, and the number of mobile network base stations exceeded 4.5 million [4] Shareholder Returns - The company proposed a final dividend of 0.0621 yuan per share (before tax), with a total annual dividend of 0.1580 yuan per share, reflecting a year-on-year increase of 19.7% [5] - For 2025, the company anticipates a fixed asset investment of around 55 billion yuan, with a 28% increase in computing power investment [5] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 9.87 billion yuan, 10.77 billion yuan, and 11.71 billion yuan, respectively, with a maintained "Accumulate" rating [6][11]

Investment Rating - The investment rating for China Unicom (600050.SH) is "Outperform the Market" [6][4][25] Core Views - In 2024, China Unicom achieved a revenue of 389.6 billion yuan, representing a year-on-year growth of 4.6%, and a net profit attributable to shareholders of 9 billion yuan, which is a 10.5% increase year-on-year [1][9] - The company has shown significant growth in its innovative business sectors, with industrial internet revenue reaching 82.4 billion yuan, up 24% year-on-year, and notable performance in cloud computing, data centers, and big data services [2][13] - The capital expenditure for 2024 was 61.4 billion yuan, with a decreasing ratio of capital expenditure to revenue, indicating improved efficiency in capital allocation [3][16] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.5 billion yuan, a 9.4% increase year-on-year, and a net profit of 690 million yuan, up 16.26% year-on-year [1][9] - The EBITDA for 2024 reached 92.3 billion yuan, and the return on equity (ROE) was 5.49%, an increase of 0.41 percentage points year-on-year [1][9] Business Growth - The user structure of traditional businesses continues to optimize, with "Big Connection" users reaching 1.14 billion, a net increase of 195 million users for the year [2][15] - The penetration rate of 5G package users reached 83%, with 290 million users, reflecting a year-on-year growth of 5 percentage points [2][15] Capital Expenditure and Cost Management - The capital expenditure for 2024 was 61.4 billion yuan, with a planned reduction to 55 billion yuan for 2025, indicating a focus on cost efficiency [3][16] - The depreciation and amortization expenses for 2024 were 77.8 billion yuan, with a ratio to revenue decreasing by 2.8 percentage points compared to 2023 [3][16] Dividend Policy - The company proposed a final dividend of 0.0621 yuan per share, with an annual dividend of 0.158 yuan per share, resulting in a dividend payout ratio of 55%, an increase of 4.5 percentage points year-on-year [3][22]

Investment Rating - The investment rating for China Unicom (600050.SH) is "Outperform the Market" [6][4][25] Core Views - In 2024, China Unicom achieved a net profit of 9 billion yuan, representing a year-on-year growth of 10.5%, with total revenue reaching 389.6 billion yuan, an increase of 4.6% year-on-year [1][9] - The company has shown significant growth in its innovative business sectors, with industrial internet revenue reaching 82.4 billion yuan, a year-on-year increase of 24% [2][13] - The capital expenditure for 2024 was 61.4 billion yuan, with a decreasing ratio of capital expenditure to revenue, indicating improved efficiency [3][16] Summary by Sections Financial Performance - In 2024, China Unicom's revenue was 389.6 billion yuan, with a net profit of 9 billion yuan and EBITDA of 92.3 billion yuan [1][9] - The fourth quarter of 2024 saw a revenue of 99.5 billion yuan, with a net profit of 690 million yuan, marking a year-on-year growth of 16.26% [1][9] Business Growth - The industrial internet segment generated 82.4 billion yuan in revenue, with notable performances in cloud computing (36.1 billion yuan, +17.1%), data centers (25.9 billion yuan, +7.4%), and big data services (6.4 billion yuan, +20.8%) [2][13] - The user base for "Big Connection" reached 1.14 billion, with a net increase of 195 million users, while 5G package users reached 290 million, with a penetration rate of 83% [2][15] Capital Expenditure and Cost Management - Capital expenditure for 2024 was 61.4 billion yuan, with a planned reduction to 55 billion yuan for 2025 [3][16] - The depreciation and amortization expenses for 2024 were 77.8 billion yuan, with a ratio to revenue decreasing by 2.8 percentage points to 23.8% [3][16] Dividend Policy - The company proposed a final dividend of 0.0621 yuan per share, with an annual dividend of 0.158 yuan per share, resulting in a dividend payout ratio of 55%, an increase of 4.5 percentage points year-on-year [3][22]

Investment Rating - The report maintains a "Recommended" rating for China Unicom, with a target price of 5.77 CNY [6][4]. Core Insights - China Unicom achieved a revenue of 389.59 billion CNY in 2024, representing a year-on-year growth of 4.6%. The net profit attributable to shareholders was 9.03 billion CNY, up 10.5% year-on-year [1][4]. - The company is focusing on enhancing its AI-driven computing capabilities, with a significant increase in cloud revenue, which reached 68.6 billion CNY, growing by 17.1% year-on-year [2][4]. - Capital expenditures for 2024 are projected at 61.37 billion CNY, a decrease of 17% from the previous year, while investments in computing power are expected to rise by 19% [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion CNY, a 9.4% increase year-on-year, with a net profit of 0.692 billion CNY, up 16.3% [1]. - The operating cash flow decreased by 12.5% year-on-year, totaling 91.26 billion CNY [1]. Business Segments - The telecommunications revenue grew by 1.5%, with a total user base reaching 470 million, including 62 million IoT connections [2][3]. - The intelligent computing segment saw a revenue increase of 9.6%, with data center revenue at 25.9 billion CNY, up 7.4% [2]. Strategic Initiatives - China Unicom is accelerating its transformation into a technology service company, enhancing its mobile and broadband networks, and expanding its AI capabilities [3]. - The company plans to establish 10 national-level intelligent computing data centers and has a significant focus on AI infrastructure [3]. Shareholder Returns - The dividend per share for A-shares in 2024 is set at 0.16 CNY, with a payout ratio of 55%, reflecting a 4 percentage point increase year-on-year [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company achieved a revenue of 389.59 billion RMB in 2024, representing a year-on-year growth of 4.56%, and a net profit attributable to shareholders of 9.03 billion RMB, up 10.49% year-on-year [1]. - The growth in revenue is primarily driven by the company's intelligent computing and network services, which saw a significant increase in user numbers and revenue contributions [1][2]. - The company has made substantial investments in enhancing its computing power and network capabilities, with a focus on upgrading its infrastructure and services [2]. - Future earnings per share (EPS) estimates have been slightly adjusted upward to 0.34 RMB for 2025 and 0.38 RMB for 2026, with a new estimate of 0.41 RMB for 2027 [3]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 99.47 billion RMB, a 9.42% increase year-on-year, and a net profit of 0.69 billion RMB, reflecting a 16.26% growth [1]. - The total number of mobile and broadband users increased by 19.52 million, reaching a record high of 450 million, contributing to the stable growth of the company's communication revenue [1]. Operational Analysis - The intelligent computing business generated approximately 83.03 billion RMB in revenue, marking a 9.6% increase year-on-year, becoming a key growth driver for the company [1][2]. - The company has established over 300 integrated computing resource pools across various regions, enhancing its computing capabilities significantly [2]. Financial Forecast and Valuation - The report projects a steady growth trajectory for the company's revenue and net profit, with expected revenues of 403.90 billion RMB in 2025 and 418.08 billion RMB in 2026 [6]. - The company's price-to-earnings (P/E) ratio is projected to be 18.13 for 2025, 16.39 for 2026, and 15.19 for 2027, indicating a favorable valuation [3].