Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Viewpoints - The company is accelerating its investment in computing power, driven by AI, which is expected to open new growth avenues. The projected revenue for 2025-2027 shows a steady growth trajectory [3]. - The company achieved a revenue of CNY 389.59 billion in 2024, a year-on-year increase of 4.6%, with a net profit of CNY 9.03 billion, up 10.5% year-on-year [1][2]. Financial Performance - In 2024, the company reported a net cash flow from operating activities of CNY 91.26 billion, a decrease of 12.5% year-on-year [1]. - The company's capital expenditure for 2024 was CNY 61.37 billion, down 17% year-on-year, while computing power investment increased by 19% [2]. - The projected revenues for 2025, 2026, and 2027 are CNY 401.4 billion, CNY 431.4 billion, and CNY 453.4 billion, respectively, with expected growth rates of 5.3% for 2025 and 5.1% for both 2026 and 2027 [3][5]. Business Segments - The company's C-end business remains stable, with communication service revenue accounting for 76% of total service revenue, a 1.5% increase year-on-year. The user base reached 470 million, with a net increase of 19.52 million [2]. - The company has established over 300 integrated computing power resource pools, with a computing scale exceeding 17E FLOPS, contributing to a cloud revenue of CNY 68.6 billion, up 17.1% year-on-year [1][2]. Shareholder Returns - The board proposed a final dividend of CNY 0.0621 per share (before tax), leading to a total annual dividend of CNY 0.1580 per share, reflecting a year-on-year increase of 19.7% [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a revenue of 1,040.8 billion yuan in 2024, representing a year-on-year growth of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [1] - The company continues to strengthen its AI layout and has seen stable growth in its C-end business, with personal market revenue reaching 483.7 billion yuan and mobile customers exceeding 1 billion [1][2] - The enterprise business also showed significant growth, with revenue increasing by 8.8% to 209.1 billion yuan and the number of enterprise customers reaching 32.59 million [2] Summary by Sections Financial Performance - In 2024, the company reported an EBITDA of 333.7 billion yuan, a decrease of 2.3% year-on-year, and a net cash flow from operating activities of 315.7 billion yuan, up 3.9% [1] - The fourth quarter of 2024 saw revenues of 249.3 billion yuan, a 6.7% increase year-on-year, and a net profit of 27.5 billion yuan, up 4.7% [1] C-end Business - The company’s C-end business revenue reached 483.7 billion yuan, with a mobile ARPU of 48.5 yuan, maintaining industry leadership [1] - The number of 5G network customers reached 552 million, with a penetration rate of 55.0% [1] Enterprise Business - The enterprise market revenue was 209.1 billion yuan, with a customer base of 32.59 million, reflecting a net increase of 4.22 million customers [2] - The company is focusing on integrated development of "network + cloud + DICT" and enhancing its "AI + DICT" capabilities [2] Capital Expenditure and Shareholder Returns - The total capital expenditure (Capex) for 2024 was 164.0 billion yuan, a decrease of 9.0% year-on-year, with plans for 2025 set at 151.2 billion yuan [2] - The company announced a dividend of 5.09 HKD per share for 2024, a 5.4% increase, with a payout ratio of 73% [2] Future Projections - Revenue projections for 2025-2027 are 1,070.8 billion yuan, 1,098.1 billion yuan, and 1,125.9 billion yuan, with expected growth rates of 2.9%, 2.6%, and 2.5% respectively [3] - Net profit forecasts for the same period are 145.0 billion yuan, 151.2 billion yuan, and 156.5 billion yuan, with growth rates of 4.8%, 4.3%, and 3.5% respectively [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Views - The company is expected to achieve a revenue of 523.6 billion yuan in 2024, representing a year-on-year growth of 6.1%, with a net profit of 33 billion yuan, reflecting an 8.4% increase [10][11]. - The company plans to increase its dividend payout ratio to over 75% within three years, with a proposed dividend of 0.09 yuan per share for the end of 2024 [3][23]. - The company is focusing on upgrading its Tianyi Cloud services to smart cloud solutions, with a significant revenue increase in its digital industrial business [2][11]. Revenue and Profitability - In 2024, the company’s service revenue is projected to be 482 billion yuan, a 3.7% increase year-on-year, while mobile communication revenue is expected to reach 202.5 billion yuan, growing by 3.5% [10][11]. - The average revenue per user (ARPU) for mobile users is stable at 45.6 yuan, with a net increase of 16.75 million mobile users, totaling 425 million [10][11]. - The company’s return on equity (ROE) is expected to reach 7.3% in 2024, an increase of 0.4 percentage points year-on-year [10][11]. Digital Transformation and Cloud Services - The digital industrial business is anticipated to generate 146.6 billion yuan in revenue, marking a 5.5% growth, while Tianyi Cloud revenue is projected to be 113.9 billion yuan, up 17.1% [2][11]. - The company is accelerating its transition to smart cloud services, with significant investments in infrastructure and new service offerings like "Quantum+" [2][11]. Capital Expenditure and Cost Management - The company’s capital expenditure for 2024 is estimated at 93.5 billion yuan, with a planned reduction to 83.6 billion yuan in 2025, a decrease of 10.6% [2][19]. - The company has effectively managed costs, with a slight decrease in sales expenses and a controlled increase in R&D expenses, which grew by 11.3% [2][15][19]. Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are 35.9 billion yuan, 38.7 billion yuan, and 42 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 14 [3][23]. - The projected earnings per share (EPS) for 2024 is 0.36 yuan, increasing to 0.39 yuan in 2025 [4][26].

▍ Trump put：特朗普政府对即将实施的对等关税政策立场有所松动。 2月中旬，美国政府发布《对等贸易与关税备忘录》，宣布将对贸易伙伴实施对等关税。美国总 统特朗普随后宣布，自4月2日起将全面实施对等关税政策。然而，在美国对等关税全面加征日渐 迫近之时，特朗普于3月2 1日表示，虽不会为即将实施的关税政策设立豁免，但对等关税政策将 保留一定的"灵活性"。3月2 4日，特朗普进一步宣布，未来几天将对汽车、木材及芯片征收额外 关税，但其在全面对等关税征收的表述上有所缓和。特朗普表示，并非所有国家的关税都将在4 月2日施行，部分国家或将获得豁免，但仍将遵循对等原则。此前，欧盟对汽车进口征收1 0%的 关税，是美国乘用车进口税率2 . 5%的四倍。特朗普在宣布部分国家关税豁免时提及，欧盟已同意 将汽车关税降至2 . 5%。在临近对等关税政策实施之际，特朗普政府的关税政策立场较此前已出现 一定程度的松动，但仍需关注四月初美国政府贸易备忘录调查结果以及后续对等关税的实际执行 情况。此外，近期投资者也担忧联邦裁员/削减支出会对美国就业和消费造成较大的负面冲击。但 我们不排除经济走弱的迹象下，未来美国财政政策会出现一定的 ...

中青宝财务造假案中案？恐涉高德信IPO欺诈发行 近日，中青宝发布公告称，因涉嫌2019年至2021年年度报告存在虚假记载，以及未及时披露实际控 制人被采取刑事强制措施，公司收到深圳证监局下发的《行政处罚事先告知书》。公司及实际控制人、 多名高管面临被给予警告并处以罚款的处罚，罚款金额合计1470万元。公司股票自3月18日起被实施其 他风险警示，股票简称变更为"ST中青宝（维权）"。 中青宝是否沦为高德信IPO欺诈的"白手套"？ 首先，中青宝的溃败，或暴露出家族式企业治理的致命缺陷： 实控人凌驾内控：李瑞杰家族长期掌控董事会与子公司运营。2023年12月实控人张云霞因债务纠纷 被刑拘后，李瑞杰要求公司隐匿信息长达7个月，直至2024年7月才披露，直接动机是为保障关联企业融 资不受影响。这种"个人利益优先"的决策模式，导致内控机制完全失效。 其次，公司信披违规"惯性化"： 收购空壳公司：2022年以溢价3倍收购实控人控制的宝德香港公司，但未披露其近乎空壳的实质， 被深交所认定信披不完整。 经查明，2019年至2021年期间，中青宝全资子公司深圳市宝腾互联科技有限公司与深圳市高德信通 信股份有限公司签订采购合同，后 ...

数字化转型成效显著。公司 2024 年实现数字化转型收入 2788 亿元（同比 +9.85%），占通服收入比提升 1.9pct 至 31.3%。政企市场实现收入 2091 亿 元（同比+8.8%），政企客户达 3259 万家。其中，移动云实现收入 1004 亿 元（同比+20.4%）。公司指引 2025 年数字化转型收入持续良好增长。 加强算力投资，规划智算能力显著提升。2024 年公司完成投资 1640 亿元（略 低于此前 1730 亿元指引），规划 2025 年投资 1512 亿元。其中，5G 网络投 资规划 582 亿元（同比-15.7%），算力规划投资 373 亿元（同比+0.5%）。 公司规划 2025 年底实现通算（FP32）算力累积达 8.9 EFLOPS（同比提升 0.4 EFLOPS）、智算（FP16）算力大于 34 EFLOPS（同比提升约 4.8EFLOPS）。 计划 3 年内派息率逐步提升至 75%以上。董事会建议 2024 年全年派息率为 73%，对应末期股息每股 2.49 港元，连同已派发的中期股息，2023 年全年 股息合计每股 5.09 港元，较 2023 年同比增长 5.4% ...

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]

Summary of Key Points Core Viewpoint - Guomai Technology experienced a significant decline of 6.61% on March 18, with a trading volume of 2.995 billion yuan and a turnover rate of 21.83% [2] Trading Data - The stock was listed on the Dragon and Tiger list due to a daily fluctuation of 15.66% and a daily decline deviation of -7.11% [2] - The net buying from the Shenzhen Stock Connect was 36.35 million yuan, while the total net selling from brokerage seats was 85.15 million yuan [2] - The top five brokerage seats accounted for a total transaction of 616 million yuan, with a buying amount of 283 million yuan and a selling amount of 332 million yuan, resulting in a net selling of 48.80 million yuan [3] Fund Flow - The stock saw a net outflow of 383 million yuan from main funds today, with a large single net outflow of 292 million yuan and a big single net outflow of 90.46 million yuan [3] - Over the past five days, the main funds experienced a net outflow of 120 million yuan [3] Margin Trading Data - As of March 17, the margin trading balance for the stock was 422 million yuan, with a financing balance of 418 million yuan and a securities lending balance of 3.85 million yuan [3] - The financing balance increased by 204 million yuan over the past five days, representing a growth of 95.07%, while the securities lending balance increased by 971,100 yuan, a growth of 33.70% [3]

Financial Data and Key Metrics Changes - IDT Corporation generated record levels of gross profit, income from operations, and adjusted EBITDA in the second quarter, with consolidated adjusted EBITDA reaching a record $34 million, bringing the total for the first half of the year to $63 million [21][11][12] - The company expects to achieve approximately 40% adjusted EBITDA growth in fiscal 2025, building on the record $90 million obtained in fiscal 2024 [21] Business Line Data and Key Metrics Changes - NRS reported a 32% growth in recurring revenue, with adjusted EBITDA exceeding $10 million, and $310 in recurring revenue per terminal [15][11] - BOSS Money achieved a transaction volume of 5.7 million, with digital transactions representing over 80% of all remittances, and gross profit growth of 35% to a record $22 million [16][17] - net2phone's subscription revenue increased by 9% to $21 million, with a 14% increase on a constant currency basis [18] Market Data and Key Metrics Changes - Same-store sales at NRS retailers increased by 3.5% year-over-year in February, indicating healthy business activity [22] - BOSS Money's transaction volume in February increased by over 30% compared to the previous year, achieving the second highest weekly remittance transaction volume in its history [22] Company Strategy and Development Direction - The company is focusing on deepening market penetration and enhancing the value of its solutions for retailers through new features and functionalities [7] - IDT plans to continue returning value to shareholders through stock repurchases and increasing dividends, with a 20% increase in the quarterly dividend announced [11][26] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the impact of new federal immigration policies, noting no significant slowdown in business across segments [22] - The company is optimistic about the trajectory and opportunities in the U.S. market, with no immediate plans for organic international expansion [35] Other Important Information - The company provided capital expenditures from each reporting segment for the first time, offering greater clarity into cash generation [13] - IDT's traditional communications segment has seen adjusted EBITDA increase for three consecutive quarters, surpassing $20 million for the first time since fiscal 2022 [11][20] Q&A Session Summary Question: NRS terminal growth guidance - Management acknowledged a slight delay in adding units but expressed confidence in making up for it over the year due to new sales personnel [36] Question: Advertising revenue performance - Advertising revenue increased by 12% year-over-year, with data side growth of nearly 40% [34] Question: International expansion plans for NRS - Management indicated that international expansion is not a current focus, with potential acquisitions being a more likely route for entering new markets [35] Question: net2phone revenue growth despite low seat count addition - Management noted a good pipeline of larger deals and expects better performance in the second half of the year [39] Question: BOSS Money working capital requirements - Management clarified that the strong balance sheet supports working capital needs, allowing avoidance of financing costs [45] Question: Balancing profitability and growth in BOSS Money - Management emphasized a cautious approach to growth, focusing on profitability while exploring opportunities for investment in customer acquisition [51][56] Question: Expansion into new verticals for BOSS Money - Management reported positive initial results from new markets like Venezuela, while Brazil is still in the launch phase [62]