2025 年8 月13 日，公司发布2025 年半年度报告。2025 年上半年实现营收2002.02 亿元，同比+1.5%；实 现归母净利润63.49 亿元，同比+5.1%。Q2 单季度实现营收968.49 亿元，同比-1.02%；实现归母净利润 37.43 亿元，同比+4.18%。 我们预计2025/2026/2027 年公司营业收入分别为4,039.03/4,180.83/4,315.72 亿元， 归母净利润为 100.31/109.02/117.84 亿元，公司股票现价对应PE 估值为PE 为16.80/15.46/14.30 倍，维持"买入"评级。 风险提示 AI 发展不及预期；DICT 业务发展不及预期；行业竞争加剧风险；电信业务发展不及预期。 算力基础设施资源利用率提高，持续看好云和IDC 业务放量：1H25联通云实现收入376 亿元，同比 +18.6%；IDC 数据中心业务收入144 亿元，同比+9.4%。其中IDC 算力基础设施布局持续完善，资源利 用率大幅提升。截止2Q25，公司IDC 能力储备合计达2650MW，智算总规模达30EFLOPS。1H25 公司 IDC 资源利用率超70%，AI ...

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].