Core Insights - The 2025 Fourth China (International) Eyelash Industry Expo was inaugurated in Pingdu, attracting beauty industry elites and international merchants to discuss new development strategies for the industry [1] - A strategic cooperation agreement was signed between Qingdao Unicom Pingdu Branch and Qingdao Shangzhen Industrial Park Management Co., enhancing services and supporting cross-border e-commerce for enterprises in the park [3] Industry Development - The eyelash industry in Pingdu has achieved mechanization, clustering, and branding through innovation, association leadership, park empowerment, and exhibition promotion, transitioning from a "kang head economy" to an industrial cluster [5] - Pingdu has cultivated over 5,000 eyelash market entities, producing more than 3,000 different styles of eyelash products, creating over 60,000 jobs, and generating an annual output value of over 10 billion yuan, with a global market share of 70% [5] Technological Integration - The strategic cooperation aims to create a "technology + scenario" smart service ecosystem for enterprises, providing seamless 5G coverage and dedicated live streaming networks to enhance e-commerce marketing [8] - Digital services such as one-click utility payments and AI perimeter monitoring will reduce administrative costs and enhance security for enterprises, facilitating their focus on product innovation [8] International Expansion - The collaboration will help Pingdu's eyelash industry expand internationally, allowing more foreign consumers to experience the charm of Chinese manufacturing [10] - Qingdao Unicom will provide a comprehensive communication solution for enterprises in the industrial park, integrating smart park construction, international business, and cloud data services to support cross-border e-commerce [10] Strategic Partnerships - The Qingdao Beauty Online New Economy Industrial Park was selected as a platform economic industrial cluster in Shandong for 2024, marking it as the only selected cluster in Qingdao [12] - A cooperation agreement was signed with the Shandong Digital Industry Development Research Institute to inject strong digital capabilities into the eyelash industry's transformation [12] Economic Impact - The integration of resources and advantages through strategic partnerships will enhance the quality and efficiency of the characteristic industrial cluster, accelerating the development of Shandong's digital economy [13]

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]

算力投资预计同比增28%，中国联通全面拥抱人工 智能 此外，公司推出一系列AI新产品新服务。例如，推出5G新通话、智家通通、智慧客服等AI智能体，持 续迭代智家平台，联通云手机、联通云盘、联通看家、联通超清等产品规模发展。云盘用户超过1.8 亿，超清用户超过5000万。坚持业务融合、市场融通，结构持续优化，融合用户占比超过77%，融合套 餐客单价月均超百元。 公司高度重视股东回报，中国联通董事会建议派发每股末期股息0.0621元（含税），连同已派发的中期 股息每股0.0959元（含税），全年股息合计每股0.1580元（含税），同比增长19.7%。 3月18日晚，中国联通披露的2024年年报显示，2024年，公司实现营业收入3895.89亿元，同比增长 4.6%；归属于上市公司股东的净利润为90.29亿元，同比增长10.5%。公司预计，2025年营收、利润及净 资产收益率将实现有力增长。 2025年，中国联通将进一步下调资本开支规模，不过算力投资规模将持续提升，预计将增长28%。中国 联通董事长陈忠岳表示，面对人工智能的划时代变革，中国联通必须勇立潮头、拥抱智能，向新而行。 净利润同比增长10.5% 年报显示， ...