China Unicom(600050) 华创证券·2025-03-19 13:55Investment Rating - The report maintains a "Recommendation" rating for China Unicom (600050) [1][7] Core Views - China Unicom achieved a revenue of CNY 389.59 billion in 2024, representing a year-on-year growth of 4.56%, while the net profit attributable to shareholders reached CNY 9.03 billion, up by 10.49% [1][7] - The company has experienced double-digit profit growth for eight consecutive years, with a stable gross margin of 23.42% and a net margin of 5.29% in 2024 [7][8] - The revenue from the Internet communication business accounted for 76% of service revenue, showing a 1.5% increase year-on-year, with significant growth in mobile and broadband users [7][8] - The intelligent network and data business contributed 24% to service revenue, marking a 9.6% increase, with cloud services revenue rising by 17.1% [7][8] - Capital expenditures were effectively controlled at CNY 61.37 billion, down 17% year-on-year, with a focus on shareholder returns, proposing a total dividend of CNY 0.1580 per share, a 19.7% increase [7][8] Financial Summary - Total revenue projections for 2025, 2026, and 2027 are CNY 407.56 billion, CNY 425.53 billion, and CNY 444.01 billion respectively, with net profits expected to be CNY 9.94 billion, CNY 10.91 billion, and CNY 11.86 billion [3][8] - Earnings per share (EPS) are projected to increase from CNY 0.29 in 2024 to CNY 0.38 by 2027 [3][8] - The company maintains a price-to-earnings (P/E) ratio of 22 for 2024, decreasing to 16 by 2027 [3][8]