China Unicom(600050) 长江证券·2025-04-21 10:41Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In Q1 2025, the company's service revenue growth leads the industry, and profit performance meets expectations. The company achieved operating revenue of 103.35 billion yuan, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 2.61 billion yuan, up 6.5% year-on-year [6][11]. - The user base continues to grow steadily, with mobile users reaching 349 million, an increase of 4.78 million, and fixed broadband users at 124 million, up 1.92 million. The average revenue per user (ARPU) for bundled packages remains above 100 yuan [11]. - The company's IDC business is accelerating, with cloud revenue reaching 19.72 billion yuan. The data center revenue increased by 8.8% year-on-year to 7.22 billion yuan, indicating a faster growth rate compared to Q1 2024 and the entire year of 2024 [11]. - The company has made progress in controlling accounts receivable, with a year-on-year growth of 26.7% in Q1 2025, a significant decrease compared to the previous year [11]. - Strategic cooperation with major internet companies is ongoing, enhancing new growth momentum. Collaborations with Alibaba and Tencent are focused on AI technology integration and smart infrastructure development [11]. Summary by Sections Financial Performance - In Q1 2025, the company reported total operating revenue of 103.35 billion yuan, a 3.9% increase year-on-year, and a net profit of 2.61 billion yuan, reflecting a 6.5% growth [6][11]. - The service revenue was 90.88 billion yuan, with a year-on-year increase of 2.1% [11]. User Growth - The mobile user base reached 349 million, with a net addition of 4.78 million users. Fixed broadband users totaled 124 million, with a net increase of 1.92 million [11]. IDC Business Growth - The company's cloud revenue was 19.72 billion yuan, and data center revenue increased to 7.22 billion yuan, marking an 8.8% year-on-year growth [11]. Accounts Receivable Management - The company has effectively controlled accounts receivable, with a growth rate of 26.7% in Q1 2025, which is a significant improvement compared to the previous year [11]. Strategic Collaborations - The company is deepening strategic partnerships with major internet firms, focusing on AI and smart infrastructure projects, which are expected to drive future growth [11].