: Maintains "buy" rating for China Unicom (03931.HK), energy storage business becomes core engine.

According to the Zhitong Financial APP, Huatai Securities released a research report stating that considering the increase in global energy storage demand and the potential rise in energy storage cell prices, it is expected that Zhongchuang Innovation Aviation (03931.HK) will achieve a net profit attributable to the parent company of 13.7/30.4/47.9 billion yuan in 2025/2026/2027, maintaining a "buy" rating. In the first three quarters of 2025, the company achieved a total operating income of 28.538 billion yuan, a year-on-year increase of 50.0%; a net profit of 1.197 billion yuan, a year-on-year increase of 150%; a net profit attributable to the parent company of 685 million yuan, a year-on-year significant increase of 279.7%, continuing the high-speed growth trend. The gross profit margin for the first three quarters was 15.5%, an increase of 2.8 percentage points year-on-year; the net profit margin was 4.2%, an increase of 1.7 percentage points year-on-year; the net profit margin attributable to the parent company was 2.4%, an increase of 1.5 percentage points year-on-year, indicating a significant improvement in profitability.