Guangda Overseas: Cloud business creates a second growth curve, giving China Unicom (00762) a "buy" rating.

According to the Wise Finance APP, the overseas market research team of China Everbright Securities released a report titled "Digital Information Service National Team, Cloud Business Building the Second Growth Curve - China Unicom (0762.HK) Coverage Report", stating that in 2024, the company's revenue and net profit both achieved growth, with a high dividend yield creating a higher defensive attribute. In 2024, the company achieved revenue of 38.96 billion yuan, an increase of 4.6% year-on-year; and achieved a net profit attributable to the parent company of 20.6 billion yuan, an increase of 10.1% year-on-year. Between 2020 and 2024, the company's average annual dividend yield exceeded 6%, showing good defensive attributes. The company focuses on two core businesses, "China Unicom Communications" and "Algorithmic Network Intelligence", with Unicom Cloud expected to become the second growth curve. It is predicted that the company's net profit attributable to the parent company in 2025, 2026, and 2027 will be 21.7 billion, 23.2 billion, and 25.1 billion yuan, respectively. The stock price on May 7, 2025 is 8.95 Hong Kong dollars, corresponding to PE ratios of 12x and 11x for 2025 and 2026. Compared to similar companies, the company's valuation in 2026 is lower, giving China Unicom (H) a "buy" rating.