【行业研究报告】中国联通-业绩符合预期，派息将保持高增，“买入”

[Table_
Profit]
YearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROE
年结收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率
12/31(RMBm)(RMBm)(RMB)(△%)(x)(RMB)(x)(RMB)(%)(%)
2022A354,94416,7450.54716.59.011.2270.40.2745.65.0
2023A372,59718,7260.61211.88.311.5660.40.3376.65.4
2024F396,14521,2420.69413.47.311.9260.40.4218.36.0
2025F415,37023,2750.7619.66.712.2680.40.5009.86.3
2026F431,25725,3010.8278.76.212.5980.40.58511.56.7
Sharesinissue(m)总股数(m)30,598.1Majorshareholder大股东ChinaUnicomGroup80.7%
Marketcap.(HK$m)市值(HK$m)174,103.3Freefloat(%)自由流通比率(%)19.3
3monthaveragevol.3个月平均成交股数(‘000)35,827.0FY23Netgearing(%)FY23净负债/股东资金(%)NetCash
3monthaveragevol.3个月平均成交股数(‘000)35,827.0FY23Netgearing(%)FY23净负债/股东资金(%)NetCash
52Weekshigh/low(HK$)52周高/低(HK$)6.580/4.450FY23Est.NAV(HK$)FY23每股估值（港元）9.8
Source:theCompany,GuotaiJunanInternational.
(25.0)
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
20.0
03-2306-2309-2312-2303-24
%ofreturn