On July 24, great wisdom reports that China United Network Communications (600050.SH) firmly grasps the opportunities of 3G, 4G, and 5G commercial use during the ten years from 2013 to 2022, continues to lay out and quickly iterate the second curve business, gradually upgrading from industry informatization to industrial Internet, and the main role of the second curve engine is more prominent. In order to further promote the development of the calculation network ecology, the company focuses on building smart calculation capabilities from three aspects: calculation power supply, calculation power intelligent interconnection, and calculation network capabilities. Five smart calculation products have been launched to strengthen the layout in this field. The company's full-year guidance is clear, with a target of achieving revenue steady growth, double-digit growth in profit total, and a dividend payout ratio not lower than the 2023 level, making it a dividend asset with both offense and defense. It is expected that the company's net income attributable to the parent from 2024 to 2026 will be 9 billion yuan, 9.9 billion yuan, and 10.8 billion yuan, respectively, corresponding to a year-on-year growth rate of 10.6%, 9.7%, and 9.4%, respectively, corresponding to PE multiples of 17 times, 15 times, and 14 times. We recommend buying and maintain a “buy” rating.