Gelonghui October 23rd | Citi released a report stating that China Unicom's third-quarter performance met expectations, with service revenue and total revenue increasing by 2% and 3.3% respectively year-on-year, roughly in line with market expectations; net profit increased by 7.9% year-on-year to 5.2 billion yuan. The report mentioned that China Unicom's mobile contract users increased by approximately 5 million households in the third quarter, reaching 0.345 billion households; the 5G penetration rate increased from 80% in the previous quarter to 83%. Cloud business revenue for the first nine months increased by 19.5% year-on-year to 43.9 billion yuan; datacenter revenue increased by 6.8% year-on-year to 19.7 billion yuan. The bank expects that changes in depreciation policy may have a positive impact on China Unicom's profit growth, forecasting a double-digit growth this year and expecting the market to revise its forecasts for China Unicom. The bank set a target price of 6.9 Hong Kong dollars for China Unicom, with a “buy” rating.