On October 24, Guolunhui|HTSC research reports pointed out that china united network communications achieved revenue of 92.8 billion yuan in the third quarter of 2024, a year-on-year increase of 3.25%, and achieved a net income of 2.3 billion yuan attributable to the mother, a year-on-year increase of 7.8%, which is in line with the previous expectations (2.35 billion yuan). In recent years, the company's profitability has continued to improve, and the net income has maintained a good growth momentum, bullish on the development prospects of the company's industrial digital business and the improvement of operational efficiency. Looking ahead to the whole year, the company will adhere to the principle of seeking progress while maintaining stability, strive to achieve the performance target of steady revenue growth and double-digit profit growth. Considering that the company's current dividend payout ratio is lower than the average of comparable companies, a 1.2 times PB for 2024 is given to A shares, with a target price of 6.49 yuan, maintaining a 'shareholding' rating. Due to the impact of U.S. Executive Order 13959, the company's H shares are discounted to a certain extent compared to A shares. Considering that the proportion of southbound funds holding H shares has increased recently, it is believed that H shares are expected to welcome a valuation repair opportunity, giving H shares a 0.68 times PB for 2024, corresponding to a target price of 8.98 Hong Kong dollars and a 'buy' rating.