On October 25, Haitong Securities research reports pointed out that China United Network Communications (600050.SH) had a Q3 net income of 5.223 billion yuan, up 7.54% year-on-year, with a net income attributable to the parent company of 2.299 billion yuan, up 7.75% year-on-year. In the first three quarters, the company added a net of 11.23 million mobile users, reaching 0.345 billion in total, including 0.286 billion 5G plan users, with a penetration rate of 83%. The number of internet of things connections reached 0.594 billion, with a net increase of nearly a hundred million. At the same time, the company actively builds a "big security" system from secure running to secure services and ecological prosperity, with strong growth in network security revenue. The company expects steady revenue growth for the full year, double-digit growth in net income, and the current H-share/A-share corresponding dividend yields are 5.8%/2.5%. Referring to the PB of global mainstream telecom operators, a PB range of 1.4-1.6 times for 2024 is provided, corresponding to a reasonable value range of 7.20-8.23 yuan, with an "outperform the market" rating.