报告提到，联通2024财政年度整体资本支出为610亿人民币，同比减少17%，未达650亿的指引目标，而2025财政年度的支出指引目标为550亿人民币，同比减少约10%，该行认为这可能对中兴通讯(00763)不利。The spending guidance target for the 2025 fiscal year of Unicom is 55 billion yuan, a decrease of about 10% year-on-year, which the bank believes may be unfavorable for ZTE (00763).
According to Zhihong Finance APP, Citibank released a Research Report stating that it maintains a "Buy" rating for China United Network Communications (00762), with a Target Price of 6.9 Hong Kong dollars. The guidance for telecommunications-related capital expenditures in the 2025 fiscal year is aimed at a year-on-year increase of 28%, with management emphasizing that investments in AI will come from another funding pool and will depend on demand.
Citibank pointed out that China United Network Communications' revenue in the fourth quarter of last year was 99.5 billion yuan, which exceeded the bank's and market expectations by 8% and 5% respectively; EBITDA decreased by 9% year-on-year to 19 billion yuan, which was 5% and 12% lower than the bank's and market expectations respectively. Net income increased by 7% year-on-year to 1.6 billion yuan, which was 3% and 4% lower than the bank's and market expectations. The dividend per share for the 2024 fiscal year is expected to increase by 20% year-on-year to 0.404 yuan, with a payout ratio of 60%, slightly higher than the bank's expectations.
The report mentioned that the overall capital expenditures for United Network Communications in the 2024 fiscal year are 61 billion yuan, which is a year-on-year decrease of 17%, failing to meet the guidance target of 65 billion. The expenditure guidance for the 2025 fiscal year is set at 55 billion yuan, a decrease of about 10% year-on-year, and the bank believes that this may be unfavorable for ZTE (00763).
