China Unicom is expected to benefit from the four major industries

A few days ago, brokerage institutions issued a report that mixed bonus continued to release, four trends brings new opportunities for China Unicom, and the performance has an upward flexibility and maintains "rendering" rating. As a central enterprise mixed forward, China Unicom has introduced strategic investors such as Tencent, Baidu, Jingdong, Alibaba in 2017, and incentive cooperation, and actively promote the innovation operation of telecom business, improve the corporate governance structure, and is expected to be created as a central enterprise mix. Template. At present, the effect of Unicom's mix is ​​initially appeared, 2018 to 2019H1 innovative business is strong, and it has a significant increase in progress, and the profit growth industry leads. The company launched an equity incentive in the process of hybridization, and clarifies the performance commitment to give safety margins. Be The investigation and communication research believes that China Unicom is expected to benefit from the four major industries, and the performance has an upward flexibility. First, mixing into the depth, Yunnan Unicom has achieved remarkable results, 2018 income increased by 17.7% year-on-year, profit loses to 250 million yuan, "Yunnan model" is expected to promote replication in other provincial subsidiaries, further release mixing dividends. Second, China Unicom and China Telecom have reached a high degree of consensus, entering a substantive study exploration stage, is expected to reduce the company's future capital expenditure and depreciation, accelerate 5G network construction and the application landing, and promote Result in efficiency. Third, China Unicom is expected to build 41 million 4G base stations in 2019, and more than 40,000 5G base stations, 4G expansion superposition 5G commercial, is expected to drive B-terminal business acceleration expansion. Fourth, the unlimited package (Daxidial speed limit) will gradually cancel, and it is expected that China Unicom's tariff will overall control, and the performance is expected to improve improvement. Branch is expected that China Unicom's return profit is 6.1 billion yuan, 8.5 billion yuan, and EPS is 0.20 yuan, 0.27 yuan, respectively, corresponding PE is 30X, 22X, PB is 1.24, 1.20, maintain "increase" Rating.

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