中國聯通(00762.HK)於 2024 年展現出穩健的財務表現與持續優化的業務結構,其
年度業績不僅略超市場預期,更彰顯公司於聯網通信及算網數智兩大主業的戰略成
效。派發每股末期股息 0.1562 元(人民幣.下同),連同中期股息,全年股息合計每
股 0.4043 元,同比增長 20.1%,派息率達到 60%,較去年提升 5 個百分點,明確體現
公司對股東回報的高度重視與信心。
2024 年度及 2025 年第一季度業績綜述
綜觀 2024 年全年業績,中國聯通營業收入達到 3,896 億元,同比穩健增長 4.6%,增
速領先行業。其中,服務收入達 3,459.8 億元,同比增長 3.2%,收入結構持續優化。
股東應佔盈利達到 206 億元,同比大幅提升 10.1%,淨資產收益率亦提升至 5.8%。這
些關鍵財務指標的增長,主要得益於公司有效實施成本控制與營運效率提升。值得注
意的是,公司銷售通信產品的毛利潤為 11.4 億元,顯示該部分業務貢獻穩定。儘管應
收賬款總額有所增長,從 2023 年的 386.9 億元增至 2024 年的 537.3 億元,增幅約
38.9%,但公司強調其客戶數量龐大,應收賬款並無重大集中的用戶信貸風險。
進入 2025 年第一季度,中國聯通延續了穩健的增長態勢。營業收入達到 1,033.5 億
元,同比增長 3.9%。稅前利潤為 76.0 億元,股東應佔盈利達到 59.3 億元,同比增長
5.6%。第一季度服務收入達到 908.81 億元,相較於 2024 年第一季度的 890.43 億元
增長約 2.1%。銷售通信產品收入亦從 104.53 億元增至 124.73 億元,增幅約 19.3%。
這些數據表明,在進入新財政年度後,依然保持了良好的經營勢頭。
從經營分部的表現來看,公司的兩大主業——聯網通信業務和算網數智業務均實現了
穩健增長與結構優化。聯網通信業務 2024 年收入達到 2,613.3 億元,同比增長 1.5%,
佔服務收入的 76.0%。移動用戶規模再創新高,達到 3.4 億戶,累計淨增 1,068 萬戶;
固網寬帶用戶規模超過 1.2 億戶,累計淨增 884 萬戶,兩網用戶規模均創歷史新高。
融合套餐用戶的平均月消費金額保持在百元以上,顯示用戶價值持續提升。物聯網連
接數超過 6.2 億,淨增 1.3 億,其中 5G 業務規模行業領先;車聯網連接數達到 7,600
萬,保持行業第一。此外,格物工業互聯網平台納管設備超過 1,200 萬,佔全國的八
分之一。電視聯網和信息業務也取得創新突破,聯通超清、聯通雲盤、聯通看家等重
點產品用戶持續增長,帶來顯著增收。在 2025 年第一季度,聯網通信業務持續穩
健,移動用戶達 3.49 億戶,淨增 478 萬戶;固網寬帶用戶達 1.24 億戶,淨增 192 萬
戶;物聯網連接數達到 6.63 億,淨增 3,840 萬。
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李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.