研報掘金丨山西證券:維持中國聯通“買入-A”評級,未來ROE、分紅比率有望持續提升
山西證券研報指出,中國聯通(600050.SH)23年實現歸母淨利潤81.7億元,同比+12.0%,ROE為5.1%,為近五年新高。對於2024年經營業績展望,公司力爭實現收入穩健增長、利潤總額雙位數增長。資本開支將控制在約650億元,較2023年預計下降12%,繼續推進與電信共建共享增加5G深度覆蓋能力。同時公司將把握大模型行業快速發展機遇,算網業務堅持適度超前投資佈局。在資本開支收縮和精英業績穩健的背景下,認為公司未來也將繼續加大分紅比例,2023年公司每股股息為0.132元,分紅率為30.5%,相較移動、電信仍有提升空間。公司業績增長預計維持在行業中高水平,未來ROE、分紅比率有望持續提升,維持“買入-A”評級。
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