里昂发表研报指，中国联通(00762.HK) 去年第四季EBIT按年下跌12%，逊于市场预期，因网络和人员费用增加，EBITDA有所下降。期内净利润则按年增长7.7%，主要受到折旧成本下降和资本开支按年减少17%的支持。管理层预计利润将继续稳健增长，2025年资本开支预计将进一步按年减少10%至550亿元人民币。
通过大幅削减资本开支和提高派息，里昂相信联通2025年能够保持约5%的股息率，维持“跑赢大市”评级，目标价9.5元。(gc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-18 16:25。)
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