CICC: Maintain the outperform rating on China Unicom with a target price of HK$11.5

The China Gold Research report stated that considering the intensified competition background, the unified enterprise's beverage business in China still showed stable performance. It raised the profit forecast for 2025/2026 by 3%/3% to 22.9/26.2 billion yuan. Current trading at 16/14 times 2025/2026 P/E. Maintains a target price of 11.5 Hong Kong dollars, corresponding to 20/17 times 2025/2026 P/E and 24% upside potential. Maintains an outperform industry rating.