UNIS(000938) 国泰君安·2024-09-02 11:40Investment Rating - The report maintains a "Buy" rating and lowers the target price to 28.70 CNY [3][5][16]. Core Views - The company's semi-annual report shows stable growth, with innovative product models and continuous improvement in gross margins for core businesses. The rapid growth of overseas business is expected to drive performance beyond expectations [3][12]. - The company achieved a revenue of 37.95 billion CNY in the first half of 2024, a year-on-year increase of 5.29%, and a net profit attributable to shareholders of 1.00 billion CNY, with a year-on-year decrease of 2.13% due to a significant reduction in government subsidies [3][4]. - The core subsidiary, Xinhua San, reported a revenue of 26.43 billion CNY, a year-on-year increase of 5.75%, and a net profit of 1.82 billion CNY, reflecting strong operational performance [3][4]. Financial Summary - Revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 85.36 billion CNY (2024), 93.97 billion CNY (2025), 103.71 billion CNY (2026) [13][14]. - Net profit attributable to shareholders: 2.49 billion CNY (2024), 2.93 billion CNY (2025), 3.37 billion CNY (2026) [13][14]. - EPS: 0.87 CNY (2024), 1.02 CNY (2025), 1.18 CNY (2026) [13][14]. Market Position and Growth Drivers - The company maintains leading market shares in various segments, including 34.8% in Ethernet switches and 36.5% in enterprise network switches in China [3][12]. - The overseas business is expanding rapidly, with significant growth in self-owned brand sales across 17 regions, contributing to a new growth engine for the company [3][12]. Valuation - The report employs both PE and PS valuation methods, concluding a reasonable market value of 82.07 billion CNY, corresponding to a target price of 28.70 CNY based on a PE of 33 times for 2024 [16][18].