UNIS(000938) 开源证券·2024-10-17 10:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading player in the domestic cloud computing infrastructure and industry smart application services, with comprehensive digital infrastructure capabilities [5][14]. - The acquisition of the remaining 30% stake in Xinhua San enhances the company's profitability and market position, facilitating overseas expansion [6][17]. - The demand for AI servers and high-speed data center switches is expected to surge, driven by the growth of AIGC and AI technologies [7][35]. - The company has a robust market position in various ICT product segments, maintaining a strong second position in the domestic server market [7][32]. Financial Summary - The company's revenue is projected to grow from 83.47 billion yuan in 2024 to 101.21 billion yuan in 2026, with a corresponding net profit increase from 2.32 billion yuan to 3.68 billion yuan [4][5]. - The company's revenue from ICT infrastructure and services has been steadily increasing, accounting for 66.63% of total revenue in 2023 [19][21]. - The overall gross margin has remained stable around 20%, with a slight decrease in net margin to 4.55% in the first half of 2024 [25][27]. Business Analysis - The company has a comprehensive "cloud-network-security-computing-storage-end" layout, which supports multiple growth trajectories in AI computing and overseas markets [31]. - The core subsidiaries include Xinhua San, Ziguang Cloud, Ziguang Digital, and Ziguang Software, contributing significantly to the company's revenue [31][32]. - The company has established 17 overseas branches, with international revenue gradually recovering post-pandemic [23][24]. Market Position - The company holds a significant market share in various ICT segments, including 15.8% in the domestic X86 server market and 32.9% in the Ethernet switch market [7][32]. - The acquisition of Xinhua San is expected to further enhance the company's market position and profitability in cloud computing and server sectors [6][17].