UNIS(000938) 开源证券·2024-10-17 10:03Investment 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]. - The company is expected to benefit from the growing demand for AI servers and high-speed switches driven by the development of generative AI and large model technologies [5]. - Revenue projections for 2024-2026 are estimated at 834.72 billion, 915.74 billion, and 1,012.13 billion yuan respectively, with net profits expected to be 23.18 billion, 30.89 billion, and 36.80 billion yuan [5]. Financial Overview - The current stock price is 23.09 yuan, with a market capitalization of 660.39 billion yuan [2]. - The company has shown stable revenue growth, with total revenue increasing from 540.99 billion yuan in 2019 to 773.08 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 9.33% [19]. - The net profit for 2023 was 21.03 billion yuan, with a slight decrease in 2024's first half to 10.00 billion yuan [19]. Business Developments - The company acquired an additional 30% stake in Xinhua San, increasing its total ownership to 81%, which is expected to enhance profitability and market position [6][17]. - The company has established 17 overseas branches and is expanding its self-owned brand internationally, with significant growth in its international business [6][23]. Market Position - The company holds a strong market position in various ICT product segments, with a 15.8% share in the domestic X86 server market and a 19.7% share in the GPU server market [7][32]. - The company’s ICT infrastructure and services accounted for 66.63% of total revenue in 2023, reflecting a steady increase in this segment [19][21]. Strategic Initiatives - The company has launched the "ALL in AI" and "ALL for AI" strategies to enhance its AI infrastructure and services [7]. - The company is focusing on digital transformation and intelligent development, with a comprehensive layout in ICT business [14].