UNIS(000938) 国海证券·2024-11-02 16:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Viewpoints - The company achieved steady growth in Q3 2024, with revenue reaching 58.839 billion yuan, a year-on-year increase of 6.56%, and net profit attributable to shareholders of 1.582 billion yuan, up 2.65% year-on-year [2] - In Q3 2024, the company's revenue was 20.889 billion yuan, a year-on-year increase of 8.97%, and net profit attributable to shareholders was 581 million yuan, up 12.06% year-on-year [2] - The company's subsidiary, H3C, saw a 69.26% year-on-year increase in overseas self-operated channel revenue, reaching 685 million yuan [2] - The company completed the acquisition of a 30% minority stake in its subsidiary, H3C, increasing its ownership to 81%, which is expected to drive new growth momentum [2] Financial Performance - The company's gross profit margin for the first three quarters of 2024 was 17.59%, down 2.31 percentage points year-on-year, while the net profit margin was 3.44%, down 1.47 percentage points year-on-year [3] - In Q3 2024, the gross profit margin was 14.97%, down 4.14 percentage points year-on-year, and the net profit margin was 1.43%, down 3.30 percentage points year-on-year [3] - The company's expense ratios remained stable, with sales/management/R&D expense ratios at 5.06%/1.22%/6.42% for the first three quarters of 2024, down 0.68/0.01/1.16 percentage points year-on-year [3] Strategic Development - The company is deepening its "AI-in-ALL" technology strategy, focusing on "computing power × connectivity" [6] - The company launched the G7 series modular heterogeneous computing servers and the AOFly computing platform 3.0, supporting large-scale GPU clusters and heterogeneous computing resource scheduling [6] - The company introduced the industry's first CXL-O optical interconnect solution and a 1.6T intelligent computing switch, enhancing network capabilities for heterogeneous computing [6] - The company's "Turing Town" project has entered a new stage of value realization, with the operation of the Turing Town computing power platform and the Turing Pilot Innovation Development Base [6] Profit Forecast and Valuation - The company is expected to achieve revenues of 85.151 billion yuan, 94.357 billion yuan, and 104.865 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to shareholders of 2.420 billion yuan, 2.867 billion yuan, and 3.459 billion yuan [7] - The EPS for 2024, 2025, and 2026 is forecasted to be 0.85 yuan, 1.00 yuan, and 1.21 yuan per share, respectively, with corresponding P/E ratios of 29X, 25X, and 20X [7] - The company's ROE is expected to increase from 6% in 2023 to 13%, 14%, and 15% in 2024, 2025, and 2026, respectively [8]