UNIS(000938) 浙商证券·2025-05-08 10:30Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company's revenue met expectations, but financial expenses temporarily suppressed profit release. The company achieved an operating income of 79.024 billion yuan in 2024, a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.572 billion yuan, a year-on-year decrease of 25.23% [1] - The subsidiary, New H3C, benefited from domestic AI infrastructure, with its revenue growing by 6.04% to 55.074 billion yuan in 2024, and a significant increase of 26.07% in Q1 2025 [2] - The company experienced a substantial increase in inventory and contract liabilities, indicating potential overperformance in AI server market share and profits [3] Financial Performance - In Q1 2025, the company reported an operating income of 20.79 billion yuan, a year-on-year increase of 22.25%, while the net profit attributable to shareholders was 349 million yuan, a decrease of 15.75% [1] - The financial pressure was attributed to the acquisition agreement of New H3C, which increased financial expenses significantly [4] - The company is advancing its H-share listing, which may alleviate financial pressure and support global expansion [5] Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 2.14 billion yuan, 2.81 billion yuan, and 3.13 billion yuan, respectively, with corresponding PE ratios of 34, 26, and 23 [6]