UNIS(000938) 海通证券·2024-05-26 07:01Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company plans to acquire 30% of H3C's equity through its wholly-owned subsidiary, Unisplendour International, using cash and bank loans, with a transaction value of approximately RMB 15.18 billion [3] - The acquisition is expected to enhance profits and reduce valuation levels without diluting equity [3] - The company retains the option to purchase the remaining 19% of H3C's equity under specific conditions [4] - H3C, as a leading ICT company, is expected to significantly boost profits post-acquisition, with projected revenue growth of 10%, 18%, and 19% for 2024-2026, respectively [4] - The company is actively participating in the AIGC wave, with a comprehensive solution covering data governance, model training, and application deployment [6] Financial Performance - In 2023, the company reported revenue of RMB 77.308 billion, a 4.39% YoY increase, and a net profit of RMB 2.103 billion, a 2.54% YoY decrease [6] - For 2024-2026, the company forecasts revenue of RMB 86.484 billion, RMB 98.077 billion, and RMB 111.459 billion, with net profits of RMB 2.512 billion, RMB 2.979 billion, and RMB 3.523 billion, respectively [5][7] - The gross margin is expected to improve slightly from 19.6% in 2023 to 20.2% in 2026 [5] Business Segments - IT services contributed RMB 51.5 billion in revenue in 2023, with a gross margin of 25.6%, while IT distribution revenue was RMB 29.1 billion, with a gross margin of 6.4% [6] - H3C's domestic enterprise business generated RMB 39.868 billion in revenue, with a 1.86% YoY increase, while its international business grew by 19.70% YoY to RMB 2.202 billion [6] Market Position - The company holds significant market shares in various ICT infrastructure markets, including 32.9% in Ethernet switches, 34.2% in enterprise network switches, and 19.7% in GPU servers [6] - The company is ranked second in several key markets, including UTM firewalls and hyper-converged infrastructure [6] Valuation and Forecast - The report provides a 2024 PE range of 30-35x, with a fair value range of RMB 26.35-30.74 per share [7] - The company's EPS is projected to grow from RMB 0.74 in 2023 to RMB 1.23 in 2026 [5][7]