UNIS(SZ:000938) Sou Hu Cai Jing·2025-06-03 09:04Core Insights - Unisoc (紫光股份) is positioned as a significant player in the AI infrastructure sector, focusing on ICT (Information and Communication Technology) solutions that are essential for the AI computing revolution [2][3] Financial Performance - In Q1 2025, Unisoc reported revenue of 20.79 billion yuan, a year-on-year increase of 22.25%, with its subsidiary H3C's domestic enterprise revenue growing by 26.07% and international revenue by 20.1% [3] - The company's net profit for Q1 decreased by 8.3% to 349 million yuan, while the non-recurring net profit increased by 12.5%, indicating a strategic choice behind the profit fluctuations [5][6] Business Strategy - Unisoc's global strategy is highlighted by its upcoming IPO on the Hong Kong Stock Exchange, aimed at enhancing brand recognition, facilitating financing for overseas R&D, and mitigating geopolitical risks [4][9] - The company is leveraging its unique "thousand-card-level cluster network interconnection solution," which is one of the few technologies capable of seamless interconnection for large-scale AI computing clusters [3] Market Positioning - Unisoc ranks third in China's digital infrastructure market, indicating its strong position in domestic digitalization efforts while also making inroads into international markets [3] - The global AI computing investment is expected to grow at an annual rate exceeding 30%, aligning with China's "East Data West Computing" initiative, which presents a favorable market environment for Unisoc's solutions [9] Long-term Outlook - The company anticipates a recovery in gross margins as the proportion of high-margin AI servers increases, despite a temporary decline in gross margin due to the rise in lower-margin general server shipments [7] - The ICT industry is characterized by significant scale effects, suggesting that once Unisoc surpasses certain market share thresholds, its marginal costs will decrease substantially [7]