研报掘金丨平安证券：维持紫光股份“推荐”评级，国际业务发展势头良好

Core Viewpoint - The report from Ping An Securities indicates that Unisplendour Co., Ltd. experienced a decline in net profit for the first three quarters of 2025, while showing strong revenue growth in the same period [1] Financial Performance - The company achieved a net profit attributable to shareholders of 1.404 billion yuan, a year-on-year decrease of 11.24% [1] - Quarterly revenue figures are as follows: Q1 revenue was 20.79 billion yuan (up 22.25% year-on-year), Q2 revenue was 26.635 billion yuan (up 27.17% year-on-year), and Q3 revenue was 29.897 billion yuan (up 43.12% year-on-year) [1] Business Development - Unisplendour is a leading player in the domestic ICT infrastructure industry and has completed the acquisition of a 30% minority stake in its subsidiary, H3C, enhancing its core competitiveness [1] - The company is developing an integrated AI-enabled platform, accelerating its comprehensive layout from computing power to application, and is expected to benefit significantly from the growth opportunities in the AI industry due to its "computing power × connectivity" synergy [1] - The international business of the company is also showing strong growth momentum, which is anticipated to become an important driver for future development [1] Investment Outlook - The firm maintains a "recommended" rating for the company's future development prospects [1]