研报掘金丨西部证券：予紫光股份“增持”评级，高速率交换机、服务器维持亮眼表现

Core Viewpoint - Western Securities reports that Unisplendour's Q3 2025 revenue shows both year-on-year and quarter-on-quarter growth, while net profit attributable to shareholders has decreased both year-on-year and quarter-on-quarter [1] Financial Performance - Unisplendour's subsidiary, H3C, achieved a 15% year-on-year profit increase in the first three quarters [1] - The company anticipates net profits of 1.8 billion, 2.0 billion, and 2.6 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 38, 34, and 26 [1] Business Outlook - Server Business: The company is actively collaborating with domestic AI chip manufacturers, with the promotion of super-node servers expected to enhance server business gross margins by 2026 [1] - Optical Communication: Continuous investment in silicon photonics-based CPO, NPO technologies, and OCS optical switching technology is expected to improve the gross margin of the switching business through enhanced internal R&D and manufacturing efficiency [1] - High-speed switches and AI servers are projected to remain the core drivers of the company's performance growth [1] Strategic Advantages - The company is well-positioned to benefit from the Scale Up trend due to its software and hardware coordination advantages, ICT integration solution capabilities, supply chain integration, and expansion into overseas markets [1]