UNIS(000938) 光大证券·2024-08-28 11:41Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in the ICT sector and potential benefits from the AI wave [3] Core Views - The company's Q2 2024 performance showed sequential improvement, with revenue increasing by 7.32% YoY and 23.16% QoQ, and net profit attributable to shareholders growing by 0.60% YoY and 41.82% QoQ [2] - The acquisition of a 30% stake in H3C is progressing smoothly, with necessary approvals obtained from relevant authorities [2] - The company maintains leading market shares in multiple product categories, including Ethernet switches (34.8%), enterprise network switches (36.5%), and campus switches (41.6%) [3] Financial Performance - H1 2024 revenue reached 37.951 billion yuan, up 5.29% YoY, with operating profit of 1.885 billion yuan, up 5.13% YoY [2] - Net profit attributable to shareholders was 1.000 billion yuan, down 2.13% YoY, while non-GAAP net profit was 894 million yuan, up 5.78% YoY [2] - H3C, a subsidiary, achieved H1 2024 revenue of 26.428 billion yuan, up 5.75% YoY, with net profit of 1.820 billion yuan [2] Market Position - The company ranks first in China's enterprise WLAN market with a 30.3% share and second in the x86 server market with a 15.6% share [3] - In the data center switch market, the company holds a 29.0% share, ranking second [3] Financial Forecasts - Revenue forecasts for 2024-2026 are adjusted to 84.2/91.9/99.6 billion yuan, representing decreases of 14%/19% from previous estimates [3] - Net profit attributable to shareholders for 2024-2026 is projected at 2.33/2.855/3.464 billion yuan, with corresponding PE ratios of 23x/19x/16x [3] Operational Efficiency - The company optimized its organizational structure and improved operational efficiency, leading to a 12.99% YoY decrease in period expenses during H1 2024 [2] - H3C's domestic government and enterprise business revenue reached 20.212 billion yuan, up 8.31% YoY, while international business revenue grew 61.22% to 416 million yuan [2]