UNIS(SZ:000938) Ping An Securities·2024-08-29 00:30Investment Rating - The report maintains a "Recommendation" rating for the company [2][8] Core Views - The company achieved stable revenue growth with a 5.29% year-on-year increase in revenue, reaching 37.951 billion yuan in the first half of 2024 [5][7] - The net profit attributable to shareholders decreased by 2.13% year-on-year to 1 billion yuan, but showed improvement in quarterly performance [5][8] - The company is a leading player in the domestic ICT infrastructure industry, with significant market shares in various product categories [5][8] - The company is actively leveraging its dual foundation of computing power and connectivity to capitalize on opportunities in the large model industry [8] Financial Performance Summary - Revenue for the first half of 2024 was 37.951 billion yuan, with quarterly revenues of 17.006 billion yuan and 20.945 billion yuan, reflecting growth rates of 2.89% and 7.32% respectively [5][6] - The net profit for the first half of 2024 was 1 billion yuan, with quarterly net profits of 414 million yuan and 587 million yuan, showing a year-on-year change of -5.76% and 0.60% respectively [5][6] - The company’s gross margin for the first half of 2024 was 19.03%, a decrease of 1.29 percentage points year-on-year [5][6] - The company’s operating expenses decreased by 12.99% year-on-year, with an expense ratio of 13.62%, down 2.86 percentage points [5][6] Market Position and Business Development - The company holds the top market share in several product categories, including Ethernet switches (34.8%), enterprise network switches (36.5%), and enterprise WLAN (30.3%) [5][8] - The subsidiary, Xinhua San, achieved revenue of 26.428 billion yuan in the first half of 2024, marking a 5.75% year-on-year increase [7][8] - The international business of Xinhua San also saw growth, with revenue reaching 1.198 billion yuan, a 9.51% increase year-on-year [7][8] Future Outlook - The company is expected to benefit from the growth of the large model industry, with adjusted profit forecasts for 2024-2026 being 2.316 billion yuan, 2.840 billion yuan, and 3.507 billion yuan respectively [8][10] - The company is actively pursuing the acquisition of a 30% minority stake in Xinhua San, which is anticipated to enhance its core competitiveness [8][10]