UNIS(SZ:000938) Guotou Securities·2024-09-01 12:31Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.17 CNY, representing a 30x dynamic P/E ratio for 2024 [5][10]. Core Views - The company reported a revenue of 37.951 billion CNY in the first half of 2024, a year-on-year increase of 5.29%, while the net profit attributable to shareholders was 1 billion CNY, a decrease of 2.13% [2]. - The company is actively progressing in a major asset acquisition, intending to purchase a total of 30% equity in New H3C Group, which is expected to enhance its operational capabilities [2][8]. - The company is focusing on enhancing its full-stack capabilities in computing power and connectivity to meet the demands of AIGC applications, launching innovative solutions in various technology areas [4][7]. Financial Performance - The company achieved a revenue of 26.428 billion CNY from its subsidiary New H3C in the first half of 2024, marking a 5.75% increase year-on-year, with an operating profit of 1.996 billion CNY, up 12.91% [3]. - The company has optimized its organizational structure and improved operational efficiency, resulting in a 12.99% decrease in period expenses year-on-year [3]. - The company is expected to benefit from the growth in information technology infrastructure demand driven by AIGC and a recovery in downstream demand, with projected revenues of 87.045 billion CNY, 98.322 billion CNY, and 111.482 billion CNY for 2024, 2025, and 2026 respectively [9][10]. Market Position - The company holds leading market shares in various segments, including 34.8% in Ethernet switches, 36.5% in enterprise network switches, and 41.6% in campus switches in China [3]. - The company has been involved in over 190 smart city projects and has served more than 10,000 enterprises in their digital transformation efforts, including over 300 Fortune 500 companies [3]. Strategic Initiatives - The company is implementing a "1+N" large model strategy to deepen AIGC technology innovation and enhance its application capabilities [7]. - The launch of the Aofei computing power platform 3.0 aims to support heterogeneous computing resource management, enhancing operational efficiency in AI data asset management [7].