UNIS(SZ:000938) Guolian Securities·2024-09-09 03:05Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The completion of the acquisition of a 30% stake in H3C Holdings Limited marks a new development phase for the company, enhancing its decision-making efficiency and operational flexibility [11] - The acquisition is expected to significantly increase the company's net profit attributable to shareholders, with the corresponding profit from the 30% stake in H3C amounting to 546 million yuan, representing 54.60% of the company's net profit for the same period [11] - The company anticipates revenue growth from 2024 to 2026, with projected revenues of 83.61 billion yuan, 91.83 billion yuan, and 99.67 billion yuan, respectively, reflecting year-on-year growth rates of 8.16%, 9.82%, and 8.54% [11] Summary by Sections Financial Data - The total share capital is 2,860.08 million shares, with a market capitalization of 53,826.70 million yuan [7] - The company's net asset per share is 12.09 yuan, and the debt-to-asset ratio stands at 53.74% [7] - The company's revenue for the first half of 2024 reached 26.428 billion yuan, a year-on-year increase of 5.75%, with a net profit of 1.820 billion yuan [11] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 2.301 billion yuan, 3.914 billion yuan, and 4.513 billion yuan, respectively, with corresponding growth rates of 9.41%, 70.09%, and 15.31% [11] - The earnings per share (EPS) are projected to be 0.80 yuan, 1.37 yuan, and 1.58 yuan for the years 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 28.98% [11] - The company is positioned as a leader in the new generation of cloud computing infrastructure and industry smart application services, expected to gather new growth momentum through product innovation and international cooperation [11]