UNIS(SZ:000938) INDUSTRIAL SECURITIES·2024-09-16 05:08Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Viewpoints - The company achieved a revenue of 37.95 billion yuan in H1 2024, representing a year-on-year growth of 5.29%. The net profit attributable to shareholders was 1 billion yuan, a decrease of 2.13% year-on-year. The non-recurring net profit was 894 million yuan, an increase of 5.78% year-on-year [3]. - The company completed the acquisition of a 30% stake in its subsidiary, Xinhua San, which is expected to enhance profitability and strengthen core competitiveness [3]. - The company is actively expanding its overseas channels and has established 17 representative offices globally, covering regions such as Europe, Asia, Africa, and Latin America [3]. Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 77.308 billion yuan, with a year-on-year growth of 4.4%. The projected revenues for 2024, 2025, and 2026 are 87.206 billion yuan, 97.228 billion yuan, and 106.204 billion yuan, respectively, with growth rates of 12.8%, 11.5%, and 9.2% [2]. - The net profit attributable to shareholders for 2023 was 2.103 billion yuan, with projections of 2.336 billion yuan, 2.833 billion yuan, and 3.256 billion yuan for the following years, reflecting growth rates of -2.5%, 11.1%, 21.3%, and 14.9% [2]. - The gross margin is expected to improve from 19.6% in 2023 to 20.7% by 2026, while the return on equity (ROE) is projected to increase from 6.2% to 7.9% over the same period [2]. Strategic Developments - The company is focusing on the intelligent computing market and has launched several new products and solutions, including the Lingxi Intelligent Computing Solution and the G7 series modular heterogeneous computing servers [3]. - The acquisition of Xinhua San is anticipated to bolster the company's earnings per share and enhance its competitive edge in the market [3].