UNIS(SZ:000938) Minsheng Securities·2024-11-01 04:00Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company achieved steady growth in Q3 2024, with a revenue of 208.89 billion yuan, representing an 8.97% year-on-year increase, while the net profit reached 5.81 billion yuan, up 12.06% year-on-year [1][3]. - The core subsidiary, Xinhua San, reported a revenue of 402.66 billion yuan for the first three quarters, reflecting a 7.18% year-on-year growth, driven by strong performance in domestic enterprise and international business [2]. - The company is focusing on deepening intelligent computing innovations through its "Computing Power x Connectivity" strategy, launching new products that enhance AI training and inference efficiency [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 588.39 billion yuan, a 6.56% increase year-on-year, and a net profit attributable to shareholders of 15.82 billion yuan, up 2.65% year-on-year [1]. - The gross margin for Q3 2024 was 14.97%, a decrease of 4.14 percentage points year-on-year, attributed to changes in product structure [3]. - The company expects net profits for 2024-2026 to be 22 billion yuan, 29 billion yuan, and 36 billion yuan respectively, with corresponding PE multiples of 35, 26, and 21 times [5][6].