UNIS(SZ:000938) KAIYUAN SECURITIES·2024-11-01 08:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to continuously benefit from the release of intelligent computing demand and accelerate its expansion into overseas markets [1][5] - The company has launched the "ALL for AI" strategy, actively laying out computing power infrastructure and AI models, which is anticipated to yield ongoing benefits from domestic intelligent computing demand [5] - The company reported steady growth in Q3 2024, with revenue reaching 208.89 billion yuan, a year-on-year increase of 8.97%, and net profit attributable to shareholders of 5.81 billion yuan, up 12.06% year-on-year [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 588.39 billion yuan, a year-on-year increase of 6.56%, and a net profit attributable to shareholders of 15.82 billion yuan, up 2.65% [4] - The subsidiary, New H3C, reported revenue of 402.66 billion yuan for the first three quarters, a year-on-year increase of 7.18% [4] - The company expects net profits attributable to shareholders for 2024-2026 to be 23.18 billion, 30.89 billion, and 36.80 billion yuan respectively, with corresponding P/E ratios of 32.4, 24.3, and 20.4 times [4] Strategic Developments - The company successfully completed the acquisition of a 30% stake in New H3C, increasing its ownership to 81%, which is expected to enhance profitability and market position [6] - The international business revenue for New H3C reached 1.89 billion yuan, with a year-on-year growth of 69.26% [6] - The company has registered subsidiaries in multiple countries and established 45 overseas spare parts centers, expanding its global reach [6]