UNIS(000938) 海通证券·2024-11-03 08:40Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's revenue for the first three quarters reached 58.839 billion yuan, a year-on-year increase of 6.56%, with net profit attributable to the parent company at 1.582 billion yuan, up 2.65% year-on-year [4] - In Q3 2024, the company's revenue was 20.889 billion yuan, a year-on-year increase of 8.97%, with net profit attributable to the parent company at 581 million yuan, up 12.06% year-on-year [4] - The company completed the acquisition of an additional 30% stake in H3C, increasing its ownership from 51% to 81% [5] - The demand for data center switches from internet and enterprise customers has significantly increased, with 400G switches being the mainstream product and 800G switches starting small-scale shipments [5] Financial Performance - The company's gross margin for the first three quarters was 17.59%, a year-on-year decrease of 2.31 percentage points, while the net margin was 2.69%, down 0.10 percentage points year-on-year [4] - In Q3 2024, the gross margin was 14.97%, a year-on-year decrease of 4.14 percentage points, and the net margin was 2.78%, up 0.08 percentage points year-on-year [4] - The company's inventory at the end of Q3 was 32.74 billion yuan, a year-on-year increase of 41.54%, mainly due to increased procurement and stockpiling needs for IT products [5] Business Segments - H3C's revenue for the first three quarters was 40.266 billion yuan, a year-on-year increase of 7.18%, with domestic government and enterprise business revenue at 31.683 billion yuan, up 12% year-on-year [5] - The ICT infrastructure and services segment is expected to grow by 11.19% in 2024, reaching 57.268 billion yuan, with a gross margin of 23.00% [9] - The IT product distribution and supply chain services segment is expected to grow by 1.00% in 2024, reaching 29.424 billion yuan, with a gross margin of 6.00% [9] Financial Forecasts - The company's revenue is expected to reach 83.348 billion yuan in 2024, 95.859 billion yuan in 2025, and 108.222 billion yuan in 2026 [6] - Net profit attributable to the parent company is forecasted to be 2.347 billion yuan in 2024, 2.836 billion yuan in 2025, and 3.306 billion yuan in 2026 [6] - The EPS is expected to be 0.82 yuan in 2024, 0.99 yuan in 2025, and 1.16 yuan in 2026 [6] Valuation - The report gives a PE range of 30-35 times for 2025, corresponding to a reasonable value range of 29.75 yuan to 34.71 yuan [6] - The company's P/E ratio is expected to be 31.99 in 2024, 26.47 in 2025, and 22.71 in 2026 [10] Industry Comparison - The average PE ratio for comparable companies is 41 times for 2023, 34 times for 2024, and 30 times for 2025 [8]