UNIS(000938) 浙商证券·2024-11-04 05:23Investment Rating - Maintains a "Buy" rating [5][6] Core Views - Q3 2024 performance slightly exceeded expectations, with a 12.1% YoY increase in net profit attributable to the parent company [1] - Revenue for the first three quarters of 2024 reached 58.84 billion yuan, a 6.6% YoY increase, with net profit attributable to the parent company at 1.58 billion yuan, up 2.7% YoY [1] - Gross profit margin for Q3 2024 was 14.97%, down 4.14 percentage points YoY, while net profit margin was 1.43%, down 3.30 percentage points YoY [2] - The company's subsidiary, H3C, achieved revenue of 40.266 billion yuan in the first nine months of 2024, a 7.18% YoY increase, with international business revenue growing 69.26% YoY [2] - The acquisition of 30% equity in H3C was successfully completed, increasing the company's stake in H3C from 51% to 81% [3] - The company continues to deepen its "AI in ALL" strategy, launching new AI computing products and solutions, including the G7 series servers and H3C UniStor Polaris series storage [3] - The company expanded its global presence, registering subsidiaries in South Korea, Uzbekistan, Chile, and Poland, and increasing its overseas representative offices to 19 [4] Financial Performance - Revenue for Q3 2024 was 20.89 billion yuan, a 9.0% YoY increase, with net profit attributable to the parent company at 580 million yuan, up 12.1% YoY [2] - Gross profit margin for the first three quarters of 2024 was 17.59%, down 2.31 percentage points YoY, while net profit margin was 3.44%, down 1.47 percentage points YoY [1] - The company's subsidiary, H3C, achieved domestic government and enterprise business revenue of 31.683 billion yuan, domestic operator business revenue of 6.693 billion yuan, and international business revenue of 1.89 billion yuan in the first nine months of 2024 [2] Strategic Developments - The company completed the acquisition of 30% equity in H3C, further integrating H3C's business resources and advancing the "AI in ALL" strategy [3] - The company launched new AI computing products, including the G7 series servers and H3C UniStor Polaris series storage, enhancing AI training and inference efficiency [3] - The company expanded its global business, registering subsidiaries in South Korea, Uzbekistan, Chile, and Poland, and increasing its overseas representative offices to 19 [4] Future Outlook - The company is expected to achieve net profit attributable to the parent company of 2.2 billion yuan, 3.02 billion yuan, and 3.47 billion yuan in 2024, 2025, and 2026, respectively, with corresponding PE multiples of 32, 23, and 20 [5] - The company's revenue is forecasted to grow by 9.14%, 9.50%, and 10.24% in 2024, 2025, and 2026, respectively [8]