UNIS(SZ:000938) Caixin Securities·2024-11-06 10:27Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Views - The company has shown stable revenue and profit growth in the first three quarters, with a revenue of 588.39 billion and a net profit of 15.82 billion, reflecting year-over-year increases of 6.56% and 2.65% respectively [4][5] - The acquisition of a 30% stake in a subsidiary is expected to enhance the company's core competitiveness and business synergy, with the transaction completed in September 2024 [7][8] - The company is focusing on ICT infrastructure product upgrades and deepening industry customer engagement, particularly in the AI sector [6][7] Summary by Sections Investment Rating - Current price is 24.68 yuan, with a market cap of 70,586.78 million [1] Financial Performance - For Q3, the company achieved a revenue of 208.89 billion (YOY +8.97%) and a net profit of 5.81 billion (YOY +12.06%) [5] - The gross margin for Q3 was 14.97%, down 4.14 percentage points year-over-year [5][6] Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 824.17 billion, 918.01 billion, and 1,018.94 billion respectively, with expected growth rates of 6.61%, 11.39%, and 10.99% [8][9] - Projected net profits for the same years are 23.39 billion, 28.69 billion, and 35.68 billion, with growth rates of 11.24%, 22.63%, and 24.38% [8][9] Key Business Developments - The company has been actively pursuing digital transformation strategies and has secured multiple significant projects in domestic and international markets [6][7] - The acquisition of the stake in the subsidiary is expected to significantly enhance profitability and competitive positioning [7][8]