UNIS(SZ:000938) INDUSTRIAL SECURITIES·2024-11-16 23:58Investment Rating - The report maintains an "Overweight" rating for the company [3][6]. Core Views - The company achieved a revenue of 58.839 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 6.56%. The net profit attributable to shareholders was 1.582 billion yuan, up 2.65% year-on-year [3]. - The company is accelerating its overseas market expansion, with a third-quarter revenue of 20.889 billion yuan, a year-on-year increase of 8.97%, and a net profit of 581 million yuan, growing 12.06% year-on-year [3]. - The subsidiary, H3C, reported a revenue of 40.266 billion yuan in the first three quarters, marking a 7.18% increase year-on-year, driven by increased investments from internet companies and a quick recovery in demand from certain industry clients [3]. - The company has completed the acquisition of 30% of H3C's shares, raising its ownership to 81%, and is focusing on ICT infrastructure product upgrades and AI business strategies [5]. Financial Summary - For the fiscal year 2024, the company is projected to generate a revenue of 84.076 billion yuan, reflecting an 8.8% year-on-year growth [2]. - The net profit attributable to shareholders is expected to reach 2.313 billion yuan in 2024, a 10.0% increase compared to the previous year [2]. - The gross profit margin is forecasted to remain stable at 19.6% for 2024, with a gradual increase to 20.3% by 2026 [2]. - The return on equity (ROE) is anticipated to improve from 6.5% in 2024 to 8.4% in 2026 [2]. Cash Flow and Cost Management - The company reported a net cash flow from operating activities of 2.400 billion yuan in the first three quarters of 2024, a significant improvement from a negative cash flow of 4.391 billion yuan in the same period last year [4]. - Cost control measures have been effective, with sales, management, and R&D expense ratios showing a decrease compared to the previous year [4].