UNIS(000938) 长江证券·2024-11-19 11:54Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - The company reported a revenue of 58.839 billion yuan for 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, while the net profit excluding non-recurring items reached 1.388 billion yuan, growing by 6.91% [6][9]. - The company's subsidiary, H3C, showed strong performance with a revenue of 40.266 billion yuan in the first three quarters of 2024, a year-on-year increase of 7.18%. The international business revenue from H3C products and services reached 685 million yuan, marking a significant growth of 69.26% [6][7]. - The company completed the acquisition of a 30% stake in H3C, increasing its ownership from 51% to 81%, which is expected to enhance operational synergies and profitability [7][9]. - The company is focusing on developing competitive products in the "computing power x connectivity" domain, launching innovative solutions such as a 1.6T port rate intelligent switch and environmentally friendly liquid cooling solutions [8][9]. Financial Performance and Forecast - For Q3 2024, the company achieved a net profit of 581 million yuan, reflecting a year-on-year increase of 12.1%. The successful acquisition of H3C contributed positively to the profit growth [7][9]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected to be 2.209 billion yuan, 2.536 billion yuan, and 3.027 billion yuan, with corresponding year-on-year growth rates of 5%, 15%, and 19% respectively [9].