山西证券：研究早观点-20241205

Group 1: Company Overview - The report highlights Unisplendour Corporation (紫光股份) as a leading ICT enterprise, focusing on enhancing its full-stack intelligent computing capabilities [5][6] - For Q1-Q3 2024, the company achieved revenue of 58.839 billion yuan, a year-on-year increase of 6.56%, and a net profit of 1.582 billion yuan, up 2.65% year-on-year [5][6] - The company is benefiting from the domestic intelligent computing network construction, with significant growth expected in switches and AI servers [6][7] Group 2: Financial Performance - In Q3 2024, the company reported revenue of 20.889 billion yuan, a year-on-year increase of 8.97%, and a net profit of 0.581 billion yuan, up 12.06% year-on-year [5][6] - The forecast for net profit from 2024 to 2026 is 2.399 billion yuan, 2.865 billion yuan, and 3.489 billion yuan, representing growth rates of 14.1%, 19.4%, and 21.8% respectively [7] Group 3: Market Position and Strategy - The company maintains a leading position in the government and enterprise sectors, with successful bids for major equipment procurement projects from major telecom operators [6][7] - Unisplendour's overseas business is expanding rapidly, focusing on network construction in emerging markets and leveraging its government enterprise channel advantages [7] Group 4: Industry Overview - The report discusses the recovery of the footwear manufacturing and retail industry, with Yue Yuen Industrial Holdings (裕元集团) positioned as a leading manufacturer and retailer [11][12] - The company achieved a revenue of 7.890 billion USD in 2023, with manufacturing and retail accounting for 64.1% and 35.9% of total revenue respectively [11][12] - The manufacturing segment is expected to see a recovery in orders, with an estimated output of 250 million pairs of shoes in 2024, reflecting a double-digit year-on-year growth [12] Group 5: Retail Business Insights - Yue Yuen's retail segment is the second-largest sports goods distributor in China, with 3,523 stores and a revenue of 20.064 billion yuan [13] - The company is enhancing its store quality and expanding its online presence through micro-stores, which contributed over 20% to its offline sales in 2023 [13] Group 6: Investment Outlook - The report projects Yue Yuen's revenue for 2024-2026 to be 8.129 billion USD, 8.815 billion USD, and 9.564 billion USD, with net profits expected to grow significantly [14] - The company is rated with a "Buy-B" recommendation, indicating a positive outlook for its manufacturing and retail segments [16]