UNIS(SZ:000938) KAIYUAN SECURITIES·2025-04-30 14:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 79.02 billion yuan in 2024, a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.572 billion yuan [4] - In Q1 2025, the company achieved a revenue of 20.79 billion yuan, representing a year-on-year growth of 22.25%, with a net profit of 349 million yuan [4] - The company is expected to benefit from the ongoing demand for AI servers and high-speed switches, with revised profit forecasts for 2025-2027 [4] Financial Summary - Revenue for 2023 was 77.308 billion yuan, with a projected increase to 89.817 billion yuan in 2025, reflecting a year-on-year growth of 13.7% [8] - The net profit attributable to shareholders is expected to rise from 2.567 billion yuan in 2025 to 3.580 billion yuan in 2027, indicating a growth rate of 63.3% in 2025 [8] - The company's gross margin is projected to improve from 18.6% in 2025 to 19.5% in 2027 [9] Market Position - The company holds a 12.6% market share in the domestic X86 server market, ranking third, and a 31.1% share in the domestic Ethernet switch market, ranking second [5] - The international business revenue reached 9.59 billion yuan in 2024, showing a year-on-year increase of 69.35% [6] Strategic Initiatives - The company is actively participating in the construction of intelligent computing centers in various provinces and has established strategic partnerships with multiple internet clients [5] - It has registered subsidiaries in five countries and set up a regional headquarters in Saudi Arabia, enhancing its overseas market presence [6]