UNIS(000938)2025-05-04 06:56Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company continues to deepen its focus on "computing power and connectivity," with a revenue growth of 22% year-on-year in Q1 2025 [1]. - The company's total revenue for 2024 is projected to be 79.024 billion yuan, a year-on-year increase of 2.22%, while the net profit attributable to shareholders is expected to decline by 25.23% to 1.572 billion yuan [1][10]. - The company is actively expanding its international market presence, with significant growth in its international business, particularly in the H3C brand products and services [2]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 20.79 billion yuan, a year-on-year increase of 22.25%, while the net profit attributable to shareholders was 3.49 billion yuan, down 15.75% [1][10]. - The company's ICT infrastructure and services business generated revenue of 54.459 billion yuan in 2024, up 5.73%, accounting for 68.91% of total revenue [2][12]. - The net profit for 2024 is projected to be 1.572 billion yuan, with a decline of 25.23% compared to the previous year [5][10]. Market Position - The company maintains a leading market share in several product categories, including 38.2% in the Chinese enterprise network park switch market and 54.4% in the blade server market [2][12]. - The international business revenue reached 2.916 billion yuan in 2024, reflecting a year-on-year growth of 32.44% [2][12]. Cost Management and Efficiency - The company has seen a slight decline in gross margin by 3.3 percentage points due to an increase in the proportion of white-label products [3][20]. - The company is optimizing its organizational structure and enhancing cost management, resulting in a decrease in sales, management, and R&D expenses by 3.3%, 26.3%, and 9.6%, respectively [3][20]. Future Outlook - The company plans to acquire an additional 30% stake in Xinhua San in 2024, which is expected to impact financial expenses and profit forecasts [4][26]. - The projected net profits for 2025, 2026, and 2027 are 2.01 billion yuan, 2.47 billion yuan, and 2.98 billion yuan, respectively [4][26].