UNIS(000938) 山西证券·2025-05-22 09:48Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][8]. Core Views - The company reported a revenue of 79.02 billion yuan for 2024, a year-on-year increase of 2.22%, while the net profit attributable to shareholders decreased by 25.23% to 1.572 billion yuan [4][10]. - The company is experiencing a strong momentum in AI-related business, with significant growth in international operations and a focus on domestic AI server demand [6][8]. - The financial burden from the acquisition of a minority stake in Xinhua San has impacted short-term profits, but the company is optimizing its capital structure through a potential dual listing [5][8]. Financial Performance Summary - For 2024, the company achieved a revenue of 79.02 billion yuan, with a net profit of 1.572 billion yuan, reflecting a decline in profitability [4][10]. - 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 was 349 million yuan, down 15.75% year-on-year [4][10]. - The company's gross margin for 2024 was 17.39%, influenced by changes in revenue structure and increased costs associated with AI server sales [5][10]. Business Growth and Market Position - The company’s revenue from the Xinhua San segment reached 55.074 billion yuan in 2024, a year-on-year increase of 6.04%, with international business growing by 32.44% [6][8]. - The company has expanded its global service coverage to 181 countries and regions, with over 2,900 certified overseas partners [6][8]. - The inventory value reached 43.7 billion yuan in Q1 2025, a year-on-year increase of 54.82%, indicating strong demand for AI servers [7][10]. Profitability Forecast and Valuation Analysis - The company is projected to achieve net profits of 1.812 billion yuan, 2.450 billion yuan, and 3.164 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 15.3%, 35.2%, and 29.2% [8][10]. - The estimated P/E ratios for the upcoming years are 38.0 for 2025, 28.1 for 2026, and 21.8 for 2027, reflecting a positive outlook on earnings growth [10][12].