UNIS(SZ:000938) Tianfeng Securities·2025-09-23 06:43Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a revenue of 47.425 billion yuan in the first half of 2025, representing a year-on-year growth of 24.96%. The net profit attributable to shareholders was 1.041 billion yuan, up 4.05% year-on-year, while the net profit after deducting non-recurring gains and losses reached 1.118 billion yuan, with a year-on-year increase of 25.10% [1][2] - The demand for ICT equipment is driven by the AI wave, with the company's subsidiary, Xinhua San, achieving a revenue of 36.404 billion yuan in the first half of 2025, a year-on-year increase of 37.75% [2] - The company is focusing on "AI for ALL," innovating products and technologies in areas such as AIGC applications and high-quality network connectivity, and has launched several advanced solutions [4] Financial Performance - The company's gross margin for the first half of the year was 15.24%, and the net margin was 2.71%, both showing a decline compared to the previous year [3] - The company has adjusted its net profit forecast for 2025-2026 to 1.92 billion yuan and 2.57 billion yuan, respectively, with a projected PE ratio of 45 for 2025 [5] - The financial data indicates a revenue growth rate of 21.57% for 2025, with expected revenues of 96.069 billion yuan [5][13] Product and Technology Development - The company has introduced the UniPoDS80000 super node, which significantly enhances training and inference efficiency compared to traditional server setups [4] - The launch of high-density liquid-cooled cabinets supports the deployment of high-performance AI acceleration cards, improving computing density [4] - The company has expanded its product matrix with new 400G and 800G switch products, achieving rapid revenue growth in these segments [4]