UNIS(SZ:000938) Guohai Securities·2025-11-05 13:10Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has shown strong growth driven by its subsidiary, Xinhua San, with significant improvements in operational cash flow [7]. - The company is focusing on enhancing its "computing power x connectivity" strategy, which is expected to drive future growth [11]. - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with a projected revenue of 944.58 billion yuan in 2025 [14]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 773.22 billion yuan, a year-on-year increase of 31.41%, while the net profit attributable to shareholders was 14.04 billion yuan, down 11.24% [6]. - In Q3 2025, the company achieved revenue of 298.97 billion yuan, reflecting a 43.12% year-on-year growth, but the net profit decreased by 37.56% to 3.63 billion yuan [6]. - The subsidiary Xinhua San generated 596.23 billion yuan in revenue for the first three quarters, up 48.07% year-on-year, with a net profit of 25.29 billion yuan, an increase of 14.75% [7]. Product and Market Strategy Summary - The company is advancing its next-generation ultra-node products and establishing a complete capability for liquid-cooled cabinets [11]. - It has launched new network solutions and AI computing switches, focusing on silicon photonics and optical switching technologies [11]. - The company is expanding its domestic and international business collaborations, successfully partnering with major clients across various sectors [12]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 indicates revenues of 944.58 billion yuan, 1,107.54 billion yuan, and 1,285.02 billion yuan, respectively, with net profits of 19.73 billion yuan, 25.83 billion yuan, and 32.27 billion yuan [14]. - The projected EPS for the same period is 0.69 yuan, 0.90 yuan, and 1.13 yuan, with corresponding P/E ratios of 38.65, 29.51, and 23.63 [14].