UNIS(SZ:000938) Guoxin Securities·2025-11-14 03:14Investment Rating - The investment rating for the company is "Outperform the Market" [5][27][29] Core Views - The company has achieved a revenue of 77.322 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 31.41%. However, the net profit attributable to the parent company decreased by 11.24% to 1.404 billion yuan [1][9] - The subsidiary, H3C, benefited from the growth in AI demand, with its revenue increasing by 48.07% to 59.623 billion yuan in the same period. Domestic enterprise revenue grew by 62.55%, while international business revenue surged by 83.99% [1][9] - The company is focusing on the "Computing Power x Connectivity" strategy, launching new AI-driven products and solutions to meet industry demands [3][27] Financial Performance - The gross margin for the first three quarters of 2025 was 13.72%, down 3.87 percentage points year-on-year. The third quarter gross margin was 11.32%, reflecting a decline due to the release of low-margin customized internet servers [2][14] - The net profit margin for the first three quarters was 2.23%, a decrease of 1.21 percentage points year-on-year, while the third quarter net profit margin was 1.46%, showing a slight increase of 0.03 percentage points year-on-year [2][14] - The company has optimized its organizational structure and improved operational efficiency, resulting in a decrease in sales, management, and R&D expense ratios [2][14] Revenue Forecast - Revenue projections for the company from 2025 to 2027 are as follows: 18.2 billion yuan in 2025, 23.6 billion yuan in 2026, and 29.3 billion yuan in 2027, with corresponding P/E ratios of 41, 31, and 25 [27][29] - The expected revenue for 2025 is 97.148 billion yuan, with a growth rate of 22.9% [4][22] Subsidiary Performance - H3C's revenue is projected to reach 71.439 billion yuan in 2025, with a net profit margin of 5% [26]