UNIS(SZ:000938) Zhongyuan Securities·2025-12-16 08:21Investment Rating - The report assigns a rating of "Increase" for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [3][36]. Core Insights - The company is actively pursuing the acquisition of the remaining 19% stake in Xinhua San held by HPE, which reflects a positive outlook on its fundamentals [2]. - In 2025, the company's revenue growth accelerated, with a reported revenue of 77.32 billion yuan for the first three quarters, representing a year-on-year increase of 31.41%. However, the net profit attributable to the parent company declined by 11.24% [9]. - The growth momentum for Xinhua San is primarily driven by domestic government and enterprise business, as well as international business, with respective year-on-year growth rates of 62.55% and 83.99% in the first three quarters of 2025 [9]. - The company has increased its stake in Xinhua San to 81%, with Xinhua San contributing 77% of the company's revenue and 146% of its net profit in the first three quarters of 2025 [9]. - The company is expected to alleviate financial pressure from the acquisition of Xinhua San through its successful listing on the Hong Kong Stock Exchange [9]. Financial Data Summary - As of September 30, 2025, the company reported a net asset value per share of 5.06 yuan and a net profit margin of 9.70% [5]. - The company's revenue is projected to reach 101.06 billion yuan in 2025, with a growth rate of 27.88% [12]. - The earnings per share (EPS) for 2025 is estimated at 0.52 yuan, with corresponding price-to-earnings (P/E) ratios of 46.62, 32.07, and 24.41 for the years 2025, 2026, and 2027 respectively [12].