UNIS(000938) 平安证券·2024-04-30 09:00Investment Rating - The investment rating for the company is "Recommended" (maintained) [2][6] Core Viewpoints - The company achieved stable revenue growth in 2023, with total revenue of 77.308 billion yuan, a year-on-year increase of 4.39%. However, the net profit attributable to shareholders decreased by 2.54% to 2.103 billion yuan [2][3] - The company's subsidiary, H3C, performed well in both operator and international business segments, contributing significantly to revenue growth [3][6] - The company is actively seizing opportunities in the AIGC (Artificial Intelligence Generated Content) sector, launching several key products and solutions [6] Summary by Sections Financial Performance - In 2023, the company reported revenue of 77.308 billion yuan, up 4.39% year-on-year, with a net profit of 2.103 billion yuan, down 2.54% [2][3] - For Q1 2024, revenue was 17.006 billion yuan, a 2.89% increase year-on-year, while net profit was 414 million yuan, down 5.76% [2][3] - The gross margin for 2023 was 19.60%, a decrease of 1.04 percentage points from the previous year [3] Business Segments - H3C's revenue reached 51.939 billion yuan in 2023, a 4.27% increase, with domestic operator business growing by 11.75% to 9.869 billion yuan and international business growing by 19.70% to 2.202 billion yuan [3][6] - The company is focusing on enhancing its product and solution development, with R&D investment of 5.643 billion yuan in 2023, representing 7.30% of revenue [3][6] Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 2.475 billion yuan, 3.004 billion yuan, and 3.658 billion yuan respectively, with corresponding EPS of 0.87 yuan, 1.05 yuan, and 1.28 yuan [6][9] - Revenue projections for the next three years are 86.151 billion yuan in 2024, 96.784 billion yuan in 2025, and 109.660 billion yuan in 2026, reflecting a growth trajectory [4][9]