UNIS(000938) 民生证券·2024-05-02 06:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2]. Core Views - The company achieved a revenue of 77.308 billion yuan in 2023, a year-on-year increase of 4.39%, while the net profit attributable to shareholders was 2.103 billion yuan, a decrease of 2.54% [1][2]. - The company's ICT infrastructure and services business generated revenue of 51.506 billion yuan, growing by 10.15% year-on-year, accounting for 66.63% of total revenue [1]. - The company is expected to see significant growth in net profit from 2.578 billion yuan in 2024 to 3.653 billion yuan in 2026, with corresponding PE multiples decreasing from 23x to 16x [2][3]. Financial Performance - In Q1 2024, the company reported revenue of 17.006 billion yuan, up 2.89% year-on-year, with a net profit of 414 million yuan, down 5.76% [1]. - The overall gross margin for 2023 was 19.60%, a decline of 1.04 percentage points, while the gross margin for the ICT infrastructure and services business was 25.58%, down 2.15 percentage points [2]. - The company’s operating expenses were well-controlled, with sales, management, and R&D expense ratios of 5.55%, 1.80%, and 7.30% respectively in 2023 [2]. Strategic Initiatives - The company is deepening its "AI for ALL" strategy, enhancing its full-stack business layout across cloud, network, security, computing, storage, and endpoints [2]. - The company has maintained leading market shares in various product categories, including 32.9% in Ethernet switches and 27.4% in enterprise WLAN [2]. - New innovative products and solutions were launched, including the AI computing platform and next-generation AI storage solutions [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 88.017 billion yuan, 98.439 billion yuan, and 109.089 billion yuan respectively, with growth rates of 13.9%, 11.8%, and 10.8% [3][6]. - The net profit attributable to shareholders is expected to grow significantly, with projections of 2.578 billion yuan in 2024 and 3.653 billion yuan in 2026, reflecting a growth rate of 22.6% and 18.6% respectively [3][6].