UNIS(SZ:000938) Tianfeng Securities·2024-05-12 03:30Investment Rating - The investment rating for the company is "Add" (maintained) with a target price not specified [1] Core Views - The company, Unisplendour Corporation (紫光股份), reported 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% [5] - The company is expected to benefit from the AI computing network dividends due to its strong competitive position in the ICT equipment sector [8] Summary by Sections Financial Performance - In 2023, the revenue breakdown shows ICT infrastructure and services generated 51.5 billion yuan, accounting for 66.6% of total revenue, with a year-on-year growth of 10.15% [6] - The subsidiary, H3C, reported a revenue of 51.9 billion yuan, a 4.27% increase year-on-year, with domestic revenue of 39.9 billion yuan, growing by 1.86% [6] - For Q1 2024, the revenue was 17.006 billion yuan, a 2.89% increase year-on-year, with a net profit of 414 million yuan, down 5.76% [5] Profitability and Cost Analysis - The gross margin for 2023 was 19.6%, a decrease of 1 percentage point year-on-year, with the gross margin for ICT infrastructure at 25.58%, down 2.15 percentage points [7] - R&D expenses in 2023 were 5.643 billion yuan, an increase of 6.5% [7] - The management expense ratio was 1.8%, up 0.5 percentage points, primarily due to increased severance benefits at H3C [7] Market Position and Future Outlook - The company has a comprehensive business layout in "cloud-network-security-computing-storage-end," and its "AI for ALL" strategy is expected to enhance its market position [8] - The company holds significant market shares in various segments, including 30.9% in enterprise routers and 51.7% in blade servers, maintaining a leading position [8] - Future profit forecasts have been adjusted to 2.531 billion yuan for 2024 and 3.149 billion yuan for 2025, with a projected net profit of 3.73 billion yuan for 2026 [8]