UNIS(SZ:000938) Guolian Securities·2024-05-26 08:30Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The acquisition of a minority stake in New H3C is expected to enhance the parent company's net profit, with the purchase ratio adjusted from 49% to 30% and the payment amount reduced from $3.5 billion to $2.143 billion [3][4] - New H3C holds a leading position in the domestic ICT infrastructure market, ranking first in several categories such as enterprise WLAN and IT unified operation software [2] - The acquisition is anticipated to strengthen market position and improve profitability without diluting equity [4] Financial Projections - Revenue projections for 2024-2026 are estimated at 85.433 billion, 93.211 billion, and 100.606 billion yuan, with year-on-year growth rates of 10.51%, 9.10%, and 7.93% respectively [5] - The parent company's net profit is projected to be 2.564 billion, 3.014 billion, and 3.628 billion yuan for the same period, with growth rates of 21.92%, 17.56%, and 20.37% respectively [5] - Earnings per share (EPS) are expected to be 0.90, 1.05, and 1.27 yuan for 2024, 2025, and 2026, respectively, indicating a 3-year CAGR of 19.94% [5] Valuation - The target price for the company is set at 27.79 yuan, based on a 31x PE ratio for 2024 [5]