UNIS(SZ:000938) GF SECURITIES·2024-05-27 00:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.18 CNY per share based on a 40x PE ratio for 2024 [4][20]. Core Views - The company plans to acquire a 30% stake in New H3C for 2.14 billion USD, which will increase its indirect ownership to 81% and significantly enhance its profitability and business synergy [2][8]. - New H3C is a major profit contributor, with the acquisition expected to add approximately 1.02 billion CNY to the company's net profit [2][9]. - The market has not fully recognized New H3C's competitive advantages in AI computing and infrastructure, which are expected to strengthen post-acquisition [2][13]. Financial Summary - Revenue for 2023 is reported at 77.31 billion CNY, with a projected growth rate of 4.4% [3][24]. - The company's net profit for 2023 is 2.10 billion CNY, with an expected increase to 2.30 billion CNY in 2024 [3][24]. - Earnings per share (EPS) are forecasted to be 0.80, 0.90, and 1.04 CNY for 2024, 2025, and 2026 respectively [3][20]. Acquisition Details - The acquisition will be financed through self-owned funds and bank loans, with a loan application of up to 10 billion CNY planned [8][9]. - The valuation for New H3C's 100% equity is assessed at 51.683 billion CNY, translating to a PE ratio of 15.15 for the acquisition [9][10]. Market Position - New H3C holds a strong market position in network equipment, maintaining significant market shares in various segments, including Ethernet switches and enterprise WLAN [14][15]. - The company is also competitive in the AI server market, with a notable share in GPU servers [16][17]. Future Outlook - The report anticipates a positive growth trajectory for the company, driven by the acquisition and the increasing demand for AI computing solutions [2][20].