UNIS(SZ:000938) HUAXI Securities·2024-05-27 03:07Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The acquisition of a 30% minority stake in Xinhua San is expected to enhance profits significantly. The transaction is valued at approximately $2.143 billion (RMB 15.18 billion) [3]. - The company is focusing on increasing its stake in Xinhua San from 51% to 81%, which will optimize its overall business layout and significantly increase earnings per share [3][4]. - The company plans to strengthen its cash dividend policy, committing to distribute at least 10% of the annual distributable profits in cash, barring special circumstances [3]. Summary by Sections Event - The company announced a major asset purchase plan to acquire a 30% stake in Xinhua San, adjusting from a previous plan to acquire 49%. The total transaction price is set at $2.143 billion [3]. - The company has terminated its plan for a private placement to raise up to RMB 12 billion for this acquisition [3]. Financial Forecast - Revenue projections for 2024-2026 are maintained at RMB 831.0 billion, RMB 901.5 billion, and RMB 987.0 billion respectively. Net profit estimates have been adjusted to RMB 26.8 billion, RMB 38.6 billion, and RMB 45.3 billion for the same period [4]. - Earnings per share are forecasted to be RMB 0.94, RMB 1.35, and RMB 1.58 for 2024, 2025, and 2026 respectively [4]. Strategic Initiatives - The company is investing in AI and cloud-native digital platforms, implementing an "AI in ALL" strategy to support the comprehensive application of AI technology [3]. - The acquisition of Xinhua San is expected to leverage ICT synergies, enhancing the company's profitability and accelerating technological innovation [3]. Shareholder Returns - A three-year shareholder return plan (2024-2026) has been announced, focusing on cash and stock dividends [3].