UNIS(SZ:000938) Guoxin Securities·2024-05-28 04:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][20]. Core Views - The acquisition of 30% equity in New H3C Group is expected to significantly enhance the net profit attributable to the parent company, with projections of 2.103 billion yuan in 2023 and 3.411 billion yuan from New H3C [4][7]. - The company's core competitiveness is anticipated to improve further, benefiting from the global AI development, as New H3C is a leading player in the domestic ICT sector [4][14]. - The company's earnings per share (EPS) is expected to increase, with a shareholder return plan that guarantees a cash distribution of no less than 10% of the annual distributable profits [15]. Summary by Sections Acquisition Details - The company announced on May 24 that it adjusted its acquisition of New H3C from 49% to 30%, with a transaction price of approximately 1.517 billion yuan [3][6]. - The completion date for the acquisition is expected no later than August 31, 2024, with a grace period until October 21, 2024 [3][6]. Financial Projections - The company maintains its profit forecast, expecting net profits of 2.3 billion, 2.7 billion, and 3.0 billion yuan for 2024-2026, respectively [15]. - The current stock price corresponds to a PE ratio of 28, 24, and 21 for the years 2024-2026 [15]. Market Position - New H3C holds significant market shares in various ICT segments, including 32.9% in Ethernet switches and 27.4% in enterprise WLAN, maintaining a leading position in the market [8][9]. - The government is increasingly supporting AI development, which is expected to drive demand for computing power and enhance the company's strategic positioning in the digital economy [14][12].