UNIS(SZ:000938)2024-05-29 11:00Investment Rating - The investment rating for the company is "Outperform" [8] Core Views - The report highlights that the company is acquiring a 30% stake in New H3C through a cash transaction, which is expected to enhance profits and reduce valuation levels [9][19] - The acquisition is anticipated to significantly increase the company's control over New H3C, raising its stake from 51% to 81%, potentially adding RMB 1.02 billion to profits, a 49% increase [9][20] - The company is positioned to benefit from national policies encouraging mergers and acquisitions, aimed at strengthening companies and enhancing shareholder returns [9][20] Financial Performance - In 2023, the company reported revenue of RMB 77.308 billion, a year-on-year increase of 4.39%, and a net profit of RMB 2.103 billion, a decrease of 2.54% [11] - Revenue projections for 2024-2026 are RMB 86.484 billion, RMB 98.077 billion, and RMB 111.459 billion, with corresponding net profits of RMB 2.512 billion, RMB 2.979 billion, and RMB 3.523 billion [20] - The company's earnings per share (EPS) are forecasted to be RMB 0.88, RMB 1.04, and RMB 1.23 for 2024, 2025, and 2026 respectively [20] Business Segmentation - The company's IT services revenue for 2023 was RMB 51.5 billion, with a gross margin of 25.6%, while IT distribution revenue was RMB 29.1 billion, with a gross margin of 6.4% [11][14] - New H3C's revenue is projected to grow significantly, with estimates of RMB 57.3 billion, RMB 67.5 billion, and RMB 80.2 billion for 2024-2026, reflecting a strong growth trajectory [9][20] Market Position - New H3C is recognized as a leading player in the ICT sector, holding significant market shares in various segments, including 32.9% in Ethernet switches and 19.7% in GPU servers [11] - The company has launched an "AIGC Open Strategy," aiming to capitalize on the rapid development of AI technologies, positioning itself as a comprehensive leader in the market [11]