Core Viewpoint - The report from Haitong International indicates that strong demand in the internet industry is driving accelerated revenue growth for companies, particularly for Unisplendour and New H3C [1] Group 1: Company Performance - Unisplendour achieved operating revenue of 26.635 billion yuan in Q2 2025, representing a year-on-year increase of 27.17% and a quarter-on-quarter increase of 28.12% [1] - The net profit attributable to the parent company for Unisplendour in Q2 2025 was 0.692 billion yuan, reflecting a year-on-year increase of 18.01% and a quarter-on-quarter increase of 98.64% [1] - New H3C reported operating revenue of 36.404 billion yuan in H1 2025, with a year-on-year increase of 37.75% and a net profit of 1.851 billion yuan, showing a year-on-year increase of 2% [1] Group 2: Business Segments - Domestic government enterprise business revenue for New H3C reached 31.035 billion yuan in H1 2025, marking a year-on-year increase of 53.55%, driven by sustained growth in the internet industry and comprehensive layout among internet vendors [1] - Inventory and contract liabilities remain high, indicating a robust industry outlook, with inventory at 43.842 billion yuan at the end of H1 2025, up 19.0% from the beginning of the year, and contract liabilities at 15.912 billion yuan, up 9.7% [1] Group 3: Financial Ratios and Valuation - For H1 2025, the sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for the company were 4.03%, 1.06%, 5.16%, and 1.50%, respectively, with year-on-year changes of -1.42 percentage points, -0.16 percentage points, -1.19 percentage points, and +0.91 percentage points [1] - Based on comparable company valuations, a PE of 35 times for 2026 is suggested (previously 35 times for 2025), leading to a target price of 33.21 yuan, reflecting a decrease of 4%, while maintaining an "outperform the market" rating [1]