【环球网科技综合报道】从2022到2025，新紫光集团重组焕新的这三年恰逢全球智能化热潮奔涌、数字 中国建设加速的关键窗口期。正是在这风云激荡的三年间，在新紫光集团的坚定支持下，新华三集团完 成了一次华丽的智变跃迁—— 从数字化解决方案提供者成长为数字化及 AI 解决方案领导者。 一次品牌焕 新，三年战略深耕，新紫光集团以资源聚合与生态重构为支点，撬动新华三集团在方兴未艾的智能新时 代进一步筑牢数字化及AI解决方案领导者地位。 在智算基础设施领域，新华三持续深化"AI in ALL"技术战略，依托全新一代智算产品，持续塑造智算 领域全产业链布局优势：推出基于DDC架构（Diversified Dynamic-Connectivity，多元动态联接）的新 一代无损网络解决方案及算力集群核心交换机S12500AI系列，可高效支撑千卡至万卡级别的高速无损 算力集群互联，带宽利用率提升107%；加速CPO技术规模商用，800G CPO光电共封装交换机S9827系 列已经成功应用于头部互联网企业的大型数据中心网络场景，为高性能AI计算提供高带宽、低延迟的 网络支撑；实现64卡高速互联超节点算力集群落地部署，相比8台8卡 ...

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company reported a revenue of 79.02 billion yuan for 2024, a year-on-year increase of 2.22%, but a decline in net profit by 25.23% to 1.572 billion yuan. The first quarter of 2025 showed a revenue increase of 22.25% year-on-year to 20.79 billion yuan, while net profit decreased by 15.75% to 349 million yuan [4][6] - The company is experiencing increased financial expenses due to the acquisition of a 30% minority stake in Xinhua San, which has led to a rise in the debt ratio to 82.8% [5][6] - The company is focusing on optimizing its capital structure through a dual listing in Hong Kong, which is expected to alleviate debt burdens [5][6] Financial Performance - In 2024, the company achieved a gross margin of 17.39%, influenced by the rising share of AI server revenue and changes in revenue structure [5] - The company’s revenue from Xinhua San reached 55.074 billion yuan in 2024, a year-on-year increase of 6.04%, with international business revenue growing by 32.44% [6][7] - The company’s inventory value reached 43.7 billion yuan in Q1 2025, a year-on-year increase of 54.82%, indicating strong growth momentum in server revenue [7] Profit Forecast and Valuation Analysis - The company is expected to benefit from domestic computing power investments, with projected net profits of 1.812 billion yuan, 2.450 billion yuan, and 3.164 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 15.3%, 35.2%, and 29.2% [8][10] - The estimated revenue for 2025 is 89.081 billion yuan, with a year-on-year growth of 12.7% [10] - The company’s P/E ratio is projected to decrease from 38.0 in 2025 to 21.8 in 2027, indicating an improving valuation outlook [12]

4月28-30日，以"二十五载奋进路 数字中国谱新篇——数智引领高质量发展"为主题的第八届数字中国建 设峰会在福建福州举办。紫光股份（000938）旗下新华三集团以"算力×联接，引领AI新时代"为主题亮 相展会，国家数据局及各省市领导、运营商代表、各企业嘉宾纷纷莅临展台，对新华三赋能数字中国建 设的全栈技术能力和创新成果表示高度赞赏。 全栈AI技术加速全场景赋能 在现场体验区，新华三生动展示了其在深化"AI in ALL"和加速"AI for ALL"方面的数字化成果，吸引了 大量嘉宾参与展示互动。在深化"AI in ALL"领域，新华三充分发挥算力×联接的倍增效应，推出全栈智 算解决方案，包括高速无损网络、人工智能服务器、下一代存储、算力调度管理平台以及智算安全解决 方案等关键技术产品，为客户打造更强、更快、更澎湃的算力支撑体系。其中，新华三基于多年来百行 百业多样场景的经验沉淀，打造灵犀智算全栈解决方案，提供"训-调-推-用"一站式服务，可实现分钟级 应用构建，让AI应用能够快速部署落地；同时，推出业界首个"智算-算法-治理"深度耦合的DeepSeek大 模型一体机——LinSeer Cube。 在加速" ...

Core Viewpoint - Unisplendour Corporation (新华三) has demonstrated strong financial performance and strategic growth in the AI sector, with significant revenue increases and innovative product offerings in 2024 and Q1 2025 [1][2][8]. Financial Performance - In 2024, Unisplendour achieved operating revenue of 79.024 billion yuan, a year-on-year increase of 2.22% [1]. - For Q1 2025, the company reported operating revenue of 20.790 billion yuan, reflecting a substantial year-on-year growth of 22.25% [1]. - The subsidiary, Unisplendour, generated operating revenue of 55.074 billion yuan in 2024, up 6.04% year-on-year, and 15.295 billion yuan in Q1 2025, marking a 26.07% increase [2]. Business Segments - Domestic enterprise business revenue reached 44.239 billion yuan, growing by 10.96% year-on-year, providing comprehensive digital solutions for government and enterprise clients [2]. - Overseas business revenue was 2.916 billion yuan, with a remarkable growth of 32.44%, and H3C's overseas self-channel business revenue surged by 69.35% to 959 million yuan [2]. Technological Innovation - Unisplendour launched new products including the S12500AI series core switch and UniStor Polaris series storage, enhancing bandwidth utilization by 107% and supporting large-scale computing clusters [2][4]. - The company achieved a 102% improvement in training performance with the deployment of 64-card high-speed interconnected super nodes [3]. - Innovations in cooling technology and the introduction of the M9000-X firewall have significantly improved performance and operational stability [4][5]. AI Application and Ecosystem Development - Unisplendour is focused on bridging the "last mile" for AI implementation across various industries, launching the LinSeer Cube for deep integration of AI in sectors like government, transportation, and healthcare [6]. - The company is actively building AI computing centers in multiple regions, enhancing regional digital economic development and supporting the digital transformation of industries [7]. Strategic Global Expansion - Unisplendour has expanded its global presence by establishing five new subsidiaries in countries including South Korea and Poland, bringing the total to 22 branches worldwide [8]. - The company has maintained a leading position in the domestic market for enterprise WLAN and network equipment, with multiple years of top market share [8]. New Business Models - The Turing Town initiative has successfully established a comprehensive computing service platform, enhancing the commercialization of computing resources [9][10]. - The Turing Town model has been recognized as a typical application case for advanced computing empowerment by the Ministry of Industry and Information Technology [10].

Core Viewpoint - The company demonstrates strong revenue growth driven by its "AI in ALL" and "AI for ALL" strategies, with significant advancements in AI technology and market leadership in various sectors [2][3][4]. Financial Performance - In 2024, the company achieved a revenue of 79.024 billion yuan, a year-on-year increase of 2.22% - In Q1 2025, the revenue reached 20.790 billion yuan, showing a year-on-year growth of 22.25% - Subsidiary Xinhua San reported a revenue of 55.074 billion yuan in 2024, up 6.04% year-on-year, with Q1 2025 revenue at 15.295 billion yuan, reflecting a 26.07% increase [2]. Technological Advancements - The company continues to deepen its "AI in ALL" strategy, launching new products such as the S12500AI series and S9827 series, enhancing network performance and supporting high-performance AI computing [3]. - The introduction of the G7 series heterogeneous computing servers and the M9000-X firewall showcases the company's commitment to cutting-edge technology and security [3]. - The company has developed innovative cooling solutions to address high-power chip heat dissipation issues [3]. Market Position and Awards - Xinhua San has won two national science and technology progress awards, highlighting its technological leadership [4]. - The company maintains a strong market presence, leading in various segments such as enterprise WLAN and network routers for multiple consecutive years [4]. AI Application and Industry Integration - The company is focused on bridging the gap in AI application across various industries, launching the LinSeer Cube for end-to-end AI solutions [5]. - It has released several specialized AI models for sectors like healthcare and urban management, contributing to smart city initiatives [5]. Ecosystem Development - The company is actively building a computing power ecosystem, collaborating with partners to establish multiple computing centers across China [6]. - It has launched a new product line targeting small and medium-sized businesses, offering a diverse range of products to meet varied customer needs [6]. Global Expansion - The company is expanding its global footprint, with initiatives like the Turing Town project aimed at creating a comprehensive computing service platform [7]. - It aims to leverage its core technology and market experience to capitalize on AI opportunities and support digital transformation across industries [7].