紫光股份20251030

Summary of Unisplendour Corporation's Conference Call Company Overview - Company: Unisplendour Corporation (紫光股份) - Core Subsidiary: New H3C Group (新华三) Key Financial Performance - Revenue Growth: Unisplendour's revenue for the first three quarters of 2025 reached 77.32 billion yuan, a year-on-year increase of 31.41% [3] - Net Profit: The net profit attributable to the parent company was 1.46 billion yuan, up 5.15% year-on-year [3] - Core Subsidiary Performance: New H3C's revenue was 59.623 billion yuan, growing 48.07% year-on-year, with a net profit of 2.529 billion yuan, an increase of 14.75% [2][3] Industry Dynamics - Internet Sector Demand: New H3C's domestic enterprise business benefited from the growing demand in the internet sector, with revenue increasing by 62.55% to 51.502 billion yuan [4] - International Business Growth: International revenue reached 3.478 billion yuan, a significant increase of 83.99% [4] Product and Technology Developments - Supernode Products: Unisplendour is advancing its UniPro S8 supernode product cluster deployment and collaborating with domestic manufacturers to develop competitive intelligent computing products [2][6] - New Solutions: The company launched a new generation of lossless network solutions and computing cluster switches, enhancing bandwidth and computing access efficiency [2][7] - 800G AR Intelligent Switch: A new 800G AR intelligent switch was released, focusing on silicon photonics CPO and NPO technologies [2][7] Market Trends and Future Outlook - Server Market Growth: The Chinese server market is expected to maintain a growth rate of over 20% in 2026, with AI servers growing significantly faster than non-AI servers [13] - Exchange and Server Business: New H3C's switch business grew approximately 30%, while server business (including white-box servers) grew about 75% [11] - High-Speed Switches: The combined growth rate for 400G and 800G switches reached 287%, with these high-speed switches accounting for about 30% of overall shipments [13] Strategic Collaborations - Partnerships with Internet Giants: Unisplendour collaborates deeply with major internet companies like Alibaba and Tencent on supernode products, integrating domestic AI chips for cost-effective solutions [5][14] - International Expansion: New H3C has established 22 overseas branches and collaborates with 3,600 overseas partners, covering 180 countries and regions [10] Challenges and Risks - Geopolitical Factors: The company remains cautiously optimistic about future growth despite uncertainties such as US-China technology sanctions [25] - Margin Pressures: The overall gross margin has faced pressure due to the high proportion of white-box server sales, but future margins are expected to stabilize between 12% and 16% [21] Conclusion - Positive Outlook: Unisplendour is confident in its performance for the fourth quarter and the following year, driven by its robust supply chain and technological advantages in computing, networking, and storage solutions [26]