紫光股份_800G 交换机与 AI 服务器将引领未来增长

Summary of UNIS (000938.SZ) Conference Call Company Overview - Company: UNIS (000938.SZ) - Industry: Technology, specifically focusing on AI servers and networking solutions Key Points Industry and Market Outlook - Positive outlook on AI server investments in the China market for 2026E, with expectations for UNIS to benefit from the infrastructure cycle [1] - Anticipation of increased investment in intelligent computing driving the ramp-up of 400G/800G data center switches [2] Product Development - UNIS is developing optical interconnection solutions, including CPO, NPO, and OCS products, with a focus on enhancing networking capabilities [2] - The company is advancing liquid-cooled full rack products to meet rising computing power demands and higher power consumption requirements [3] - The SuperPod product aims to support computing clusters with over 1,000 GPUs, co-developing with CSP customers [3] Financial Performance and Earnings Revisions - Net income for 2025E has been revised down by 19% due to lower gross margins (GM) and non-operating income estimates [4] - Expected lower GM in 2025E attributed to the ramp-up of lower-margin white-box products [4] - Revenue estimates for 2025E increased by 8% to Rmb111.24 billion, with further increases projected for subsequent years [8] - R&D expenses projected to grow at a CAGR of 11% from 2025E to 2030E, reflecting investment in new product development [4] Valuation and Price Target - Target price set at Rmb30.8, based on a target P/E multiple of 30.4x for 2026E, reflecting a correlation between P/E and EPS growth among peers [14] - The target price decrease is primarily due to lower 2026E EPS estimates at Rmb1.01, impacted by the white-box product ramp-up [14] Risks and Considerations - Key risks include the pace of China cloud capex expansion, competition dynamics, and the ramp-up of AI server shipments [14] Financial Metrics - Revenue projections for 2025E: Rmb111.24 billion, with net income revised to Rmb1.973 billion [8] - Gross margin expected to decline to 13.0% in 2025E from 14.5% in 2025 [8] - Operating margin projected to decrease to 3.5% in 2025E [8] Conclusion - UNIS is positioned to capitalize on the growing demand for AI infrastructure and networking solutions, despite facing challenges related to margin pressures and competition. The company maintains a neutral rating due to fair valuation amidst these dynamics [1][4][14]