Unisplendour Corporation Limited(000938) (000938)
Event: on the evening of December 10, 2021, Unisplendour Corporation Limited(000938) issued the progress announcement on the reorganization of indirect controlling shareholders, announcing that the consortium of “Zhilu capital” and “Jianguang assets” was determined to become the strategic investor in the reorganization of Ziguang group. Suggestive announcement on Tsinghua University’s free transfer of equity of Tsinghua Holdings Co., Ltd. Tsinghua University plans to transfer 100% of its equity of Tsinghua Holdings Co., Ltd. to Sichuan Energy Investment Group Co., Ltd. through free transfer.
comment:
The resolution of the parent company’s debt problem is conducive to the long-term and stable development of the company
The debt problem that has plagued Ziguang group for many years has been accelerated. As a strategic investor, new shareholders have made remarkable achievements in semiconductor cross-border M & A and resource integration in recent years, which is expected to have a positive impact on Listed Companies in the future.
The market share of core products increased significantly
According to IDC data in 2021h1, Xinhua Group 3, a subsidiary of the company, occupies 39.6% of China’s data center switch market, 38.7% of China’s enterprise network switch market, and 64.5% of 200g / 400g switch market share, both ranking first and continuing to lead the switch market. The server ranked second with a market share of 17.7% in the third quarter, with a year-on-year increase of 2.6% and a year-on-year increase of 35.1% in sales, reaching 2.3 times the market growth and maintaining continuous and stable growth.
Business quality has improved significantly
In the first three quarters of 2021, the company’s revenue was 47.6 billion yuan, a year-on-year increase of 15.13%, and its net profit was 1.602 billion yuan, a year-on-year increase of 29.39%, of which the revenue in the third quarter was 16.874 billion yuan, a year-on-year increase of 7%, deducting 647 million yuan of non parent net profit, a year-on-year increase of 140%, and the profit growth rate was significantly higher than that of revenue.
Profit forecast and rating
The company’s businesses developed well, in line with expectations, and maintained the profit forecast. We estimate that the company’s revenue from 2021 to 2023 will be RMB 71.550 billion, 83.267 billion and 95.977 billion, the net profit attributable to the parent company will be RMB 2.136 billion, 2.297 billion and 2.704 billion, and the three-year CAGR will be RMB 1.2 billion 59%, corresponding to the current price earnings ratio of 34, 32 and 27 times respectively. Maintain the “buy” rating.
Risk statement
Industry competition intensifies; The demand of government, operators, Internet and other large customers does not meet expectations; Overseas business development is less than expected; The upstream supply chain is impacted.
