\u3000\u30 China Baoan Group Co.Ltd(000009) 38 Unisplendour Corporation Limited(000938) )
Event: on March 25, 2022, Unisplendour Corporation Limited(000938) released the annual report of 2021. In 2021, the company achieved an operating revenue of 67.638 billion yuan, a year-on-year increase of 12.57%, and a net profit attributable to shareholders of listed companies of 2.148 billion yuan, a year-on-year increase of 18.51%.
Comments:
The revenue structure continued to be optimized. In 2021, the company achieved an operating revenue of 67.638 billion yuan, a year-on-year increase of 12.57%, of which the ICT infrastructure and service business achieved a revenue of 41.348 billion yuan, a year-on-year increase of 24.81%, accounting for 61.13% of the operating revenue. The IT product distribution and supply chain service business developed steadily, and the overall revenue structure of the company continued to be optimized; The net profit attributable to shareholders of listed companies was 2.148 billion yuan, a year-on-year increase of 18.51%.
The market share of many products continued to lead, and the market share of servers in China increased. According to IDC data, in 2021, the market share of enterprise WLAN and blade server in China continuously ranked first in the market; The market share of Ethernet switch in China is 35.2%, ranking the second in the market; It continues to rank second in China’s enterprise network router market; In China, the market share of X86 server increased from 15.4% in the previous year to 17.4%, ranking second in the market; The market share of non-xn servers in China jumped from the first to 19.86% last year; The storage market share in China is 12.6%, ranking second in the market; The market share of security hardware in China is 9.0%, ranking second in the market; In the first three quarters of 2021, the market share of super integration in China was 20.5%, and the market share rose to the first.
Xinhua III China’s enterprise business is growing rapidly, enabling digital transformation and upgrading. Xinhua III, a holding subsidiary, achieved an operating revenue of 44.351 billion yuan, a year-on-year increase of 20.52%, and a net profit of 3.434 billion yuan, a year-on-year increase of 22.24%. Among them, the business of Chinese enterprises achieved rapid growth, and the operating revenue reached 36.258 billion yuan, with a year-on-year increase of 22.56%. The centralized procurement field of operators continued to make breakthroughs. In the international business, the revenue of H3C brand products and services of Xinhua III reached 714 million yuan, with a year-on-year increase of 48.81%. It has focused on digital transformation solutions in 18 industries, participated in the writing of 31 industry standards in 6 industries, and successively released many forward-looking solutions such as industrial Internet, smart mine, smart airport, smart water conservancy, smart emergency and 5g industry edge during the year. In the field of new smart city, Xinhua III won the bid and landed more than 20 smart city projects throughout the year, Including the Huai’an smart city construction project with a bid winning amount of 314 million yuan and the new smart city project in Yantai Economic Development Zone with a bid winning amount of 312 million yuan.
Investment suggestion: we estimate that the company’s operating revenue from 2022 to 2024 will be 78.121 billion yuan, 91.402 billion yuan and 105844 billion yuan respectively, the net profit attributable to the parent company will be 2.761 billion yuan, 3.365 billion yuan and 3.949 billion yuan respectively, and the EPS will be 0.97, 1.18 and 1.38 yuan respectively. We will give a “buy” rating for the first time.
Risk warning: policy promotion is not as expected; Industry competition intensifies; The epidemic situation affects business development.
