000938.SZ Unis: H3C networking + AI server platform

Snapshot

Price

CNY 28

Mkt cap

CNY 80.0B

Revenue

CNY 79.0B

H3C revenue mix

0.78

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Unis Controls H3C networking + server platform—enterprise net and AI compute beneficiary vs Inspur/Zhongji. Watch AI server mix, high-end switching, governance stability.

Business

Model: ICT gear (switch/router/server/storage). Flagships: H3C enterprise net; AI servers/cloud. Edge: channel and enterprise accounts; full-stack ICT. Strategy: AI cluster networking, intelligent computing centers.

Value chain

ICT systems/solutions; upstream chips/optics; downstream enterprise/telco. Diversified enterprise net; AI server customers more concentrated—risks: H3C governance, competition, silicon supply.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 28	000938.SZ · 以包内 kpi_snapshot 时点为准

Valuation · ~3y

Interactive chart available in the reader.

Platform ICT multiple; PE reflects H3C growth and rising AI mix expectations.

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return; reconstructed from public market data):

Valuation · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.; market data reconstruction):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Financial health (§A.7)

Overall: solid—H3C drives most profit; decent cash flow—watch goodwill and related-party disclosures.

Operations

Volume: switch/server units; price: premium ASP; cost: silicon and channel.

Key financial points

Key financial points

Item	Value	YoY	Note
FY2024 营收	约 790 亿	+12%	H3C 主体
H3C	控股平台	利润核心	AI 升级
毛利率	约 16%	改善中	高端 mix
AI 服务器	占比提升	增量	竞争加剧

Competition

Market share vs peers (illustrative estimate):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer strengths/weaknesses:

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
紫光/H3C	网络+服务器	16%	全栈 ICT	治理复杂
浪潮	AI 服务器	11%	规模	网络弱
华为	ICT 全栈	—	生态	非上市
Cisco	企业网全球	60%+	品牌	中国份额

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
董事长	于英涛	在任	H3C 背景
总裁	经营团队	在任	无重大变动
CFO	财务负责人	在任	披露连续

Stability: H3C ops team relatively stable; group-level restructuring history—watch equity/governance.

Outlook

Track H3C AI server orders, premium switch mix, margins, governance events.

Scenarios

Risks

Tracking list

Verify on next interim/annual report:

1. H3C AI server revenue accelerating 2+ quarters
2. 800G/400G switch shipments and margins
3. Group related-party/equity change announcements
4. Inventory/receivables moving abnormally together
5. Intelligent computing center mega-deal delivery

References

Issuer / key sources:

• https://www.unispc.com/
• https://www.h3c.com/
• https://www.szse.cn/

1. Latest company filings / IR (see issuer website)
2. SSE / SZSE filings — https://www.sse.com.cn/ · https://www.szse.cn/
3. Related: CPU industry H2 2026 · ISA landscape · wiki-links in body

Not investment advice; defer to latest company filings.