Time to revisit China’s AI value chain winners: AIDC capex acceleration, AI server / switch upgrades are key drivers

研报英文原文证据摘录

Time to revisit China’s AI value chain winners: AIDC capex acceleration, AI server / switch upgrades are key drivers

Global Markets Research

Unisplendour Corporation 000938.SZ 000938 CH 13 July 2026

EQUITY: TECHNOLOGY

RatingTime to revisit China’s AI value chain winners Remains Buy

Target price

AIDC capex acceleration, AI server / switch upgrades are key drivers Increased from CNY 51.00 CNY 32.00

Action: Maintain Buy and raise TP to CNY51, implying 32.8% upside Closing13 July 2026price CNY 38.40

Unisplendour reported a strong 1H26 profit alert on 10 July after market close, guiding for 83.5%-

122.9% y-y earnings growth in 1H26 (CNY1.91bn-2.32bn), partially attributable to the non- Implied upside +32.8%

operating income from the acquisition of the remaining shares of H3C (Unlisted), according to the

company. Excluding the CNY250-350mn contribution to non-operating income, it guided for Market Cap (USD mn) 16,192.0

recurring earnings at CNY1.61bn-2.02bn (+44.02%-80.69% y-y). We attribute the solid ADT (USD mn) 954.4

performance in 1H26 to the ramp-up of China’s AIDC investment and rising domestic substitution

trend. As one of the leaders in China’s AI server and network switch markets, Unisplendour is Relative performance chart

poised to benefit from China’s accelerated AI investment, technology upgrade, and global

expansion, in our view. We raise FY26-28F revenue / earnings forecasts by 17.1-47.9% / 32.1-

51.3%. We maintain our Buy rating and raise TP to CNY51, based on a rolled forward 40x

(previously 30.5x) FY27F EPS of CNY1.28, in line with WIND consensus China A-share server &

switch sector median P/E. The stock is trading at 30x FY27F EPS.

AI server / switch adoption may accelerate in China, underpinning faster business