Universal Scientific Industrial: Cloud growth stays strong; optical needs more time to ramp

研报英文原文证据摘录

Universal Scientific Industrial: Cloud growth stays strong; optical needs more time to ramp

Global Research

29 July 2026abc

Universal Scientific Industrial Equities

ChinaCloud growth stays strong; optical needs more

time to ramp Electric Components & Equipment

12-month rating Buy

12m price target Rmb36.80Slight miss in Q2 net earnings but cloud business remains upbeat

Prior : Rmb51.50

USI reported Q2 net profit of Rmb405m, up 34% YoY but down 3% QoQ, 7% lower

than our forecast due to a lower-than-expected GPM, likely because of renminbi Price (29 Jul 2026) Rmb23.57

appreciation and higher raw material costs. Q3 revenue is guided to grow 15-20% YoY RIC: 601231.SS BBG: 601231 CH

(or 20-25% YoY denominated in USD) with a 0.5ppt QoQ improvement in OPM. The

company expects its cloud and storage business to maintain strong growth momentum Trading data and key metrics

in H226, although its optical business has made slower-than-expected progress due to 52-wk range Rmb48.42-15.68

raw material and equipment supply constraints. We acknowledge the optical business's Market cap. Rmb56.3b/US$8.32b

commercial progress has disappointed, but we believe it is likely priced in following the Shares o/s 2,389m (ORDA)

stock's 20% YTD decline vs an average 40% gain for China's top-three optical Free float 93%

transceiver makers. In our view, USI remains well positioned to penetrate the NPO/CPO Avg. daily volume ('000) 46,828

market in the longer term in collaboration with its parent company ASE. Avg. daily value (m) Rmb1,722.2

Common s/h equity (12/26E) Rmb21.9b

Cloud business was the key driver; optical business encountered obstacles P/BV (12/26E) 2.6x

Cloud and storage segment revenue was up 53% YoY in Q226, driven by both unit Net debt to EBITDA (12/26E) NM