Goldman Sachs: Unisplendour (000938.SZ): AI Servers and Switches Drive Future Growth; SuperPod in Expansion Phase; Neutral
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Abstract
Goldman Sachs expects Unisplendour to capture growth from China's AI infrastructure upgrade cycle, driven by expanding cloud capex. The company combines computing (AI servers) and networking (switches) in an integrated offering, with its SuperPod solution scaling compute performance and targeting clusters of over 1,000 GPUs. Demand for 400G/800G data center switches should accelerate as intelligent computing investment ramps, and the firm is developing a CPO silicon-photonics switch offering 51.2T of bandwidth alongside broader optical interconnect work. Despite a favorable business outlook tied to cloud capital expenditure expansion, Goldman keeps a Neutral rating, judging the stock's valuation reasonable. It lowers 2026–28 net profit estimates by 5%/8%/4%, mainly reflecting higher research and development spending to fund new product development, and expects R&D expense to compound at 11% annually over 2025–30. The long-term growth opportunity is acknowledged, but near-term margin pressure from stepped-up investment tempers the earnings outlook.
Rating: Unisplendour (000938.SZ) — Neutral.
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