WUS(SZ:002463) Chang Jiang Shang Bao·2025-07-13 23:18Core Viewpoint - The company, Huadian Co., Ltd. (002463.SZ), continues to experience stable growth in its operating performance, with a significant increase in net profit expected for the first half of the year [1][6]. Financial Performance - For the first half of the year, the company anticipates a net profit attributable to shareholders of between 16.50 billion to 17.50 billion yuan, representing a year-on-year growth of 44.63% to 53.40% [1][6]. - The company also expects a non-recurring net profit of 16.10 billion to 17.10 billion yuan, with a year-on-year increase of 44.85% to 53.85% [6]. - In 2024, the company achieved a net profit of 25.87 billion yuan and a non-recurring net profit of 25.46 billion yuan, both showing a year-on-year growth of over 70% [2][7]. Market Demand and Growth Drivers - The growth in operating performance is attributed to strong structural demand for printed circuit boards (PCBs) driven by emerging computing scenarios such as high-performance servers and artificial intelligence [2][7]. - The company has a balanced product portfolio and has focused on high-end products and mass production technology, which has contributed to rapid revenue and profit growth [2][7]. Historical Performance - Since its listing, the company has accumulated profits exceeding 120 billion yuan [4][12]. - Over the past three years, the company's stock price has increased approximately threefold [5]. R&D and Innovation - The company emphasizes research and development, with investments of 5.39 billion yuan and 7.90 billion yuan in 2023 and 2024, respectively, accounting for 6.03% and 5.92% of revenue [9][10]. - A significant investment of approximately 5.1 billion yuan has been allocated for upgrading production lines for high-density interconnect PCBs aimed at computing networks [9]. Revenue Structure - In 2024, the company generated approximately 100.93 billion yuan from enterprise communication market boards, with AI server-related PCB products accounting for about 29.48% [10]. - The automotive board segment achieved revenue of approximately 24.08 billion yuan, with new automotive products making up 37.68% [10]. International Presence - The company has established a production base in Thailand, which has begun small-scale production [11]. - In 2024, external sales revenue reached approximately 111.04 billion yuan, representing 83.23% of total revenue [12]. Dividend Policy - The company has maintained a stable cash dividend policy, distributing a total of 41.12 billion yuan in cash dividends since its listing, with an average dividend payout ratio of 34.66% [13].