WUS(SZ:002463) Xin Lang Cai Jing·2025-08-06 00:29Core Viewpoint - The company has a strong position in the PCB industry, focusing on high-end applications such as communication devices, data center infrastructure, and automotive electronics, with significant revenue growth expected in 2024 driven by AI and data center demand [1][4]. Group 1: Financial Performance - The company is projected to achieve a revenue of 13.342 billion yuan in 2024, representing a year-on-year growth of 49.26%, with net profit attributable to shareholders expected to reach 2.587 billion yuan, a 71.05% increase [1]. - In the first half of the year, the company maintained high growth, with net profit attributable to shareholders around 1.7 billion yuan, and Q2 net profit approximately 938 million yuan, both showing significant quarter-on-quarter growth [1]. Group 2: Market Demand and Product Development - The demand for HDI and multi-layer boards is increasing due to the upgrade of data center switches from 100G and 400G to 800G, which raises the specifications for PCB layers, materials, and processes, thus enhancing product value [2]. - The company is actively expanding its high-end production capacity through technological upgrades and new projects, including a new facility in Kunshan aimed at producing 290,000 square meters of HDI annually, positioning itself to benefit from the AI wave [2][4]. Group 3: Automotive PCB Market - The electric and intelligent vehicle sectors are driving an increase in PCB usage, with the area per vehicle rising significantly from 0.6-1 square meters in traditional vehicles to 5-8 square meters in electric vehicles, leading to higher value requirements [3]. - The company's revenue from automotive PCBs is expected to reach 2.408 billion yuan in 2024, an 11.58% increase, with a growing share of revenue coming from advanced products like millimeter-wave radar and HDI for autonomous driving [3]. Group 4: Strategic Positioning - The company maintains close cooperation with major clients to develop next-generation GPU and XPU computing platform products, as well as various high-speed network switching products, showcasing its technological positioning advantage [2][4]. - The company is well-positioned to benefit from the ongoing trends in AI and automotive electrification, with a forecasted EPS of 1.96 yuan in 2025 and 2.66 yuan in 2026, corresponding to PE ratios of 28 and 20 times, respectively [4].