WUS(SZ:002463) Ge Long Hui·2025-08-06 06:29Core Viewpoint - Dongguan Securities research report indicates that the company has a significant technological positioning advantage, with AI computing power products entering a harvest period [1] Group 1: Financial Performance - The company is expected to achieve operating revenue exceeding 10 billion yuan, reaching 13.342 billion yuan in 2024, representing a year-on-year growth of 49.26% [1] - The net profit attributable to the parent company and the net profit after deducting non-recurring gains and losses are projected to be 2.587 billion yuan and 2.546 billion yuan, respectively, with year-on-year increases of 71.05% and 80.80% [1] - The company's performance in the first half of this year continues to show high growth [1] Group 2: Market Demand and Product Development - The strong demand for AI servers, switches, and other data center infrastructure is driving the increased demand for high multilayer boards and HDI products [1] - The company is experiencing rapid growth in its PCB products used for AI servers and high-speed switches, benefiting from its forward-looking layout in the AI field [1] - The company maintains close cooperation with major clients and has reserved next-generation GPU/XPU computing power platforms and several high-speed network switching products [1] Group 3: Capacity Expansion and Future Outlook - To meet customer demand for high-end PCB products, the company is advancing capacity expansion through technological upgrades and new projects [1] - The company is focusing on the electrification and intelligence direction in the automotive board sector, with the revenue share of emerging products continuously increasing [1] - With the improvement in the operational situation of a key client, the automotive board segment is expected to perform even better [1] - The estimated EPS for 2025 and 2026 are 1.96 yuan and 2.66 yuan, corresponding to PE ratios of 28 and 20 times, respectively [1]