WUS(SZ:002463) Tianfeng Securities·2024-07-15 04:07Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [7]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 1.08 billion to 1.16 billion yuan for the first half of 2024, representing a year-on-year growth of 119.24% to 135.48% [1]. - The growth is driven by the increasing demand for high-speed computing servers and AI applications, with a projected net profit of 565 million to 645 million yuan for Q2 2024, reflecting a year-on-year increase of 93.4% to 120.7% [2]. - The company is strategically positioned to benefit from the transition to 800G switches and AI server upgrades, with products already in production and small-scale delivery [3]. - The long-term growth potential in the PCB market is expected to be significant as AI applications become more prevalent, particularly in data-intensive fields such as image and voice processing [4]. Financial Summary - The company forecasts net profits of 2.371 billion, 3.181 billion, and 3.939 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 32, 24, and 20 [5]. - Revenue is projected to grow from 8.94 billion yuan in 2023 to 11.95 billion yuan in 2024, reflecting a growth rate of 33.68% [6]. - The company’s EBITDA is expected to increase from 2.841 billion yuan in 2023 to 3.209 billion yuan in 2024, indicating a strong operational performance [6].