WUS(SZ:002463) Guotou Securities·2024-08-24 04:30Investment Rating - The investment rating for the company is "Buy-A" with a target price of 38.18 CNY, maintaining the rating [4][9]. Core Views - The company reported significant growth in the first half of 2024, with revenue reaching 5.424 billion CNY, a year-on-year increase of 44.13%, and a net profit of 1.141 billion CNY, up 131.59% [1]. - The demand for AI and network infrastructure has driven a recovery in the PCB industry, with the company's enterprise communication market board revenue increasing by approximately 75.49% to about 3.828 billion CNY [2]. - The company is focusing on enhancing its high-speed product technology and has initiated the technical certification process for next-generation server products based on the PCIe 6.0 standard [3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a net profit of 1.141 billion CNY, representing a 131.59% increase year-on-year, and a net profit excluding non-recurring items of 1.111 billion CNY, up 150.22% [1]. - The automotive board segment generated approximately 1.145 billion CNY in revenue, a slight increase of 3.94% year-on-year, despite rising raw material costs [3]. Business Segments - The enterprise communication market board's gross margin improved by 8.44 percentage points to 41.59%, with AI server and HPC-related PCB products accounting for about 31.48% of its revenue [2]. - The company's emerging automotive board products, including millimeter-wave radar and integrated HDI technology for autonomous driving systems, have seen a market share increase from approximately 25.96% to 33.69% [3]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 12.156 billion CNY, 15.803 billion CNY, and 18.964 billion CNY, respectively, with net profits expected to be 2.437 billion CNY, 3.520 billion CNY, and 4.461 billion CNY [9].