WUS(SZ:002463) Tai Ping Yang·2024-10-23 03:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 18.21-18.71 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 91.05%-96.26% [3]. - The net profit, excluding non-recurring gains and losses, is expected to be 17.81-18.31 billion yuan, reflecting a year-on-year increase of 123%-109% [3]. - The third quarter of 2024 is anticipated to show a net profit of 6.80-7.30 billion yuan, marking a year-on-year growth of 47.67%-58.53% [3]. - The company benefits from the explosive growth in demand for AI, particularly in high-performance servers and AI computing scenarios, which has significantly increased the demand for PCB [3]. Financial Projections - The total revenue for 2024-2026 is forecasted to be 116.53 billion, 150.27 billion, and 173.47 billion yuan, with year-on-year growth rates of 30.37%, 28.95%, and 15.44% respectively [4]. - The net profit attributable to shareholders for the same period is expected to be 23.56 billion, 32.36 billion, and 38.01 billion yuan, with growth rates of 54.79%, 37.32%, and 17.47% respectively [4]. - The projected PE ratios for 2024-2026 are 35X, 26X, and 22X [4]. Product Development and Market Position - The company is optimizing its product structure, with high-performance servers and switches being shipped [3]. - The enterprise communication market is seeing advancements with the next-generation server products based on PCIe 6.0 undergoing technical certification [3]. - The automotive board business is also growing, with new products like millimeter-wave radar and HDI-based autonomous driving assistance systems gaining market traction [3]. Stock Option Plan - The company plans to implement a stock option incentive plan, granting up to 30 million stock options to 626 individuals, including directors and senior management, with a strike price of 20.22 yuan [3].