WUS(SZ:002463) ZHONGTAI SECURITIES·2024-10-25 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported record high performance in Q3, driven by the AI trend and expansion of high-end production capacity [1] - The company aims to invest in high-end printed circuit boards (PCBs) to meet the growing demand in emerging computing scenarios such as AI and high-speed computing servers [1] - The company’s Q3 revenue reached 9.011 billion yuan, a year-on-year increase of 48.15%, while net profit attributable to shareholders was 4.8 billion yuan, up 93.94% year-on-year [1] Financial Performance Summary - Revenue Forecasts: - 2022A: 8,336 million yuan - 2023A: 8,938 million yuan (growth rate: 7%) - 2024E: 11,854 million yuan (growth rate: 33%) - 2025E: 14,928 million yuan (growth rate: 26%) - 2026E: 17,331 million yuan (growth rate: 16%) [1][2] - Net Profit Forecasts: - 2022A: 1,362 million yuan - 2023A: 1,513 million yuan (growth rate: 11%) - 2024E: 2,526 million yuan (growth rate: 67%) - 2025E: 3,337 million yuan (growth rate: 32%) - 2026E: 4,010 million yuan (growth rate: 20%) [1][2] - Earnings Per Share (EPS): - 2022A: 0.71 yuan - 2023A: 0.79 yuan - 2024E: 1.32 yuan - 2025E: 1.74 yuan - 2026E: 2.09 yuan [1][2] - Cash Flow: - Operating cash flow for 2023A is 2,243 million yuan, expected to rise to 4,412 million yuan in 2024E [3] Market Position and Strategy - The company is expanding its high-end PCB production capacity to align with the increasing demand from AI and high-performance computing sectors [1] - The planned investment for the first phase of the project is 8 billion yuan, with a target to complete by 2028 [1] - The company’s financial metrics indicate a strong growth trajectory, with significant increases in revenue and net profit expected over the next few years [1][2]