WUS(002463) KAIYUAN SECURITIES·2024-10-25 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has shown significant year-on-year growth in revenue and net profit, driven by strong orders and the expansion of its AI-related product offerings [3] - The company is expanding its high-density PCB production capacity to support the increasing demand for AI products, with a total investment of approximately 43 billion yuan planned over eight years [2][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 9.011 billion yuan, representing a year-on-year increase of 48.15%, and a net profit of 1.848 billion yuan, up 93.94% year-on-year [3] - In Q3 2024, the company reported revenue of 3.587 billion yuan, a year-on-year increase of 54.67% and a quarter-on-quarter increase of 26.29% [3] - The gross margin for Q3 2024 was 34.94%, an increase of 2.82 percentage points year-on-year, while the net profit margin was 19.73% [3] Revenue and Profit Forecast - The company forecasts revenue growth from 12.034 billion yuan in 2024 to 16.220 billion yuan in 2026, with corresponding net profits expected to rise from 2.515 billion yuan to 3.855 billion yuan [4][6] - The earnings per share (EPS) is projected to increase from 1.31 yuan in 2024 to 2.01 yuan in 2026, with the current price-to-earnings (P/E) ratio expected to decrease from 33.7 to 22.0 over the same period [4][6] Expansion Projects - The company plans to expand its high-density PCB manufacturing capacity, with the first phase expected to produce approximately 180,000 square meters annually, generating an estimated additional annual revenue of 3 billion yuan and a net profit of 470 million yuan [2][3] - The second phase aims for an annual production of 110,000 square meters, with projected additional annual revenue of 1.8 billion yuan and a net profit of 285 million yuan [2][3]