WUS(002463) Ping An Securities·2024-10-27 05:11Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company has a strong order backlog, leading to significant year-on-year growth in performance. For the first three quarters of 2024, the company achieved revenue of 9.01 billion yuan, up 48.15% year-on-year, and a net profit attributable to shareholders of 1.85 billion yuan, up 93.94% year-on-year [2][3] - The company plans to expand its high-end production capacity to enhance long-term competitiveness, with an investment of approximately 4.3 billion yuan for a project aimed at increasing production capacity for high-end printed circuit boards (PCBs) [3] Summary by Sections Financial Performance - 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%. The net profit for the same quarter was 708 million yuan, up 53.66% year-on-year and 13.03% quarter-on-quarter [3] - The gross margin for the first three quarters of 2024 increased by 5.29 percentage points to 35.86%, while the net margin rose by 4.89 percentage points to 20.31% [3] Future Projections - The company forecasts EPS for 2024, 2025, and 2026 to be 1.32 yuan, 1.79 yuan, and 2.12 yuan respectively, with corresponding P/E ratios of 33.7, 24.7, and 20.9 based on the closing price on October 25, 2024 [5] - The revenue projections for 2024, 2025, and 2026 are 12.011 billion yuan, 14.891 billion yuan, and 17.186 billion yuan respectively, reflecting a growth rate of 34.4%, 24.0%, and 15.4% [4][8] Investment Plans - The company has announced a plan to invest approximately 4.3 billion yuan in expanding high-end PCB production capacity, with a total construction period of 8 years. The project will be implemented in two phases, with the first phase expected to add 180,000 square meters of production capacity and generate an estimated additional annual revenue of 3 billion yuan [3]