WUS(002463)2024-10-28 02:01Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported record high performance in Q3 2024, with revenue reaching 9.011 billion yuan, a year-on-year increase of 48.15%, and a net profit attributable to shareholders of 1.848 billion yuan, up 93.94% year-on-year [1]. - The company plans to invest 4.3 billion yuan to expand production capacity for high-end printed circuit boards to meet the growing demand for AI chips [1]. - The company is expected to benefit from the strong demand for AI-related products, with projected revenues of 12.73 billion yuan, 15.82 billion yuan, and 18.64 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 42%, 24%, and 18% [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.587 billion yuan, a year-on-year increase of 54.67%, and a net profit of 708 million yuan, up 53.66% year-on-year [1]. - The gross margin for Q3 was 34.94%, an increase of 2.82 percentage points year-on-year, while the net profit margin was 19.57%, up 0.07 percentage points year-on-year [1]. - The company forecasts a net profit of 2.679 billion yuan for 2024, representing a growth rate of 77.18% compared to 2023 [5]. Capacity Expansion Plans - The company plans to use its own or raised funds of 4.3 billion yuan for the expansion of AI chip supporting high-end printed circuit board projects, with an annual production capacity of approximately 290,000 square meters [1]. - The first phase of the project will require an investment of about 2.68 billion yuan, with an expected annual output of 180,000 square meters, projected to be completed before 2028 [1]. - The second phase will involve an investment of 1.62 billion yuan, with an expected annual output of 110,000 square meters, projected to be completed before 2032 [1].