WUS(002463)2024-10-28 06:30Investment Rating - The investment rating for the company is "Buy" [1][4] - The previous rating was also "Buy" [1] Core Views - The company benefits from the ongoing AI boom and has accelerated its layout in high-end production capacity [3][4] - The company reported strong revenue and profit growth in the first three quarters of 2024, with revenue reaching RMB 9.01 billion, a year-on-year increase of 48.15%, and net profit attributable to shareholders of RMB 1.85 billion, up 93.94% year-on-year [4] - The company is expanding its high-end production capacity to meet the long-term demand for high-end printed circuit boards (PCBs) in emerging computing scenarios [4] Financial Performance Summary - In Q3 2024, the company achieved revenue of RMB 3.59 billion, a year-on-year increase of 54.67% and a quarter-on-quarter increase of 26.29% [4] - The gross profit margin for the first three quarters of 2024 was 35.86%, an increase of 5.28 percentage points year-on-year [4] - The company plans to invest approximately RMB 4.3 billion in a new high-end PCB production project, which is expected to generate significant additional revenue and profit [4] Future Projections - Revenue projections for 2024, 2025, and 2026 are RMB 12.07 billion, RMB 14.67 billion, and RMB 17.57 billion, respectively [4][9] - Net profit projections for the same years are RMB 2.60 billion, RMB 3.35 billion, and RMB 3.99 billion, respectively [4][9] - The company is expected to maintain a strong growth trajectory with a PE ratio of 32.6 for 2024, decreasing to 21.2 by 2026 [4][9]