WUS(002463) 民生证券·2024-10-28 23:00Investment Rating - The report maintains a "Recommend" rating for the company, reflecting a positive outlook on its future performance [4] Core Views - The company achieved record-high revenue and net profit in 3Q24, with revenue reaching RMB 3.587 billion, a YoY increase of 54.67%, and net profit reaching RMB 708 million, a YoY increase of 53.66% [2] - The company's gross profit margin improved significantly to 34.94%, up 8.79 percentage points YoY, while the net profit margin slightly increased to 19.57% [2] - AI-related products, particularly AI servers and high-performance PCB products, are driving revenue growth, with the company making significant progress in PCIe6.0, OAM/UBB2.0, and GPU-related products [2] - The company announced a RMB 4.3 billion investment in a high-end HDI production expansion project to meet the growing demand for AI-related PCB products, with the project expected to contribute RMB 4.7 billion in net profit upon completion [2] - The company is expected to achieve net profits of RMB 2.584 billion, RMB 3.387 billion, and RMB 4.046 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 31x, 24x, and 20x [2] Financial Performance - The company's revenue for 2024E, 2025E, and 2026E is projected to be RMB 12.285 billion, RMB 15.144 billion, and RMB 17.377 billion, respectively, with growth rates of 37.44%, 23.27%, and 14.75% [5] - Net profit attributable to shareholders is expected to grow at a CAGR of 31.07% from 2024E to 2026E, reaching RMB 4.046 billion by 2026E [5] - The company's gross margin is forecasted to improve steadily, reaching 39.15% by 2026E, while the net profit margin is expected to rise to 23.29% [5] - ROE is projected to increase from 22.35% in 2024E to 26.59% in 2026E, reflecting strong profitability and efficient capital utilization [5] AI and High-End Product Strategy - The company is focusing on AI infrastructure, with significant R&D investments of RMB 577 million in the first three quarters of 2024, a YoY increase of 51.57% [2] - The company has made breakthroughs in high-speed network equipment, including 800G switches and 1.6T switch products, positioning itself to benefit from the growing demand for AI-related hardware [2] - The high-end HDI expansion project is expected to enhance the company's capacity to meet the demand for high-performance PCB products in AI servers and data centers [2] Valuation and Projections - The company's EPS is projected to grow from RMB 1.35 in 2024E to RMB 2.11 in 2026E, with a corresponding decline in P/E ratios from 31x to 20x [5] - The EV/EBITDA ratio is expected to decrease from 23.41x in 2024E to 14.99x in 2026E, indicating improving valuation metrics [5] - The company's dividend yield is forecasted to increase from 2.03% in 2024E to 3.18% in 2026E, reflecting strong cash flow generation and shareholder returns [5]