WUS(SZ:002463) Shanxi Securities·2024-10-29 04:37Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company achieved record high revenue in Q3 2024, driven by strong demand in AI and high-performance computing sectors, with a revenue of 9.011 billion yuan for the first three quarters, representing a year-on-year growth of 48.15% [1] - The net profit for the same period reached 1.848 billion yuan, up 93.94% year-on-year, indicating robust profitability [1] - The company plans to invest 4.3 billion yuan to expand AI-related production capacity, with the first phase expected to be completed by 2028, potentially generating an additional annual revenue of approximately 3 billion yuan [1] Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.587 billion yuan, a year-on-year increase of 54.67% and a quarter-on-quarter increase of 26.29% [1] - The gross margin for the first three quarters was 35.86%, an increase of 5.29 percentage points year-on-year, while the net margin was 20.31%, up 4.89 percentage points year-on-year [1] - The company’s EPS for 2024 is projected to be 1.34 yuan, with expected P/E ratios of 33.2, 25.3, and 20.2 for 2024, 2025, and 2026 respectively [4][7] Market Data - As of October 28, 2024, the company's closing price was 41.99 yuan, with a market capitalization of 804.26 billion yuan [1] - The stock has seen a yearly high of 46.86 yuan and a low of 19.14 yuan [1] - The company’s total assets are projected to reach 18.388 billion yuan by 2024, with a current ratio of 1.6 [6][7]