WUS(SZ:002463) Huaan Securities·2024-10-29 08:01Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook for future performance [1]. Core Insights - The company is projected to experience significant revenue growth, with estimates of $10.55 billion in 2024, representing a 35.87% increase from the previous year [1]. - The EBITDA is expected to rise from $2.1 billion in 2023 to $4.9 billion by 2026, reflecting a strong upward trend in profitability [4]. - The report highlights a robust demand for the company's products, particularly in the high-density interconnect and LIDAR markets, which are anticipated to drive future growth [2][3]. Financial Projections - Revenue projections for the company are as follows: - 2023: $7.84 billion - 2024: $10.55 billion - 2025: $14.77 billion - 2026: $19.61 billion [4]. - EBITDA forecasts are: - 2023: $2.1 billion - 2024: $3.24 billion - 2025: $4.23 billion - 2026: $4.93 billion [4]. - EPS is projected to increase from $0.79 in 2023 to $2.06 by 2026, indicating strong earnings growth [6]. Valuation Metrics - The report provides the following valuation metrics: - P/E ratio is expected to improve from 20.35 in 2024 to 15.36 in 2026, suggesting increasing investor confidence [6]. - EV/EBITDA is projected to decrease from 20.35 in 2024 to 15.36 in 2026, indicating a more favorable valuation over time [6]. Market Position - The company is positioned well within the high-density interconnect and LIDAR sectors, which are expected to see substantial growth due to technological advancements and increasing market demand [2][3]. - The report emphasizes the company's competitive advantages, including innovative product offerings and strong customer relationships, which are likely to enhance its market share [2].