WUS(002463) 海通证券·2024-10-29 13:52Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 9.011 billion yuan for the first three quarters, representing a year-on-year increase of 48.15%, with a net profit attributable to the parent company of 1.848 billion yuan, up 93.94% year-on-year [4] - The gross margin for the first three quarters was 35.86%, an increase of 5.28 percentage points year-on-year, while the net profit margin was 20.51%, up 4.84 percentage points year-on-year [4] - The company plans to expand its production capacity for high-end PCBs related to AI, with a total investment of 4.3 billion yuan for the project, which is expected to generate an additional annual revenue of 4.8 billion yuan and a net profit of 755 million yuan [5] - The company forecasts revenues of 12.564 billion yuan, 15.325 billion yuan, and 18.994 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.585 billion yuan, 3.364 billion yuan, and 4.313 billion yuan for the same years [6][10] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.587 billion yuan, a quarter-on-quarter increase of 26.29% and a year-on-year increase of 54.67% [4] - The net profit for Q3 was 708 million yuan, with a quarter-on-quarter increase of 13.03% and a year-on-year increase of 53.66% [4] - Inventory at the end of Q3 reached 2.691 billion yuan, a year-on-year increase of 49.25% [4] Production Expansion - The company plans to build a new high-end PCB production facility for AI chips, with a total construction period of 8 years, divided into two phases [5] - The first phase is expected to be completed by 2028, with an investment of approximately 2.68 billion yuan, while the second phase is expected to be completed by 2032, with an investment of approximately 1.62 billion yuan [5] Earnings Forecast - The company expects a gross margin of 35.7% in 2024, increasing to 38.9% by 2026 [10] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.35 yuan, 1.76 yuan, and 2.25 yuan respectively [10]