WUS(002463) 东吴证券·2024-10-29 17:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported impressive revenue and profit performance, driven by the growing demand for AI, with a 48% year-on-year increase in revenue for the first three quarters, reaching 9 billion yuan, and a 94% increase in net profit attributable to shareholders, totaling 1.85 billion yuan [2] - The trend of AI demand continues, with the company making forward-looking investments across its entire product line, benefiting from the increasing shipment of high-end GPU products and the rising utilization rates of TSMC's 3nm and 5nm capacities [3] - The company is expanding its production capacity for AI-related PCBs, with an investment of 4.3 billion yuan expected to generate an additional annual revenue of approximately 4.8 billion yuan upon completion [4] Financial Forecasts and Valuation - The company's revenue forecasts for 2024-2026 have been adjusted upwards, with expected revenues of 12.493 billion yuan, 14.99 billion yuan, and 17.029 billion yuan respectively, reflecting a significant growth trajectory [5] - The net profit attributable to shareholders for the same period is forecasted to be 2.556 billion yuan, 3.465 billion yuan, and 4.054 billion yuan, indicating strong profitability growth [5] - The latest diluted EPS is projected to increase from 1.33 yuan in 2024 to 2.12 yuan in 2026, with a corresponding decrease in P/E ratio from 25.04 to 15.79 [5]