WUS(002463) 财信证券·2024-11-04 10:41Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrated strong growth with a revenue of 90.11 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 48.15%. The net profit attributable to shareholders reached 18.48 billion yuan, up 93.94% year-on-year [4][5] - The company is actively expanding its production capacity, with ongoing construction of a factory in Thailand and plans for new HDI product lines, reflecting confidence in future growth [4][5] - The company’s AI server and HPC-related PCB products generated revenue of 12.05 billion yuan in the first half of 2024, accounting for 22.22% of total revenue [4] Summary by Relevant Sections Financial Performance - For 2024, the company forecasts revenue of 114.68 billion yuan and net profit of 25.62 billion yuan, with corresponding P/E ratios of 33.10 [5][6] - The gross margin for the third quarter was 34.94%, with a net margin of 19.57% [4] Production and Expansion Plans - The company plans to invest 26.8 billion yuan in the first phase of a new HDI board project, with an expected annual production capacity of 180,000 square meters [4] - The construction of the Thai factory is expected to commence production in Q4 2024, which will help alleviate capacity constraints [4] Market Position and Growth Potential - The company is positioned to benefit significantly from the development of AI technologies, as indicated by the substantial revenue contribution from AI-related products [4] - The report highlights the company's proactive approach to expanding its market share through strategic investments and capacity enhancements [5]