WUS(002463) 国金证券·2025-02-25 00:18Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 63.95 CNY per share, corresponding to a target market value of 122.8 billion CNY based on a 30x PE ratio for 2025 [4][58]. Core Insights - The company is a leading global supplier of printed circuit boards (PCBs), with a projected 71% year-on-year growth in net profit for 2024, reaching 2.6 billion CNY, surpassing the scale achieved during the 5G construction boom in 2019 [1][12]. - The demand for AI products is rapidly increasing, driving high margins and growth for the company, particularly in the enterprise communication market, which accounted for 71% of revenue and 80% of gross profit in the first half of 2024 [2][19]. - The company is expanding its production capacity to meet strong demand, with significant investments planned for high-density and high-speed interconnect PCBs and AI chip supporting PCBs [3][38]. Summary by Sections Company Overview - The company is recognized as a major player in the global PCB market, ranking 15th among the top 100 PCB manufacturers in 2023, with expectations for further improvement in its ranking due to substantial revenue and profit growth in 2024 [10][12]. Investment Logic - The enterprise communication market is the core of the company's operations, showing a remarkable growth rate of 75% in revenue and 120% in gross profit year-on-year in the first half of 2024, primarily driven by AI-related high-end PCB demand [2][19]. - Cloud computing companies are increasing capital expenditures significantly, with forecasts indicating substantial growth in spending by major players like META, Google, Microsoft, and Amazon, which will enhance the demand for high-layer and HDI PCBs [2][28]. AI Business Growth - The share of AI server and HPC-related products in the company's enterprise communication market revenue rose from 7.89% in 2022 to approximately 21.13% in 2023, indicating a strong shift towards AI-driven products [3][39]. - The company is actively investing in production capacity to support this growth, with projects expected to generate significant additional revenue and profit once operational [3][38]. Profit Forecast and Valuation - The company is projected to achieve net profits of 2.59 billion CNY, 4.09 billion CNY, and 5.35 billion CNY for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 52% over the three years [4][54]. - The expected revenue for 2024 is 13.34 billion CNY, with a growth rate of 49%, and the gross profit margin is anticipated to be around 36% [4][50].