WUS(002463) HUAXI Securities·2025-03-27 07:55Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The demand for AI servers and switches has experienced explosive growth, significantly driving the company's revenue and profit in 2024 [2][4] - The company is positioned as a leader in AI PCB in China, benefiting from high-end product structures and strong pricing power [4] - The company's revenue from AI servers and HPC-related PCB products is expected to continue to grow rapidly, with a projected revenue of approximately 172.43 billion yuan in 2025 [8] Revenue and Profit Performance - In 2024, the company achieved total revenue of 133.42 billion yuan, a year-on-year increase of 49.26%, and a net profit of 25.87 billion yuan, up 71.05% year-on-year [1] - The company's PCB business generated approximately 128.39 billion yuan in revenue, with a year-on-year growth of 49.78% and a gross margin of about 35.85% [3] - The enterprise communication market segment accounted for 29.48% of revenue from AI servers and HPC-related PCB products, while high-speed network switches and related products made up 38.56% [2] Business Segment Analysis - The enterprise communication market segment reported revenue of 100.93 billion yuan, a year-on-year increase of 71.94%, with a gross margin of 38.35% [3] - The automotive segment generated revenue of 24.08 billion yuan, reflecting an 11.61% year-on-year increase, although its gross margin decreased by 1.20 percentage points to 24.45% [3] - The office and industrial equipment segment saw a revenue decline of 38.33% to 3.23 billion yuan, while the consumer electronics segment decreased by 28.40% to 0.15 billion yuan [3] Future Outlook - The company is expected to continue benefiting from the growth in AI-driven server and data storage demands, with production expansion projects aimed at alleviating capacity constraints [4][7] - The revenue forecast for 2025-2026 is adjusted to 172.43 billion yuan and 206.37 billion yuan, with expected EPS of 1.83 yuan and 2.24 yuan respectively [8][10]