WUS(SZ:002463) Soochow Securities·2025-03-27 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve significant revenue and profit growth in 2024, with total revenue projected at 13.342 billion yuan, a year-on-year increase of 49.26%, and net profit attributable to shareholders expected to reach 2.587 billion yuan, up 71.05% year-on-year [2] - The PCB business is a core highlight, with revenue anticipated to be 12.839 billion yuan, reflecting a 49.78% year-on-year growth, and an increase in gross margin to 35.85%, up approximately 3.56 percentage points year-on-year [2] - The enterprise communication market is benefiting from strong demand for AI and high-speed network infrastructure, with revenue expected to reach 10.093 billion yuan, a year-on-year increase of 71.94% [2] - The company is increasing its investment in innovative areas and expanding production capacity both domestically and internationally, demonstrating confidence in future growth [3] - The forecast for net profit for 2025-2027 has been adjusted upwards due to strong demand for related PCB products, with net profit expected to be 3.574 billion yuan in 2025, 4.519 billion yuan in 2026, and 5.398 billion yuan in 2027 [4] Financial Projections - Total revenue is projected to grow from 8.938 billion yuan in 2023 to 24.590 billion yuan in 2027, with a compound annual growth rate (CAGR) of 13.27% [1] - Net profit is expected to increase from 1.513 billion yuan in 2023 to 5.398 billion yuan in 2027, reflecting a CAGR of 19.45% [1] - The latest diluted EPS is forecasted to rise from 0.79 yuan in 2023 to 2.81 yuan in 2027 [1]