WUS(SZ:002463) Ping An Securities·2025-03-29 10:43Investment Rating - The report maintains a "Recommended" rating for the company [1][3] Core Views - The company has experienced strong growth driven by robust demand in AI and high-speed communication sectors, with 2024 revenue reaching 13.34 billion yuan, a year-on-year increase of 49.3%, and a net profit of 2.59 billion yuan, up 71.1% [3][8] - The company plans to distribute a cash dividend of 5 yuan per 10 shares [3] Financial Performance Summary - Revenue and Profit Growth: - 2024 revenue: 13.34 billion yuan, up 49.3% YoY - 2024 net profit: 2.59 billion yuan, up 71.1% YoY - PCB business revenue: 12.84 billion yuan, up 49.78% YoY [3][8] - Profitability Metrics: - Gross margin for 2024: 34.5%, an increase of 3.37 percentage points YoY - Net margin for 2024: 19.4%, an increase of 2.58 percentage points YoY [8][11] - Future Projections: - Expected EPS for 2025-2027: 1.84 yuan, 2.29 yuan, and 2.64 yuan respectively - Corresponding P/E ratios for 2025-2027: 17.7, 14.2, and 12.3 [9][11] Business Segment Performance - Enterprise Communication Market: - Revenue for 2024: 10.09 billion yuan, up 71.94% YoY - AI server and HPC-related PCB products account for 29.48% of revenue, while high-speed network products account for 38.56% [8][9] - Automotive PCB Business: - Revenue for 2024: 2.41 billion yuan, up 11.6% YoY - Emerging automotive products have increased their revenue share from 25.96% in 2023 to 37.68% in 2024 [9][10] Financial Ratios - Profitability Ratios: - 2024 gross margin: 34.5% - 2024 net margin: 19.4% - 2024 ROE: 21.9% [11] - Debt Ratios: - 2024 asset-liability ratio: 43.8% - 2024 net debt ratio: 11.9% [11] Market Outlook - The company is well-positioned to benefit from ongoing demand in AI, high-speed communication, and automotive electronics, with expectations for continued revenue growth and margin improvement [8][9]