WUS(SZ:002463) Changjiang Securities·2025-03-30 10:13Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company achieved a revenue of 13.342 billion yuan in 2024, representing a year-on-year growth of 49.26%. The net profit attributable to shareholders reached 2.587 billion yuan, up 71.05% year-on-year. The gross margin and net margin for 2024 were 34.54% and 19.24%, respectively, reflecting increases of 3.37 percentage points and 2.58 percentage points year-on-year [2][4]. - The company has established a strong foothold in the high-end PCB market, particularly in the fields of data communication and automotive electronics. The demand for AI servers and high-speed network infrastructure continues to drive the growth of the company's high-layer PCB and high-end HDI products [6][11]. - The enterprise communication segment generated approximately 10.093 billion yuan in revenue, a significant increase of 71.94% year-on-year, with a gross margin improvement of 4.09 percentage points. AI server and HPC-related PCB products accounted for about 29.48% of this segment [11]. - The automotive segment achieved revenue of approximately 2.408 billion yuan, growing by 11.61% year-on-year. Despite challenges such as price competition and raw material price fluctuations, the company is expected to stabilize and grow this segment, potentially opening a second growth avenue [11]. Financial Projections - The company is projected to achieve net profits of 3.567 billion yuan, 4.338 billion yuan, and 5.181 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are expected to be 17.79, 14.63, and 12.25 [6][17].