WUS(002463) 天风证券·2025-04-05 13:11Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company has benefited from the AI wave, achieving significant profit growth, with a projected revenue of 13.34 billion yuan for 2024, representing a year-on-year increase of 49.26% [1]. - The company's net profit attributable to shareholders is expected to reach 2.59 billion yuan in 2024, reflecting a year-on-year growth of 71.05% [1]. - The report highlights the strong performance of the PCB business, particularly in the enterprise communication market, which saw a revenue increase of approximately 71.94% year-on-year [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 4.33 billion yuan, a year-on-year increase of 51.64%, and a net profit of 739 million yuan, up 32.07% year-on-year [2]. - The overall gross margin for 2024 is projected to be 34.54%, an increase of 3.37 percentage points year-on-year, while the net profit margin is expected to be 19.24%, up 2.58 percentage points year-on-year [3]. - The PCB business is anticipated to have a gross margin of approximately 35.85% in 2024, an increase of about 3.56 percentage points year-on-year [3]. Business Segments - The PCB business achieved revenue of approximately 12.84 billion yuan in 2024, with a year-on-year growth of about 49.78% [2]. - The enterprise communication market segment generated approximately 10.09 billion yuan in revenue, marking a significant year-on-year increase of 71.94% [2]. - The automotive PCB segment is expected to generate revenue of 2.41 billion yuan in 2024, reflecting an 11.61% year-on-year growth [2]. Industry Trends - The report emphasizes the ongoing AI wave, which is expected to drive significant growth in the demand for high-performance PCB solutions, particularly in data centers and HPC-related products [4]. - The company is strategically expanding its production capacity, with an investment of approximately 4.3 billion yuan planned for new projects targeting the AI-driven data center market [5]. Profitability Forecast - The net profit forecast for 2025 and 2026 has been adjusted to 3.4 billion yuan and 4.3 billion yuan, respectively, with a projected net profit of 5.3 billion yuan in 2027 [6].