WUS(002463) 华安证券·2025-04-07 02:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve rapid growth in 2024, with projected revenue of approximately 13.34 billion yuan, representing a year-on-year increase of about 49.26%. The net profit attributable to shareholders is expected to be around 2.59 billion yuan, reflecting a year-on-year growth of approximately 71.05% [4][5] - The PCB business is anticipated to generate revenue of about 12.84 billion yuan in 2024, with a year-on-year growth of approximately 49.78%. The gross margin for the PCB business is expected to rise to about 35.85%, an increase of approximately 3.56 percentage points year-on-year [4][5] Summary by Sections Company Overview - The company is a leading player in the enterprise communication board market, benefiting from the recovery in consumer electronics and the strong demand driven by artificial intelligence, high-speed networks, and automotive intelligence [5] Financial Performance - In 2024, the enterprise communication market board is projected to achieve revenue of approximately 10.09 billion yuan, a significant year-on-year increase of about 71.94%. The gross margin for this segment is expected to improve by 4.09 percentage points year-on-year [5] - The automotive board business is expected to generate revenue of about 2.41 billion yuan in 2024, with a year-on-year growth of approximately 11.61%. However, the gross margin for this segment is anticipated to decrease by about 1.20 percentage points due to price competition and fluctuations in raw material prices [7] Market Trends - The demand for automotive PCBs is being driven by the increasing penetration of electric vehicles, with the average PCB value in pure electric vehicles being approximately 5 to 6 times that of traditional fuel vehicles [8][9] - The company is focusing on optimizing its capacity structure, product structure, and customer structure to align with the dynamic long-term market demand [5] Future Projections - Revenue projections for the company from 2025 to 2027 are estimated to be 15.77 billion yuan, 19.18 billion yuan, and 22.15 billion yuan, respectively. The net profit attributable to shareholders is expected to be 3.32 billion yuan, 4.25 billion yuan, and 4.92 billion yuan for the same period [10][12]