WUS(SZ:002463) KAIYUAN SECURITIES·2025-04-08 13:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q4 2024, benefiting significantly from the AI wave, with a year-over-year revenue increase of 49.26% to 133.42 billion yuan and a net profit increase of 71.05% to 25.87 billion yuan [4][5] - In Q4 alone, the company reported revenue of 43.31 billion yuan, a year-over-year increase of 51.64%, and a net profit of 7.39 billion yuan, reflecting a year-over-year increase of 32.07% [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 34.60 billion yuan, 42.13 billion yuan, and 51.54 billion yuan respectively, leading to an EPS of 1.80, 2.19, and 2.68 yuan [4][7] Financial Performance Summary - For 2024, the company’s revenue from the enterprise communication segment was 100.93 billion yuan, up 71.94%, while the automotive segment generated 24.08 billion yuan, up 11.61% [5] - The gross margin for Q4 was 31.80%, with a slight decrease year-over-year and quarter-over-quarter [4] - The company’s financial metrics indicate a projected revenue growth of 26.1% in 2025, with a net profit growth of 33.7% [7] Business Segment Insights - The enterprise communication segment is seeing rapid growth, particularly in AI server and HPC products, which accounted for approximately 29.48% of the segment [5] - The automotive segment is also growing, with new products in emerging fields, although profitability has been slightly impacted by price competition and raw material price fluctuations [5][6] Future Outlook - The company is expected to focus on the iteration of computing power segments and the turnaround of the automotive segment in 2025 [6] - The report highlights the company’s strong order backlog and technological advancements in GPU platform products, which are anticipated to support long-term growth [6]