WUS(002463) 华创证券·2025-04-09 13:59Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [23]. Core Views - The company is projected to achieve a net profit of 720-820 million yuan in Q1 2025, representing a year-on-year increase of 39.86-59.28% and a quarter-on-quarter change of -2.55% to +10.98% [2]. - The growth is driven by the demand for AI-related products and the company's competitive advantages, which are expected to withstand tariff impacts [2][8]. - The company plans to invest 4.3 billion yuan to expand PCB capacity to meet the long-term demand from the AI industry, which is anticipated to support future growth [8]. Financial Performance Summary - Total revenue is expected to grow from 13,342 million yuan in 2024 to 22,433 million yuan in 2027, with year-on-year growth rates of 49.3%, 30.6%, 17.1%, and 9.9% respectively [4]. - Net profit is projected to increase from 2,587 million yuan in 2024 to 4,559 million yuan in 2027, with growth rates of 71.1%, 40.9%, 15.3%, and 8.5% respectively [4]. - Earnings per share (EPS) is expected to rise from 1.35 yuan in 2024 to 2.37 yuan in 2027 [4]. Market Position and Competitive Advantage - The company has a low direct exposure to the U.S. market, with less than 5% of its revenue coming from exports to the U.S., primarily exporting to Southeast Asia [8]. - The company benefits from a tight supply of mid-to-high-end PCB products and has a technological and production capacity advantage that may help mitigate potential tariff risks [8]. - The company is actively developing next-generation GPU platforms and network switch products, which are expected to enhance its market position [8].