WUS(002463) 国金证券·2025-04-10 00:23Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company is projected to achieve a net profit of 7.2 to 8.2 billion RMB in Q1 2025, representing a year-on-year growth of 39.86% to 59.28% [1]. - The growth is driven by structural demand for printed circuit boards (PCBs) in emerging computing scenarios such as high-performance computing servers and artificial intelligence [1][2]. - The company is accelerating capacity expansion to meet strong demand, particularly in AI-related products, with significant revenue contributions from AI servers and high-performance computing (HPC) PCBs [3]. Summary by Sections Performance Review - The company expects a net profit of 7.2 to 8.2 billion RMB for Q1 2025, with a year-on-year growth of 39.86% to 59.28% [1]. - The non-recurring net profit is anticipated to be between 7.04 to 8.04 billion RMB, reflecting a growth of 41.77% to 61.91% [1]. Operational Analysis - AI remains the strongest demand driver, with significant capital expenditure increases expected from major cloud computing firms [2]. - The report highlights that AI server layers are increasing from 14-24 to 20-30, indicating a rise in industry value [2]. Business Expansion - The company's AI business share is rapidly increasing, with AI servers and HPC-related PCB products accounting for approximately 29.48% of the enterprise communication market segment [3]. - The company plans to launch high-density, high-speed interconnect PCB production lines and expand production for AI chip supporting PCBs in 2024 [3]. - The company has a strong international presence, with 83% of revenue and 91% of gross profit coming from overseas clients [3]. Profit Forecast and Valuation - The report conservatively adjusts profit expectations due to trade risks, forecasting net profits of 35.5 billion RMB, 49.6 billion RMB, and 58.3 billion RMB for 2025 to 2027, respectively [4]. - The corresponding price-to-earnings (P/E) ratios are projected at 13.5x, 9.7x, and 8.2x, reflecting potential for further profit upgrades [4].