WUS(SZ:002463) Xinda Securities·2025-04-25 12:08Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing strong performance driven by AI product demand, with a significant increase in revenue and profit margins [1][4] - The company is well-positioned to benefit from the growing demand for AI infrastructure and high-performance computing [4] - The company is actively expanding its production capacity to meet market demands, particularly in AI-related products [4] Financial Performance Summary - In Q1 2025, the company achieved revenue of 4.038 billion, representing a year-over-year increase of 56.27% and a quarter-over-quarter decrease of 6.77% [1] - The net profit attributable to the parent company for Q1 2025 was 762 million, with a year-over-year increase of 47.96% and a quarter-over-quarter increase of 3.11% [1] - The gross margin for Q1 2025 was 32.75%, showing a year-over-year decrease of 1.11 percentage points but a quarter-over-quarter increase of 0.95 percentage points [1] Revenue and Profit Forecast - The projected revenue for 2025, 2026, and 2027 is 16.868 billion, 20.104 billion, and 23.476 billion respectively, with year-over-year growth rates of 26%, 19%, and 17% [4] - The forecasted net profit attributable to the parent company for the same years is 3.711 billion, 4.809 billion, and 5.397 billion, with year-over-year growth rates of 43%, 30%, and 12% [4] - The company's gross margin is expected to improve to 38.5% in 2025 and stabilize around 38% in 2027 [3][4]