WUS(SZ:002463) Shenwan Hongyuan Securities·2025-04-29 02:43Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2025 net profit increased by 48% year-on-year, driven by strong performance in the switch segment [1][7] - The revenue for Q1 2025 reached 4,038 million yuan, reflecting a 56.3% year-on-year growth [6][7] - The report highlights the company's strategic focus on AI servers and high-speed switches, which are expected to drive future growth [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 17,184 million yuan, with a year-on-year growth rate of 28.8% [6] - The forecasted net profit for 2025 is 3,610 million yuan, representing a 39.5% increase compared to the previous year [6] - The company's gross margin is expected to improve to 34.9% in 2025, up from 32.8% in Q1 2025 [6] Segment Performance - The communications segment is projected to grow by 72% in 2024, with significant contributions from AI servers and high-speed switches [7] - The automotive segment is expected to generate revenue of 24.08 billion yuan in 2024, with a year-on-year growth of 11.61% [7] - The company is enhancing its production capabilities with a new factory in Thailand expected to commence operations in 2025 [7] Earnings Revision - The profit forecasts for 2025-2027 have been revised upwards to 3,610 million yuan, 3,958 million yuan, and 4,351 million yuan respectively [7] - The average PE ratio for comparable companies is 20X, while the company is valued at 15X, indicating a potential upside [7]