WUS(SZ:002463) Changjiang Securities·2025-05-01 05:32Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 4.038 billion yuan in Q1 2025, representing a year-on-year growth of 56.25%. The net profit attributable to shareholders was 762 million yuan, up 48.11% year-on-year. The gross margin and net margin for the quarter were 32.75% and 18.82%, respectively, showing a decrease of 1.11 percentage points and 0.84 percentage points year-on-year [2][5] - The AI-related business continues to deliver results, with structural demand growth driving steady performance. The company benefits from the structural demand for printed circuit boards (PCBs) due to emerging computing scenarios such as high-performance servers and artificial intelligence. The introduction of innovations like DeepSeek is expected to bring new growth opportunities to the PCB market [10] - The dual drivers of AI and intelligent driving are becoming significant growth forces in the PCB market. The PCB industry is expected to see structural growth momentum, particularly in the packaging substrate, HDI boards, and multilayer boards with more than 18 layers, which are projected to grow significantly in 2025 [10] - The company has established a strong foothold in the high-end PCB market, with its GPU platform products already in mass production. The demand for AI servers and high-speed network infrastructure is expected to continue driving growth, leading to an increase in the proportion of high-layer PCBs and high-end HDI products [10] Financial Summary - For the fiscal year 2024, the company is projected to achieve total revenue of 13.342 billion yuan, with net profit attributable to shareholders expected to reach 2.587 billion yuan. The earnings per share (EPS) is forecasted to be 1.35 yuan [17] - The company anticipates net profits of 3.567 billion yuan, 4.338 billion yuan, and 5.181 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 14.90, 12.25, and 10.26 [10][17]