WUS(SZ:002463) GUOTAI HAITONG SECURITIES·2025-06-10 23:55Investment Rating - The investment rating for the company is "Accumulate" [1][11]. Core Views - The report highlights that Broadcom has launched the TH6 switch chip, entering a new phase with a bandwidth of 102.4Tbps, which is expected to significantly benefit the company's PCB business [3][11]. - The company is projected to achieve substantial revenue growth, with expected revenues of CNY 27.57 billion by 2027, and an increase in earnings per share (EPS) to CNY 2.70 [5][11]. - The report emphasizes the increasing demand for high-speed network infrastructure driven by AI, which presents growth opportunities for the company [11]. Financial Summary - Revenue projections are as follows: - 2023: CNY 8.94 billion - 2024: CNY 13.34 billion (growth of 49.3%) - 2025: CNY 17.81 billion (growth of 33.5%) - 2026: CNY 22.61 billion (growth of 26.9%) - 2027: CNY 27.57 billion (growth of 21.9%) [5][12]. - Net profit (attributable to the parent company) is expected to grow from CNY 1.51 billion in 2023 to CNY 5.20 billion in 2027, with a notable increase of 71.1% in 2024 [5][12]. - The projected EPS is expected to rise from CNY 0.79 in 2023 to CNY 2.70 in 2027 [5][12]. Market Data - The current stock price is CNY 36.41, with a target price set at CNY 52.50 [2][11]. - The company has a total market capitalization of CNY 70.03 billion [6]. - The stock has traded within a range of CNY 24.94 to CNY 45.58 over the past 52 weeks [6]. Investment Thesis - The report suggests that the increase in switch bandwidth will enhance the value of PCB products, with the company expected to benefit significantly from this trend [11]. - The company is focusing on capital expenditures to improve production capacity, particularly in response to the growing demand for AI-driven products [11].