WUS(SZ:002463) Great Wall Securities·2025-07-15 08:23Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company is expected to achieve significant growth in its performance for the first half of 2025, driven by structural demand for printed circuit boards (PCBs) from emerging computing scenarios such as high-performance servers and artificial intelligence [2][3]. - The company plans to accelerate its capacity expansion to meet the increasing demand for high-end PCBs, with a projected investment of approximately 4.3 billion RMB for a new AI chip supporting PCB expansion project [2][3]. - The company maintains a strong focus on research and development, enhancing its competitiveness in the high-end product market, particularly in the automotive sector and AI-related applications [3]. Financial Summary - The company's projected financial performance includes: - Revenue growth from 8,938 million RMB in 2023 to 26,640 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 20% [9]. - Net profit growth from 1,513 million RMB in 2023 to 5,705 million RMB in 2027, with a CAGR of approximately 21.1% [9]. - Earnings per share (EPS) expected to increase from 0.79 RMB in 2023 to 2.97 RMB in 2027 [9]. - The company’s return on equity (ROE) is projected to rise from 15.1% in 2023 to 24.2% in 2027, indicating improved profitability [9]. Market Position and Strategy - The company is strategically positioned to benefit from the growing demand for high-performance PCBs, particularly in the context of AI and advanced networking infrastructure [2][3]. - The company is expanding its overseas production capabilities, with a small-scale production facility in Thailand already operational [2]. - The company is committed to continuous innovation and technology upgrades, particularly in high-density interconnect (HDI) PCBs and automotive applications [3].