WUS(SZ:002463) ZHONGTAI SECURITIES·2025-08-22 04:03Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to benefit significantly from the booming demand in AI and high-performance computing sectors, with a strong revenue growth forecast for the upcoming years [8][10] - The company achieved substantial revenue growth in the first half of 2025, driven by the robust demand for PCB products, particularly in AI servers and high-speed networking [7][10] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company reported revenue of 8,494 million yuan, a year-on-year increase of 56.59%, and a net profit attributable to shareholders of 1,683 million yuan, up 47.5% year-on-year [6] - The second quarter of 2025 saw revenue of 4,456 million yuan, a year-on-year increase of 56.91%, and a net profit of 920 million yuan, reflecting a 47.01% year-on-year growth [6] Revenue and Profit Forecast - The company’s revenue is projected to grow from 8,938 million yuan in 2023 to 34,373 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 35% [4] - Net profit is expected to increase from 1,513 million yuan in 2023 to 7,303 million yuan in 2027, indicating a strong growth trajectory [4] Market Trends and Drivers - The company is capitalizing on the increasing demand for PCBs in AI and high-speed networking applications, with significant investments in expanding production capacity [8][10] - The company has initiated a new project for high-end PCB production, expected to start trial production in the second half of 2026, which will further support growth [10]