WUS(SZ:002463) Xinda Securities·2025-08-22 07:45Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The growth trend in AI is clear, with high-speed growth in AI server and switch-related PCB products. The company benefited from strong demand in AI and high-speed network infrastructure, achieving approximately 70.63% year-on-year growth in the enterprise communication market segment, with AI server and HPC-related PCB products growing by about 25.34% [4] - The company is gradually overcoming capacity bottlenecks and quickly responding to market demands. In the first half of 2025, the company increased investment, focusing on production line upgrades and expanding capacity for AI chip-related high-end printed circuit boards, with a total investment of approximately 4.3 billion RMB [4] - The automotive business is experiencing steady growth, benefiting from the trend towards smart vehicles. In the first half of 2025, the automotive segment achieved revenue of 1.422 billion RMB, a year-on-year increase of 24.18% [4] Financial Summary - The company reported total revenue of 8.494 billion RMB for the first half of 2025, a year-on-year increase of 56.59%, with a net profit attributable to the parent company of 1.683 billion RMB, up 47.50% year-on-year [2][4] - The projected net profits for the company from 2025 to 2027 are 4.009 billion RMB, 5.566 billion RMB, and 7.535 billion RMB, respectively, with corresponding P/E ratios of 25.71, 18.52, and 13.68 [4][5]