WUS(SZ:002463) Ping An Securities·2025-08-23 13:07Investment Rating - The report maintains a "Recommended" investment rating for the company [1][12]. Core Views - The company is experiencing strong growth driven by robust demand in AI and high-speed communication sectors, with a significant increase in revenue and net profit in the first half of 2025 [4][7]. - The company is expanding its high-end PCB production capacity, which is expected to further enhance its profitability and competitive position in the market [8]. Summary by Sections Company Overview - The company, Hu Dian Co., Ltd. (002463.SZ), operates in the electronics industry and has a total market capitalization of 107 billion yuan [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 8.494 billion yuan, a year-on-year increase of 56.59%, and a net profit attributable to shareholders of 1.683 billion yuan, up 47.5% year-on-year [4][7]. - The company's PCB business revenue grew by 57.2% to 8.152 billion yuan in the same period [7]. Business Segments - The enterprise communication market segment saw revenue of 6.532 billion yuan, a 70.63% increase year-on-year, with high-speed network products being the fastest-growing area [7]. - The automotive segment generated revenue of 1.422 billion yuan, a 24.18% increase, with significant growth in emerging automotive products [8]. Future Outlook - The company is investing 4.3 billion yuan in high-end PCB expansion projects, which commenced in June 2025, with production expected to start in the second half of 2026 [8]. - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted upwards to 3.607 billion yuan, 4.829 billion yuan, and 5.858 billion yuan respectively [8]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 29.7, 22.2, and 18.3 respectively, indicating a favorable valuation outlook as the company continues to grow [8][10].