WUS(SZ:002463) CMS·2025-08-24 05:36Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][9]. Core Views - The company continues to experience high growth trends, with H1 2025 revenue reaching 8.494 billion yuan, a year-on-year increase of 56.59%, and net profit attributable to shareholders of 1.683 billion yuan, up 47.50% year-on-year [1][6]. - The demand for AI computing power is driving significant growth in the PCB business, with a notable increase in profitability [6][7]. - The company is expanding its production capacity and integrating resources effectively, which is beginning to show results [6][7]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 8.494 billion yuan, a 56.59% increase year-on-year, and a net profit of 1.683 billion yuan, up 47.50% year-on-year. The operating cash flow increased significantly by 75.6% to 2.1 billion yuan [1][6]. - For Q2 2025, revenue was 4.46 billion yuan, a 56.9% increase year-on-year, and net profit was 920 million yuan, up 48.1% year-on-year [6]. Business Segments - The communications board business grew rapidly, with revenue of 6.532 billion yuan, a 70.63% increase year-on-year, accounting for 79.86% of total revenue [6]. - The automotive board segment generated 1.422 billion yuan, a 24.18% increase year-on-year, with emerging products showing strong performance [6]. Subsidiary Performance - Key subsidiaries showed varied performance, with significant growth in Huangshi Hushi, which reported a revenue of 2.244 billion yuan, up 81.23% year-on-year [6][7]. - The subsidiary Shengweicai reported a revenue of 287 million yuan, significantly reducing its losses due to the strong performance of its P²Pack products [6][7]. Future Outlook - The company is expected to benefit from the ongoing demand for AI computing and automotive boards, which will drive future growth [7][9]. - The total investment of 4.3 billion yuan in the AI chip supporting high-end PCB expansion project commenced in June 2025, with production expected to start in H2 2026 [7].