WUS(SZ:002463) Yin He Zheng Quan·2025-08-25 09:15Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved record high performance in Q2, with significant revenue growth driven by strong demand for PCB in AI servers and high-speed network infrastructure [4] - The company's PCB business generated revenue of 81.52 billion yuan in H1 2025, a year-on-year increase of 57.2% [4] - The company is actively investing in capacity expansion, including a 4.3 billion yuan project for high-end PCB related to AI chips, expected to start trial production in H2 2026 [4] Financial Performance Summary - In H1 2025, the company reported revenue of 84.94 billion yuan, up 56.59% year-on-year, and a net profit attributable to shareholders of 16.83 billion yuan, up 47.5% year-on-year [4] - Q2 2025 alone saw revenue of 44.56 billion yuan, a 56.91% increase year-on-year, with a net profit of 9.20 billion yuan, reflecting a 47.01% growth [4] - The company's gross margin for PCB declined by 1.49 percentage points due to increased stock incentive costs and losses from the Thailand plant [4] Segment Performance - The enterprise communication board revenue reached 65.32 billion yuan in H1 2025, a 70.63% increase, with AI server and HPC-related PCB products growing by 25.34% [4] - High-speed network switch and related PCB products saw a remarkable growth of 161.46%, becoming the fastest-growing segment, accounting for 53% of the revenue [4] - The automotive board business generated 14.22 billion yuan in H1 2025, a 24.18% increase, with new automotive products growing by approximately 81.86% [4] Future Financial Projections - The company is projected to achieve revenues of 182.08 billion yuan, 235.69 billion yuan, and 293.77 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 36%, 29%, and 25% [4][5] - Net profit attributable to shareholders is expected to reach 37.32 billion yuan, 48.75 billion yuan, and 61.19 billion yuan for the same years, with growth rates of 44%, 31%, and 26% [4][5] - The projected EPS for 2025, 2026, and 2027 is 1.94 yuan, 2.53 yuan, and 3.18 yuan, respectively, corresponding to PE ratios of 29, 22, and 17 times [4][5]