WUS(SZ:002463) Huaxin Securities·2025-09-29 02:46Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [10]. Core Insights - The company has demonstrated significant revenue growth driven by strong demand in AI and automotive applications, alongside capacity expansion and structural optimization [4][5]. - The PCB business is identified as the main revenue driver, with AI and automotive segments acting as dual core engines for growth [5][6]. - Continuous high-intensity R&D investment and smart manufacturing upgrades are enhancing the company's competitiveness in high-end communication manufacturing [7]. - The automotive PCB segment is experiencing structural optimization, with emerging products and subsidiary collaboration driving growth [8][9]. - The company is well-positioned to capitalize on structural opportunities in the AI server and automotive electronics markets, leading to robust growth prospects [10]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 84.94 billion yuan, a year-on-year increase of 56.59%, and a net profit of 16.83 billion yuan, up 47.50% [3][4]. - The PCB segment generated approximately 81.52 billion yuan in revenue, accounting for 95.98% of total revenue, with a year-on-year growth of 57.20% [5]. Revenue Breakdown - The enterprise communication market PCB revenue reached approximately 65.32 billion yuan, growing 70.63% year-on-year, while automotive PCB revenue was 14.22 billion yuan, up 24.18% [5][6]. - Emerging automotive electronic products saw a revenue increase of approximately 81.86%, contributing significantly to overall revenue growth [8]. R&D and Manufacturing - The company invested 4.82 billion yuan in R&D in the first half of 2025, a 31.34% increase year-on-year, focusing on high-end PCB manufacturing capabilities [7]. - A new project for high-end PCB production related to AI chips is underway, with an expected trial production start in the second half of 2026 [7]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 178.78 billion yuan, 229.82 billion yuan, and 279.27 billion yuan, respectively, with corresponding EPS of 1.94 yuan, 2.61 yuan, and 3.25 yuan [10][12].