WUS(SZ:002463) ZHONGTAI SECURITIES·2025-10-29 05:58Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to benefit significantly from the strong demand for AI and high-performance computing (HPC) related products, leading to sustained revenue growth [6][7] - The company has made substantial investments in expanding production capacity, including a new project for high-end printed circuit boards (PCBs) related to AI chips, which is expected to start trial production in the second half of 2026 [7][9] - The company's third-quarter performance has set new records, with revenue and net profit reaching 13.512 billion yuan and 2.718 billion yuan respectively, reflecting year-on-year growth of 49.96% and 47.03% [5][6] Financial Summary - Revenue projections for the company are as follows: - 2023A: 8,938 million yuan - 2024A: 13,342 million yuan (growth rate: 49%) - 2025E: 18,985 million yuan (growth rate: 42%) - 2026E: 25,545 million yuan (growth rate: 35%) - 2027E: 34,373 million yuan (growth rate: 35%) [3] - Net profit projections are as follows: - 2023A: 1,513 million yuan - 2024A: 2,587 million yuan (growth rate: 71%) - 2025E: 4,004 million yuan (growth rate: 55%) - 2026E: 5,320 million yuan (growth rate: 33%) - 2027E: 7,303 million yuan (growth rate: 37%) [3] - The company's price-to-earnings (P/E) ratios are projected to decrease from 101.8 in 2023A to 21.1 in 2027E, indicating improving valuation [3] Market Performance - The company achieved a revenue of 50.19 billion yuan in Q3 2025, with a year-on-year increase of 39.92% and a quarter-on-quarter increase of 12.62% [5] - The gross margin for Q3 2025 was 35.84%, showing a slight year-on-year increase of 0.9 percentage points [5]