WUS(SZ:002463) KAIYUAN SECURITIES·2025-10-29 08:18Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved record profits in Q3 2025, with revenue of 50.19 billion yuan, a year-over-year increase of 39.92% and a quarter-over-quarter increase of 12.62%. The net profit for Q3 was 10.35 billion yuan, reflecting a year-over-year growth of 46.25% and a quarter-over-quarter growth of 12.44% [6] - The strong demand in the AI sector, particularly for high-speed switches and AI servers, has significantly driven revenue and profit growth [7] - The company is expanding its high-end production capacity, with a total investment of approximately 4.3 billion yuan in AI chip-related PCB expansion projects, expected to start trial production in the second half of 2026 [8] Financial Summary - For the first three quarters of 2025, the company reported revenue of 135.12 billion yuan, a year-over-year increase of 49.96%, and a net profit of 27.18 billion yuan, a year-over-year increase of 47.03% [6] - The projected net profits for 2025, 2026, and 2027 are 39.26 billion yuan, 55.33 billion yuan, and 75.77 billion yuan respectively, with corresponding EPS of 2.04 yuan, 2.88 yuan, and 3.94 yuan [6] - The company's revenue is expected to grow significantly, with estimates of 190.30 billion yuan in 2025, 257.77 billion yuan in 2026, and 337.94 billion yuan in 2027, reflecting year-over-year growth rates of 42.6%, 35.5%, and 31.1% respectively [9]