WUS(SZ:002463) Guoyuan Securities·2025-10-31 08:44Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company has demonstrated robust operational performance with significant revenue growth driven by structural demand in the printed circuit board (PCB) sector, particularly from high-speed computing servers and artificial intelligence applications [2][5]. - The company's revenue for the first three quarters of 2025 reached 135.12 billion yuan, a year-on-year increase of 49.96%, while the net profit attributable to shareholders was 27.18 billion yuan, up 47.03% year-on-year [1][2]. - The company is expanding its production capacity, with a new project for high-end PCBs for AI chips expected to begin trial production in the second half of 2026 [4]. Financial Performance Summary - For Q3 2025, the company reported revenue of 50.19 billion yuan, a 39.92% increase year-on-year and a 12.62% increase quarter-on-quarter, with a net profit of 10.35 billion yuan, reflecting a 46.25% year-on-year growth [1][2]. - The gross margin for the first three quarters of 2025 was approximately 35.40%, showing a slight year-on-year decline of 0.45 percentage points [2]. - The company’s inventory as of Q3 2025 was 35.92 billion yuan, a 33.5% increase year-on-year, indicating strong demand and production planning [3]. Capacity Expansion and Future Outlook - The company has accelerated capital expenditures, with plans to invest approximately 4.3 billion yuan in a new production facility for AI chip-related PCBs, which commenced construction in June 2025 [4]. - The forecasted net profits for 2025, 2026, and 2027 are expected to be 40.29 billion yuan, 52.26 billion yuan, and 62.28 billion yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 36, 28, and 23 [5].