WUS(SZ:002463) Soochow Securities·2025-12-01 11:01Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is accelerating its globalization efforts by submitting an application for listing on the Hong Kong Stock Exchange, aiming to raise capital for high-end capacity expansion and cutting-edge technology development [7] - The commercialization of Google's TPU is accelerating, leading to a significant increase in both volume and price, which is expected to drive strong growth in the PCB market [7] - The company is making steady progress in capacity expansion and deepening its global layout, particularly in the AI PCB sector, which is expected to enhance its competitive advantage [7] - Revenue forecasts for 2025-2027 are set at 183.39 billion, 254.92 billion, and 293.15 billion RMB, with corresponding net profits of 36.15 billion, 57.45 billion, and 70.28 billion RMB, maintaining a "Buy" rating [7] Financial Projections - Total revenue for 2023 is projected at 89.38 billion RMB, with a year-on-year growth of 7.23% [1] - Net profit attributable to the parent company for 2023 is expected to be 15.13 billion RMB, reflecting a year-on-year increase of 11.09% [1] - The latest diluted EPS for 2023 is estimated at 0.79 RMB, with a P/E ratio of 100.99 [1] - The company anticipates significant growth in revenue and net profit over the next few years, with net profit growth rates projected at 71.05% for 2024 and 39.72% for 2025 [8]