WUS(SZ:002463) CMS·2026-02-04 01:36Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company's Q4 2025 performance met expectations, with revenue of approximately 54.33 billion yuan, a year-on-year increase of 25.45%, and a net profit of approximately 11.05 billion yuan, a year-on-year increase of 49.52% [6]. - The company is expected to benefit from the accelerating demand for high-performance computing servers and artificial intelligence, which will drive structural demand for printed circuit boards [6]. - The company is accelerating its capacity expansion and global strategy, which is anticipated to sustain high growth in performance [6]. - Significant investments in cutting-edge technologies such as CoWoP and mSAP are expected to enhance the company's high-end product capacity and optimize product structure, thereby improving overall profitability and risk resistance [6]. - The report forecasts revenue for 2025-2027 to be 189.5 billion, 265.2 billion, and 371.3 billion yuan, with corresponding net profits of 38.2 billion, 58.5 billion, and 85.2 billion yuan, respectively [6]. Financial Data and Valuation - Total revenue for 2023 is projected at 89.38 billion yuan, with a year-on-year growth of 7%, and is expected to reach 133.42 billion yuan in 2024, a growth of 49% [12]. - The company's net profit for 2023 is estimated at 15.13 billion yuan, with a year-on-year growth of 11%, and is projected to grow to 25.87 billion yuan in 2024, a growth of 71% [12]. - The earnings per share (EPS) is expected to increase from 0.79 yuan in 2023 to 1.34 yuan in 2024, and further to 1.99 yuan in 2025 [13]. - The price-to-earnings (PE) ratio is projected to decrease from 88.5 in 2023 to 35.0 in 2025, indicating an improving valuation [13].