WUS(SZ:002463) Guoxin Securities·2024-02-06 16:00Investment Rating - The investment rating for the company is "Buy" [1][5]. Core Views - The company is experiencing accelerated revenue growth driven by the surge in AI-related demand, with 2023 revenue reaching 8.938 billion yuan, a year-on-year increase of 7.2%, and a net profit of 1.513 billion yuan, up 11.1% year-on-year [1]. - The company has optimized its product structure in the PCB business, leading to an increase in gross margin to approximately 32.46%, up 0.74 percentage points year-on-year [1]. - The company is expanding its production capabilities and upgrading its facilities to enhance efficiency and profitability, including the construction of a production base in Thailand [2]. Financial Performance Summary - The company reported a revenue of 28.56 billion yuan in Q4 2023, representing a year-on-year increase of 11.0% and a quarter-on-quarter increase of 23.2% [1]. - The PCB business generated approximately 8.572 billion yuan in revenue for 2023, reflecting a year-on-year growth of about 8.09% [1]. - The projected net profit for 2023 is revised to 1.513 billion yuan, with future estimates for 2024 and 2025 set at 2.501 billion yuan and 3.009 billion yuan, respectively [2][3]. Financial Metrics - The company's earnings per share (EPS) for 2023 is estimated at 0.79 yuan, with projections of 1.31 yuan for 2024 and 1.58 yuan for 2025 [3]. - The price-to-earnings (P/E) ratio is projected to be 24.9 for 2023, decreasing to 15.0 in 2024 and 12.5 in 2025 [3]. - The return on equity (ROE) is expected to be 16.2% in 2023, increasing to 22.6% in 2024 and 22.8% in 2025 [3].