WUS(SZ:002463) KAIYUAN SECURITIES·2024-02-05 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance in Q4 2023 was impressive, driven by the rapid development of the AI industry, leading to significant revenue growth [4] - The company reported a revenue of 8.938 billion yuan in 2023, a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.512 billion yuan, up 11.09% year-on-year [4] - The forecast for net profit attributable to shareholders for 2023-2025 has been raised to 1.512 billion, 2.076 billion, and 2.644 billion yuan respectively, with corresponding EPS of 0.79, 1.09, and 1.39 yuan [4] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.856 billion yuan, a year-on-year increase of 11.02% and a quarter-on-quarter increase of 23.15% [4] - The net profit attributable to shareholders for Q4 2023 was 559 million yuan, representing a year-on-year increase of 27.16% and a quarter-on-quarter increase of 21.50% [4] - The company's PCB business revenue grew by 8.09% year-on-year in 2023, with a gross margin increase to 32.46% [5] Market Position and Future Outlook - The company is focusing on high-value products in the AI server and high-speed switch sectors, benefiting from the growing demand in emerging computing fields [5][6] - The company has begun bulk shipments of AI servers and 800G switch products, indicating strong future demand for high-layer and high-frequency PCBs [6] - The expected revenue growth rates for 2024 and 2025 are 21.9% and 23.4% respectively, reflecting the company's optimistic outlook [7]