WUS(SZ:002463)2024-03-25 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported a revenue of 8.938 billion yuan in 2023, representing a year-on-year growth of 7.23%. The net profit attributable to shareholders was 1.513 billion yuan, up 11.09% year-on-year. For Q1 2024, the company expects a net profit of 460-520 million yuan, indicating a significant year-on-year growth of 129.66%-159.62% [1][2]. - Despite a global PCB market decline of 14.96% in 2023, the company's PCB business revenue grew by 8.09% to 8.572 billion yuan, with a gross margin increase of 0.74 percentage points to 32.46% [1][2]. - The demand for high-layer PCBs, driven by emerging computing scenarios such as AI and high-speed networks, has offset the decline in traditional data center spending. The company's enterprise communication board revenue reached 5.87 billion yuan, up 6.82% year-on-year, with AI server-related PCB products accounting for 21.13% of the revenue [1][2]. - The automotive board business also showed stable growth, achieving revenue of 2.15 billion yuan in 2023, a year-on-year increase of 13.74% [1][2]. Financial Summary - The company forecasts revenues of 11.173 billion, 13.407 billion, and 16.088 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 25%, 20%, and 20% [2][3]. - The net profit is projected to be 2 billion, 2.347 billion, and 2.932 billion yuan for the same years, with growth rates of 32.31%, 17.28%, and 24.92% [2][3]. - The diluted EPS is expected to be 1.05, 1.23, and 1.53 yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 29, 25, and 20 times [2][3].