WUS(SZ:002463) KAIYUAN SECURITIES·2024-03-26 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to maintain high growth due to strong demand for AI computing and transportation capabilities, with a projected net profit of 4.9 billion yuan for Q1 2024, representing a year-on-year increase of 145% [5][6] - The company achieved a revenue of 8.938 billion yuan in 2023, a year-on-year increase of 7.23%, and a net profit of 1.513 billion yuan, up 11.09% year-on-year [5][6] - The company is focusing on AI servers and high-speed switching products, which are expected to drive future growth [5][6] Financial Performance Summary - In 2023, the company reported a revenue of 89.38 billion yuan, with a net profit of 15.13 billion yuan, and a gross margin of 31.17% [5][6] - For Q4 2023, the company achieved a revenue of 28.56 billion yuan, a year-on-year increase of 11.02%, and a net profit of 5.59 billion yuan, up 27.16% year-on-year [5][6] - The projected net profits for 2024, 2025, and 2026 are 20.76 billion yuan, 26.44 billion yuan, and 30.56 billion yuan respectively, with corresponding EPS of 1.09 yuan, 1.38 yuan, and 1.60 yuan [5][7] Market Position and Product Development - The company’s AI server and HPC-related products accounted for 21.13% of its enterprise communication business in 2023 [6] - The company is actively developing new products, including a 112Gbps rate product and a 51.2T 800G switch, which have begun mass delivery [6] - The company plans to invest approximately 510 million yuan in technology upgrades to enhance product quality and production efficiency [6]