WUS(SZ:002463) East Money Securities·2024-03-26 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company achieved revenue growth of 7.23% year-on-year, reaching 8.938 billion yuan, and net profit growth of 11.09%, amounting to 1.513 billion yuan in 2023. The growth was driven by increased demand in AI, high-speed networks, and smart automotive sectors [2][5]. - In Q4 2023, the company reported a revenue of 2.856 billion yuan, reflecting a year-on-year increase of 11.02% and a quarter-on-quarter increase of 23.15%. The net profit for the same period was 559 million yuan, with a year-on-year increase of 27.16% [2]. - The company expects significant growth in Q1 2024, projecting a net profit of 460 to 520 million yuan, which represents a year-on-year increase of 129.66% to 159.62% [2]. Summary by Sections Revenue and Profit Growth - The company reported a total revenue of 89.38 billion yuan in 2023, with a year-on-year growth of 7.23%. The net profit attributable to shareholders was 15.13 billion yuan, up 11.09% year-on-year [2]. - In Q4 2023, the revenue was 28.56 billion yuan, with year-on-year and quarter-on-quarter growth rates of 11.02% and 23.15%, respectively. The net profit for Q4 was 5.59 billion yuan, showing a year-on-year increase of 27.16% [2]. Business Segments - The company’s revenue from the enterprise communication market reached 58.7 billion yuan, growing by 6.82% year-on-year, while the automotive segment generated 21.58 billion yuan, reflecting a growth of 13.74% [2]. - The contribution of AI servers and smart automotive products to revenue has increased significantly, with AI-related PCB products' revenue share rising from approximately 7.89% in 2022 to about 21.13% in 2023 [1]. Profitability and Cost Structure - The gross margin for 2023 was 31.17%, an increase of 0.89 percentage points year-on-year, while the net margin was 16.66%, up 0.33 percentage points [2]. - The company’s R&D expense ratio increased to 6.03%, indicating a continued focus on innovation and product development [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 111.34 billion yuan, 135.07 billion yuan, and 156.89 billion yuan, respectively. The net profit for these years is expected to be 22.36 billion yuan, 27.09 billion yuan, and 30.79 billion yuan, respectively [5][6].