WUS(SZ:002463) INDUSTRIAL SECURITIES·2024-03-27 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company reported a revenue of 8.938 billion yuan in 2023, representing a year-on-year growth of 7.23%, with a net profit attributable to shareholders of 1.513 billion yuan, up 11.09% year-on-year [2][3] - The fourth quarter of 2023 saw a revenue of 2.856 billion yuan, a year-on-year increase of 11.02%, and a net profit of 559 million yuan, reflecting a significant year-on-year growth of 27.16% [2] - The demand for AI-driven computing power is surging, contributing to the strong performance of the company's PCB business, which grew by 8.09% year-on-year [3][4] Financial Performance Summary - The company's PCB business gross margin improved to approximately 32.46% in 2023, an increase of about 0.74 percentage points year-on-year [1] - The gross margin for the enterprise communication market board reached approximately 34.51%, up 0.18 percentage points year-on-year, driven by structural demand for high-end products [1] - The automotive board gross margin was approximately 25.65%, an increase of 1.6 percentage points year-on-year, with adjustments in product and capacity structure enhancing profitability [1] Market Data - As of March 25, 2024, the closing price of the company's stock was 30.22 yuan, with a total share capital of 1.912 billion shares [2] - The net assets amounted to 9.784 billion yuan, and total assets were 16.035 billion yuan [2] Future Outlook - The company is expected to benefit from the ongoing demand for AI and HPC, with projected net profits for 2024-2026 estimated at 2.237 billion, 2.710 billion, and 3.184 billion yuan respectively [4][5] - The gross margin is anticipated to improve gradually, reaching 33.1% by 2026 [5]