WUS(SZ:002463) Minsheng Securities·2024-03-28 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company has demonstrated significant growth in 2023, with total revenue reaching 8.938 billion yuan, a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.513 billion yuan, up 11.09% year-on-year [1][2]. - The company's performance in Q4 2023 was particularly strong, with revenue of 2.856 billion yuan, a year-on-year increase of 11.02%, and a net profit of 560 million yuan, reflecting a year-on-year growth of 27.16% [1]. - The demand for AI-related products has significantly boosted the company's enterprise communication board business, which generated revenue of 5.87 billion yuan in 2023, accounting for 65.67% of total revenue [1][2]. - The automotive board segment also showed growth, with revenue of 2.158 billion yuan, a year-on-year increase of 13.74%, driven by high-end product upgrades [1][2]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved total revenue of 89.38 billion yuan and a net profit of 15.13 billion yuan, with a gross margin of 31.17% [1][2]. - The forecast for 2024 estimates revenue to reach 12.074 billion yuan, with a net profit of 2.255 billion yuan, reflecting a growth rate of 35.1% [2][5]. Business Segments - The enterprise communication board segment's revenue increased to 5.87 billion yuan, with a gross margin of 34.51% [1]. - The automotive board segment's revenue reached 2.158 billion yuan, with a gross margin of 25.65%, indicating a shift towards higher-end products [1]. Future Outlook - The company is expected to enter a period of rapid growth, with projected net profits of 2.255 billion yuan in 2024, 2.884 billion yuan in 2025, and 3.204 billion yuan in 2026 [2][5]. - The investment in high-density interconnect (HDI) production capabilities is anticipated to enhance the company's competitive position in the AI and automotive sectors [1].