WUS(SZ:002463) 招商电子·2026-02-04 15:10Core Viewpoint - The company reported a significant increase in revenue and net profit for the year, driven by structural demand in emerging computing scenarios such as high-performance servers and artificial intelligence [2]. Financial Performance - The company's revenue for the year was approximately 18.95 billion, a year-on-year increase of 42.0% - The net profit attributable to shareholders was about 3.82 billion, up 47.7% year-on-year - The net profit margin was 20.2%, an increase of 0.8 percentage points year-on-year [2] - In Q4, revenue reached 5.433 billion, a year-on-year increase of 25.45% and a quarter-on-quarter increase of 8.26% - The net profit for Q4 was 1.105 billion, up 49.52% year-on-year and 6.75% quarter-on-quarter [2] Growth Drivers - The company is expected to continue its rapid growth due to the acceleration of global AI technology development, which will drive demand for computing power - The company is enhancing its strategic cooperation with leading clients in Europe and the U.S. through its H-share issuance, which is expected to significantly increase the proportion of high-value product shipments [3] - The company is accelerating overseas capacity construction and improving its global supply chain, which will enhance customer service capabilities and market response efficiency [3] - Recent investments in advanced technology research and development, such as CoWoP and mSAP, are aimed at expanding high-end product capacity and optimizing product structure [3] Long-term Outlook - The company has a clear long-term growth logic, aligning with the rapid development trend of AI computing power and expanding high-end capacity both domestically and internationally - The increasing proportion of high-end products is expected to open up upward growth space for performance [4]