WUS(002463) 中银证券·2024-08-27 08:57Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 32.10 and a sector rating of "Outperform" [1]. Core Insights - The company has benefited from structural demand in PCB due to emerging computing scenarios such as AI and high-speed computing servers, leading to significant revenue and profit growth. The company reported a revenue of RMB 5.424 billion for the first half of 2024, a year-on-year increase of 44.13%, and a net profit attributable to shareholders of RMB 1.141 billion, up 131.59% year-on-year [2][3]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 36.46%, an increase of 6.84 percentage points year-on-year, and a net profit margin of 21.03%, up 7.94 percentage points year-on-year. In Q2 2024, revenue reached RMB 2.840 billion, a year-on-year increase of 49.83% and a quarter-on-quarter increase of 9.91% [2][3]. Market Segments - The enterprise communication market segment saw revenue of approximately RMB 3.828 billion in the first half of 2024, a year-on-year increase of 75.49%. The proportion of AI server and HPC-related PCB products in this segment rose from approximately 21.13% in 2023 to about 31.48% [2][3]. Automotive Sector - The automotive PCB segment generated approximately RMB 1.145 billion in revenue, a year-on-year increase of 3.94%. The company has improved its operational status significantly, reducing losses in its subsidiary, and is actively collaborating with well-known international component manufacturers and domestic new energy vehicle companies [2][3]. Future Projections - The company is expected to achieve revenues of RMB 11.537 billion, RMB 14.014 billion, and RMB 16.762 billion for the years 2024, 2025, and 2026, respectively. Corresponding net profits are projected to be RMB 2.464 billion, RMB 3.132 billion, and RMB 3.736 billion for the same years [2][3][6]. Valuation Metrics - The report estimates the company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 to be 24.9, 19.6, and 16.5, respectively, indicating a favorable valuation outlook as the company continues to deepen its focus on AI and HPC sectors [2][3][6].