WUS(002463) 招商证券·2025-03-26 09:35Investment Rating - The investment rating for the company is "Strong Buy" [1][4]. Core Insights - The company is expected to benefit from the growing demand for AI computing power, with a projected total revenue of 13.34 billion yuan in 2024, representing a year-on-year increase of 49.3% [1][3]. - The company's PCB business revenue is anticipated to reach approximately 12.84 billion yuan in 2024, reflecting a year-on-year growth of 49.8% [3]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares (including tax) [1]. Financial Performance - In 2024, the company reported a net profit of 2.59 billion yuan, up 71.1% year-on-year, with a net profit margin of 19.2%, an increase of 2.5 percentage points [1][3]. - The gross margin for the company improved to 34.5%, a year-on-year increase of 3.3 percentage points [1][3]. - The company's revenue for Q4 2024 was 4.33 billion yuan, showing a year-on-year increase of 51.6% and a quarter-on-quarter increase of 20.7% [3]. Business Structure - The revenue from enterprise communication boards reached 10.09 billion yuan in 2024, a year-on-year increase of 71.9%, driven by strong demand from AI and high-speed network infrastructure [3]. - The automotive board revenue was 2.41 billion yuan, reflecting an 11.6% year-on-year increase, with a gross margin of 24.5% [3]. - The company has maintained a stable good product yield rate of 92.3% [3]. Research and Development - The company has invested in R&D to maintain its technological edge, with GPU platform products already in mass production [3][4]. - The company is collaborating with leading domestic and international firms to develop next-generation embedded high-voltage silicon carbide chip main drive inverter circuit boards [3][4]. Future Outlook - The company is expanding its domestic and overseas production capacity, which is expected to alleviate capacity constraints and drive revenue growth from AI computing and automotive boards [4]. - Revenue projections for 2025-2027 are 15.68 billion, 18.03 billion, and 20.73 billion yuan, respectively, with corresponding net profits of 3.41 billion, 4.08 billion, and 4.93 billion yuan [4][5].