WUS(002463) 天风证券·2024-02-05 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.82 RMB [6] Core Views - The company's Q4 2023 performance showed accelerated growth, with revenue reaching 28.56 billion RMB (YoY +11.02%) and net profit attributable to shareholders at 5.59 billion RMB (YoY +27.16%) [2] - The growth is driven by strong demand for high-layer PCBs due to the AI wave, with PCB business revenue reaching 85.72 billion RMB (YoY +8.09%) and gross margin improving to 32.46% [3] - The company is well-positioned to benefit from the 800G switch and AI server iteration opportunities, with Pre800G products already in mass production and 800G products in small-batch delivery [4] Financial Performance - For 2023, the company achieved revenue of 89.38 billion RMB (YoY +7.23%) and net profit attributable to shareholders of 15.13 billion RMB (YoY +11.09%) [1] - The company's 2024-2025 net profit forecasts are adjusted to 22/28 billion RMB, with corresponding P/E ratios of 18/14x [5] - The company's PCB business revenue is expected to grow further, driven by structural demand from high-speed computing servers and AI applications [3] Industry Trends - The AI wave is driving demand for high-layer PCBs, with the company benefiting from its leading technology and long-term layout in this area [3] - By 2027, nearly half of data center switch ports are expected to be driven by 400Gbps and higher speeds, with 800Gbps surpassing 400Gbps by 2025 [4] - The company is expected to benefit from the increasing value of PCBs due to AI server and 800G switch iterations [4] Financial Projections - Revenue is projected to grow to 119.73 billion RMB in 2024 (YoY +33.95%) and 146.11 billion RMB in 2025 (YoY +22.04%) [9] - Net profit attributable to shareholders is expected to reach 21.91 billion RMB in 2024 (YoY +44.82%) and 27.54 billion RMB in 2025 (YoY +25.69%) [9] - The company's gross margin is forecasted to improve to 31.96% in 2024-2025, with ROE expected to reach 20.20% by 2025 [10]