WUS(002463) 德邦证券·2024-02-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a revenue of 8.94 billion yuan in 2023, representing a year-on-year increase of 7.2%, and a net profit of 1.51 billion yuan, up 11.1% year-on-year. In Q4, revenue is projected to reach 2.86 billion yuan, a year-on-year increase of 11.0% and a quarter-on-quarter increase of 23.2%, with a net profit of 559 million yuan, up 27.2% year-on-year and 21.5% quarter-on-quarter [4] - The growth in 2023 is primarily driven by the demand for high-end PCBs from high-performance computing servers and artificial intelligence applications, with PCB business revenue expected to reach 8.57 billion yuan, an 8.09% increase year-on-year, and a gross margin of 32.46%, a historical high [4] - The company has strong competitiveness in the high-layer, high-frequency PCB market required for AI servers and switches, benefiting from the explosion in downstream demand. It has passed product certifications from major overseas internet clients and has begun bulk deliveries of 800G switch products [4] Financial Summary - The company is projected to achieve revenues of 8.94 billion yuan in 2023, 11.6 billion yuan in 2024, and 14.3 billion yuan in 2025, with net profits of 1.51 billion yuan, 2.13 billion yuan, and 2.54 billion yuan respectively. The corresponding P/E ratios are expected to be 26, 18, and 15 times [4][6] - The gross margin is expected to increase from 32.1% in 2023 to 32.6% in 2024, and then slightly decrease to 31.2% in 2025 [6] - The net profit margin is projected to be 16.9% in 2023, 18.3% in 2024, and 17.8% in 2025 [6]