WUS(002463) 中银证券·2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 30.22 and a sector rating of "Outperform" [1][3]. Core Insights - The company has shown steady growth in 2023, driven by structural demand from HPC (High-Performance Computing), AI (Artificial Intelligence), and automotive sectors. The company achieved a revenue of RMB 8.938 billion in 2023, a year-on-year increase of 7.23%, and a net profit of RMB 1.513 billion, up 11.09% year-on-year. The forecast for Q1 2024 indicates a significant year-on-year net profit growth of 129.66% to 159.62% [3][4]. Financial Performance Summary - 2023 Financials: - Revenue: RMB 89.38 billion, +7.23% YoY - Net Profit: RMB 15.13 billion, +11.09% YoY - Q4 2023 Revenue: RMB 28.56 billion, +11.02% YoY, +23.15% QoQ - Q4 2023 Net Profit: RMB 5.59 billion, +27.16% YoY, +21.50% QoQ [3][4]. - 2024-2026 Projections: - Expected Revenue: RMB 111.83 billion in 2024, RMB 132.08 billion in 2025, RMB 156.11 billion in 2026 - Expected Net Profit: RMB 22.01 billion in 2024, RMB 27.36 billion in 2025, RMB 30.54 billion in 2026 - Corresponding PE ratios: 26.2 for 2024, 21.1 for 2025, 18.9 for 2026 [3][4][8]. Business Segment Performance - PCB Business: - Revenue: Approximately RMB 85.72 billion in 2023, +8.09% YoY - Gross Margin: Increased to approximately 32.46%, +0.74 percentage points YoY - AI server and HPC-related PCB products accounted for 21.13% of the revenue from the enterprise communication market [3][4]. - Automotive Business: - Revenue: Approximately RMB 21.58 billion in 2023, +13.74% YoY - Gross Margin: 25.65%, +1.6 percentage points YoY - New automotive products are gaining market share, with their revenue contribution increasing from 21.45% in 2022 to 25.96% in 2023 [3][4].