WUS(002463) 华创证券·2024-03-25 16:00Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][15]. Core Views - The company's revenue for 2023 reached 89.38 billion, a year-on-year increase of 7.23%, with a net profit attributable to shareholders of 15.13 billion, up 11.09% year-on-year. The fourth quarter saw a revenue of 28.56 billion, reflecting a year-on-year growth of 11.04% and a quarter-on-quarter increase of 23.16% [1]. - The AI and HPC sectors are accelerating, leading to a new growth cycle for the company's communication segment, which generated 58.7 billion in revenue for 2023, a 6.82% increase year-on-year. AI-related revenue surged to 12.4 billion, marking a 185.7% increase and accounting for 21.13% of the communication segment [2]. - The automotive business is focusing on high-end products, with revenue of 21.58 billion in 2023, up 13.74% year-on-year. The integration of the subsidiary company is expected to contribute positively to future growth [2]. - The first quarter of 2024 is projected to show strong performance, with an estimated net profit of 4.6 to 5.2 billion, representing a year-on-year increase of 129.66% to 159.62% [1][2]. Financial Summary - Total revenue for 2023 was 89.38 billion, with projections for 2024, 2025, and 2026 at 114.97 billion, 136.63 billion, and 151.80 billion respectively, indicating growth rates of 28.6%, 18.8%, and 11.1% [3]. - The net profit attributable to shareholders for 2023 was 15.13 billion, with forecasts of 24.65 billion for 2024, 30.47 billion for 2025, and 35.66 billion for 2026, reflecting growth rates of 63.0%, 23.6%, and 17.0% respectively [3]. - The earnings per share (EPS) for 2023 was 0.79 yuan, with projections of 1.29 yuan for 2024, 1.59 yuan for 2025, and 1.87 yuan for 2026 [3]. Valuation - The target price for the company is set at 38.7 yuan, with the current price at 31.10 yuan, suggesting significant upside potential [4].