WUS(002463) 国信证券·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is expected to benefit significantly from the explosive demand for AI, leading to a projected profit increase of over 143% year-on-year in Q1 2024 [1] - The company's revenue for 2023 was 8.938 billion yuan, a year-on-year increase of 7.2%, with a net profit of 1.513 billion yuan, up 11.1% year-on-year [1] - The demand for high-layer printed circuit boards (PCBs) is driven by the growth in AI servers and high-speed network systems [1] - The company plans to invest approximately 510 million yuan in technology upgrades to enhance its HDI production capabilities for computing networks [1] Summary by Relevant Sections Financial Performance - In 2023, the PCB business generated revenue of 8.572 billion yuan, reflecting an 8.09% year-on-year increase, with a gross margin of 32.46% [1] - The automotive PCB segment achieved revenue of 2.158 billion yuan, a 13.74% increase year-on-year, with a gross margin of 25.65% [1] - The company forecasts net profits of 2.392 billion yuan, 3.002 billion yuan, and 3.624 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 58.1%, 25.5%, and 20.7% [1][3] Market Trends - The demand for data center switches is expected to expand by 50%, driven by the need for AI applications that require extensive processing capabilities [1] - The company's revenue from AI servers and HPC-related products has increased from approximately 7.89% in 2022 to 21.13% in 2023 within the enterprise communications market segment [1] Investment Strategy - The company maintains a positive outlook for the next few years, with adjusted profit expectations reflecting strong growth in emerging computing applications [1][3] - The current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected at 24x, 19x, and 16x, respectively, indicating a favorable valuation [1][3]