WUS(002463) 德邦证券·2024-04-24 00:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong Q1 2024 performance with revenue of 2.584 billion yuan, a year-on-year increase of 38.34%, and a net profit of 515 million yuan, up 157.03% year-on-year [3] - The growth in revenue and profit is attributed to the high demand for high-speed multi-layer PCBs driven by emerging computing fields such as AI servers [3] - The company is expected to benefit from the ongoing growth in AI-related business and the optimization of production capacity, which will enhance customer stickiness [4] Summary by Sections Market Performance - The absolute increase in stock price was -7.19% from April to August 2023, with a relative increase of -6.10% [2] Financial Performance - Q1 2024 revenue reached 2.584 billion yuan, marking the highest growth rate since 2020 [3] - The gross margin for Q1 was 33.86%, an increase of 8.13 percentage points year-on-year, while the net margin was 19.66%, up 8.94 percentage points year-on-year [3] - The company’s revenue forecast for 2024 to 2026 has been adjusted to 11.944 billion yuan, 14.847 billion yuan, and 17.977 billion yuan respectively, with net profit forecasts of 2.283 billion yuan, 2.930 billion yuan, and 3.712 billion yuan [5] Business Segments - The AI demand is driving continuous high growth in the company's server and data communication switch PCBs, with AI server-related revenue increasing from 7.89% in 2022 to 25.59% in the second half of 2023 [4] - The automotive segment generated approximately 2.158 billion yuan in revenue in 2023, a year-on-year increase of 13.74%, with a gross margin of about 25.65% [4]