WUS(002463) 国盛证券·2024-04-25 02:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][4]. Core Insights - The company reported a significant increase in Q1 2024 net profit, achieving 5.1 billion yuan, a year-on-year growth of 157%, driven by strong demand in AI servers and high-performance computing (HPC) [1]. - Revenue for Q1 2024 reached 25.8 billion yuan, representing a 38% year-on-year increase, with gross margin improving to 34% and net margin to 20% [1]. - The company is expected to benefit from the ongoing growth in AI computing demand, with projected revenues of 115 billion yuan, 138 billion yuan, and 160 billion yuan for 2024, 2025, and 2026 respectively [2]. Financial Performance Summary - Revenue: - 2022: 8,336 million yuan - 2023: 8,938 million yuan - 2024E: 11,450 million yuan (28.1% growth) [3][10] - Net Profit: - 2022: 1,362 million yuan - 2023: 1,513 million yuan - 2024E: 2,195 million yuan (45.1% growth) [3][10] - EPS: - 2022: 0.71 yuan - 2023: 0.79 yuan - 2024E: 1.15 yuan [3][10] - P/E Ratio: - 2024E: 25.75 [3][10] Strategic Outlook - The company is focusing on enhancing production efficiency in the automotive sector, particularly in emerging products like millimeter-wave radar and HDI for autonomous driving [1]. - The demand for high-layer count PCBs is expected to continue benefiting from the growth in AI computing, which will help offset declines in traditional data center spending [1]. - The company aims to leverage its comprehensive layout in automotive and enterprise communications to capture opportunities in computing power and new energy markets [1].