WUS(SZ:002463) Haitong Securities·2024-06-02 06:31Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 8.938 billion yuan in 2023, representing a year-on-year increase of 7.23%. The gross margin was 31.17%, up by 0.89 percentage points. The net profit attributable to shareholders was 1.513 billion yuan, a year-on-year increase of 11.09% [6][8] - The company is experiencing accelerated growth in its AI-related business, with a significant increase in revenue from AI and HPC-related products, which reached 1.24 billion yuan, a year-on-year increase of 186% [6][7] - The company plans to invest 510 million yuan in a high-density, high-speed interconnect PCB project to meet the growing demand driven by AI [6] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.856 billion yuan, a year-on-year increase of 11.02%, with a gross margin of 32.44% [6] - For Q1 2024, the company expects a revenue of 2.584 billion yuan, a year-on-year increase of 38.34%, and a net profit of 515 million yuan, a year-on-year increase of 157.03% [6] - The company’s overseas revenue reached 7.218 billion yuan in 2023, accounting for 80.75% of total revenue, with a year-on-year increase of 14.67% [7] Revenue Forecast - The company forecasts revenues of 11.192 billion yuan, 13.779 billion yuan, and 16.570 billion yuan for 2024, 2025, and 2026, respectively [8][11] - The expected net profit for the same years is projected to be 2.115 billion yuan, 2.741 billion yuan, and 3.415 billion yuan [8][11] Valuation - The report suggests a price-to-earnings (P/E) ratio of 30-35 times for 2024, leading to a target price range of 33.16 yuan to 38.69 yuan [6][8]