（编辑 袁冠琳） 证券日报网讯 威尔高11月20日在互动平台回答投资者提问时表示，公司设定的业绩考核指标是科学与 审慎的，旨在建立长期激励与约束机制，有效地将股东利益、公司利益和核心团队个人利益紧密结合。 该目标的设定是基于公司历史业绩、行业发展状况、市场竞争情况以及公司未来的发展战略综合制定 的。为此，公司将勤勉尽责，积极经营，以推动公司业绩增长，争取达成激励目标。需要强调的是，业 绩考核目标的达成受宏观经济环境、行业政策、市场竞争等多种因素影响，存在不确定性。股权激励计 划能否最终顺利完成，需待考核期结束后，根据实际经营成果并依据相关规定进行严格审核后方能确 定。 ...

Core Viewpoint - The company focuses on the research and production of PCBs, particularly in the server power application sector, and has made significant technological advancements in its DC-DC related PCB products, which have entered the small batch shipment phase [1] Group 1: Technological Progress - The company has achieved technological breakthroughs in its DC-DC related PCB products and has completed customer onboarding [1] - The company encourages stakeholders to monitor relevant announcements and periodic reports for specific updates [1] Group 2: Capacity Layout - The first phase of the factory in Thailand is set to commence production in June 2024, with current capacity meeting established expectations [1] - The factory primarily serves high-end product demands in AI server power and automotive electronics [1] Group 3: Customer Structure - The company has established stable partnerships with several well-known domestic and international power supply manufacturers [1] - The server power PCB market presents vast opportunities with numerous participants, and the company aims to leverage its technology, quality, and delivery capabilities to serve existing clients while actively exploring new opportunities [1]

Core Viewpoint - The company is focused on the research and production of PCBs, particularly in the server power supply sector, and has made significant technological advancements in its secondary power supply products, which are now entering small batch production [1] Group 1: Company Developments - The company has achieved a technological breakthrough in its DC-DC related PCB products and has begun small batch shipments to customers [1] - The first phase of the company's factory in Thailand is set to commence production in June 2024, with capacity meeting established expectations, primarily serving high-end product demands such as AI server power supplies and automotive electronics [1] - The company has established stable partnerships with several well-known domestic and international power supply manufacturers [1] Group 2: Market Outlook - The server power supply PCB market presents significant growth potential with numerous participants, and the company aims to leverage its technology, quality, and delivery capabilities to serve existing clients while actively exploring new opportunities [1]

格隆汇11月19日丨威尔高(301251.SZ)在投资者互动平台表示，大型及超大型数据中心电源解决方案我 们一直是重点参与的厂商，包括获得终端客户AVL，及不限于更多的项目转移到泰国Well Tek供应的产 能准备，都在有序进行中。 ...

Core Viewpoint - Weigao (301251.SZ) emphasizes its ongoing technological advancements in the power supply sector and highlights Delta as a significant client [1] Group 1 - Weigao is continuously updating and breaking through in power supply technology to keep pace with market developments [1] - Delta is identified as an important customer for Weigao [1] - Detailed information regarding product production levels, application areas, and customer product specifics can be found in the company's publicly disclosed announcements [1]

Core Points - The stock price of Weirgao decreased by 2.12% on November 11, trading at 59.10 CNY per share with a total market capitalization of 7.956 billion CNY [1] - Weirgao's stock has increased by 70.04% year-to-date, with a 7.85% rise in the last five trading days and a 14.20% increase over the past 20 days [2] - The company has made a total revenue of 1.122 billion CNY from January to September 2025, representing a year-on-year growth of 51.93% [2] Financial Performance - Weirgao's net profit attributable to shareholders for the same period was 69.7933 million CNY, showing a year-on-year increase of 48.11% [2] - The company has distributed a total of 36.0786 million CNY in dividends since its A-share listing [3] Shareholder Information - As of September 30, 2025, Weirgao had 16,900 shareholders, a decrease of 9.09% from the previous period, with an average of 3,191 circulating shares per shareholder, an increase of 10.00% [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 723,900 shares, unchanged from the previous period [3]

Core Insights - The PCB supply chain is facing significant shortages of upstream materials, particularly affecting high-end substrates like ABF and BT boards, with expectations that shortages will persist for another year [1] - The demand for PCBs is expected to remain strong over the next 2-3 years, with a peak in the fourth quarter of the current year, despite the ongoing material shortages [1][3] - The shortage is attributed to a surge in demand from the recovering global electronics industry and highlights the vulnerabilities in the supply chain [1][4] Material Shortages - Key materials such as T-Glass, quartz cloth, and low CTE fiberglass are in short supply, impacting the production of high-end PCBs [1] - The global demand for HVLP4-grade copper foil, essential for AI servers, is projected to exceed supply, with a current monthly production capacity of only 700 tons against a demand of 850 tons [3][4] - The supply of fiberglass materials is also constrained, with a projected demand of 18.5 million meters by 2026, while current capacity is only 10 million meters, resulting in a shortage of over 50% [3] Market Dynamics - The AI server market is driving a significant increase in PCB prices, with standard server PCBs priced between $3,000 and $15,000, while AI training server PCBs can exceed $200,000 [3] - Major cloud service providers are expected to increase their capital expenditures significantly, with a forecasted total exceeding $420 billion by 2025, marking a 61% increase from previous years [3] Financial Performance - Leading PCB manufacturers like Huadian and Weiergao reported substantial revenue growth in Q3 2025, with Huadian achieving a revenue of 5.019 billion yuan, up 39.92%, and a net profit increase of 46.25% [6] - The PCB industry is entering a new growth cycle, with a projected market value of $73.565 billion in 2024, reflecting a 5.8% year-on-year increase [7] Capacity Expansion - At least 11 PCB companies have announced expansion plans to increase high-end production capacity, with significant investments planned [7][8] - Companies like Jingwang Electronics and Shengyi Technology are investing heavily in new projects to meet the rising demand for high-end PCBs [8] Strategic Considerations - While leading companies are expanding capacity, there is a risk of overcapacity if AI demand slows down, particularly if growth rates drop below 15% post-2026 [9][10] - Smaller manufacturers are advised to focus on niche markets and technological differentiation to avoid direct competition with larger firms [9][10]

Core Insights - The PCB supply chain is facing significant shortages of upstream materials, particularly affecting high-end substrates like ABF and BT boards, with expectations of shortages lasting for another year [2] - The demand for PCBs is projected to remain strong over the next 2-3 years, with a peak expected in Q4, despite the ongoing material shortages [2][3] - The shortage is attributed to a surge in demand from the recovering global electronics industry and the vulnerabilities in the supply chain [2][5] Industry Overview - The global demand for AI servers is driving a substantial increase in capital expenditures among major cloud service providers, with a forecasted total exceeding $420 billion by 2025, representing a 61% increase from previous years [3][4] - The price of PCBs for AI training servers can exceed $200,000, significantly higher than traditional server PCBs, which range from $3,000 to $15,000 [3][4] - The supply shortage is affecting the entire PCB industry, particularly in core materials like copper foil, which has a projected demand of 850 tons per month by 2025 against a current production capacity of only 700 tons [4][5] Financial Performance - Leading PCB manufacturers are experiencing substantial revenue growth, with companies like Huadian achieving a 39.92% increase in revenue to 5.019 billion yuan and a 46.25% rise in net profit to 1.035 billion yuan in Q3 [6] - Willgo reported a 41.33% increase in revenue to 407 million yuan and a remarkable 175.75% increase in net profit [6] Market Trends - The global PCB market is expected to enter a new growth cycle, with a projected market value of $73.565 billion in 2024, reflecting a 5.8% year-on-year growth [7] - By 2029, the global PCB market value is anticipated to reach $94.661 billion, with a compound annual growth rate (CAGR) of approximately 5.2% from 2024 to 2029 [7] Capacity Expansion - At least 11 PCB companies have announced expansion plans, with significant investments aimed at increasing high-end production capacity to meet rising demand [9] - Companies like Jingwang Electronics and Shengyi Technology are investing heavily in expanding their production capabilities, with plans to invest 5 billion yuan and 1.9 billion yuan, respectively [9] Strategic Insights - While leading companies are expanding capacity to capture AI market opportunities, there is a risk of overcapacity if demand growth slows down post-2026 [10] - Smaller manufacturers are advised to focus on niche markets and technological differentiation to avoid direct competition with larger firms and mitigate risks associated with overcapacity [10][11]

Core Viewpoint - Weigao's stock price has shown significant volatility, with a year-to-date increase of 61.67% but a recent decline over the past five trading days by 6.66% [2] Group 1: Stock Performance - As of November 5, Weigao's stock price increased by 2.54% to 56.19 CNY per share, with a trading volume of 1.28 billion CNY and a turnover rate of 4.31%, resulting in a total market capitalization of 75.64 billion CNY [1] - Year-to-date, Weigao's stock has risen by 61.67%, while it has decreased by 6.66% in the last five trading days and by 1.33% over the last 20 days [2] - The stock has appeared on the "龙虎榜" (Dragon and Tiger List) six times this year, with the most recent appearance on August 13, where it recorded a net purchase of 53.65 million CNY [2] Group 2: Financial Performance - For the period from January to September 2025, Weigao reported a revenue of 1.122 billion CNY, reflecting a year-on-year growth of 51.93%, and a net profit attributable to shareholders of 69.79 million CNY, up 48.11% year-on-year [2] - The company's main business revenue composition includes 87.45% from printed circuit boards and 12.55% from other businesses [2] Group 3: Shareholder Information - As of September 30, 2025, Weigao had 16,900 shareholders, a decrease of 9.09% from the previous period, with an average of 3,191 circulating shares per shareholder, which is an increase of 10.00% [2] - The total cash distribution since Weigao's A-share listing amounts to 36.08 million CNY [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 723,900 shares, with no change in the number of shares held compared to the previous period [3]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Weigao, indicating a decline in stock price despite a significant year-to-date increase [1] - As of October 31, Weigao's stock price was 56.71 yuan per share, with a market capitalization of 7.634 billion yuan and a trading volume of 175 million yuan [1] - Year-to-date, Weigao's stock has increased by 63.17%, while it has seen a slight decline of 1.22% over the last five trading days [1] Group 2 - Weigao operates in the electronic components sector, specifically in printed circuit boards (PCBs), with 87.45% of its revenue coming from PCB-related activities [2] - For the period from January to September 2025, Weigao reported a revenue of 1.122 billion yuan, reflecting a year-on-year growth of 51.93%, and a net profit of 69.793 million yuan, up 48.11% [2] - As of September 30, 2025, Weigao had 16,900 shareholders, a decrease of 9.09% from the previous period, with an average of 3,191 circulating shares per shareholder, an increase of 10% [2] Group 3 - Since its A-share listing, Weigao has distributed a total of 36.0786 million yuan in dividends [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 723,900 shares, with no change in the number of shares held compared to the previous period [3]