WUS(SZ:002463) 智通财经网·2025-12-10 10:49Core Viewpoint - The global PCB industry is undergoing structural changes driven by the AI revolution and the rise of smart vehicles, with significant growth expected in high-performance computing and automotive electronics sectors [2][9]. Industry Overview - The global PCB market is projected to reach $75 billion by 2024, with a compound annual growth rate (CAGR) of 3.6% from 2020 to 2024, and is expected to grow to $96.8 billion by 2029, with a CAGR of 5.2% from 2024 to 2029 [2]. - Data communication is the fastest-growing segment, with its market size anticipated to increase from $21.8 billion in 2024 to $32.7 billion in 2029, reflecting a CAGR of 8.4% [2]. - The automotive electronics market is also expanding, expected to grow from $9.2 billion in 2024 to $11.5 billion in 2029, with a CAGR of 4.5% [3]. Company Strategy - The company focuses on two key growth areas: data centers and automotive electronics, positioning itself as a leading provider of PCB solutions in these sectors [3][4]. - The company's revenue from the data communication segment is projected to account for approximately 75.7% of total revenue by 2024, driven by the demand for AI servers and high-performance computing [4][6]. Financial Performance - The company's revenue has shown consistent growth, with figures of approximately RMB 83.36 billion, RMB 89.38 billion, and RMB 133.42 billion for the years 2022, 2023, and 2024 respectively [6]. - The gross profit margin has increased from 27.9% in 2022 to 31.7% in 2024, indicating improved profitability [7]. Market Position - The company holds a leading position in several PCB categories, including a 10.3% market share in the data center PCB segment and a 25.3% share in PCBs with 22 layers or more [3][4]. - The company’s revenue from data communication products is expected to reach RMB 29.75 billion in 2024, reflecting a year-on-year growth of 133.6% [4]. Challenges and Opportunities - The company faces risks associated with its reliance on overseas markets, with international sales accounting for over 80% of total revenue in recent years [8]. - The company aims to balance growth and risk by expanding its domestic presence in AI computing infrastructure and smart vehicle applications [9].