WUS(002463)2025-04-16 09:14Group 1: Company Overview and Strategy - The company focuses on differentiated product competition strategies, relying on technology, management, and service advantages to maintain a balanced product layout and high-tech differentiated products [2][3] - The company emphasizes long-term sustainable benefits over short-term gains, maintaining a balanced customer structure to adapt to market changes [3][4] Group 2: Revenue Structure - In 2024, revenue from AI-driven servers, data storage, and high-speed network infrastructure is approximately ¥10.093 billion, with AI servers and HPC-related PCB products accounting for 29.48% and high-speed network switch-related PCB products for 38.56% [4] - Revenue from automotive boards in 2024 is approximately ¥2.408 billion, with emerging automotive products accounting for 37.68% [4] Group 3: Market Impact and Trends - The company's direct exports to the U.S. account for less than 5%, with most products exported to Southeast Asia, mitigating tariff impacts [4] - The demand for AI-driven servers and high-speed network infrastructure is expected to grow, with the company increasing investments in key processes to improve capacity by the second half of 2025 [5] Group 4: Sector-Specific Insights - The high-speed network switch and related PCB products are the fastest-growing segment, with a quarter-on-quarter growth exceeding 90% in the second half of 2024 [6] - The Ethernet data center switch market is projected to exceed $180 billion from 2025 to 2029, driven by AI and high-performance computing [6] Group 5: Technological Developments - The transition to CPO (Chiplet-based Processing Unit) will increase requirements for PCB products in terms of integration, precision, and high-speed signal transmission [7]