WUS(002463)2025-05-13 11:22Group 1: Company Overview - The company focuses on differentiated product strategies in the PCB market, primarily serving communication devices, data centers, and automotive electronics [2] - The revenue from AI-driven servers, data storage, and high-speed network infrastructure in 2024 is approximately CNY 10.093 billion, with AI servers and HPC-related PCB products accounting for 29.48% [3] - The automotive PCB revenue in 2024 is around CNY 2.408 billion, with emerging automotive products like millimeter-wave radar and HDI-based autonomous driving assistance making up 37.68% [3] Group 2: Business Strategy - The company emphasizes long-term sustainable growth by maintaining a balanced customer base and focusing on major clients [4] - Investment in technology and innovation is prioritized to adapt to market demands, particularly in high-density integration and high-speed signal transmission [4] - The company aims to enhance resilience and competitive advantage through diversified customer structures and supply chain flexibility [4] Group 3: Production Capacity and Investment - Increased demand for high-end products in AI-driven servers and data storage has led to a supply shortage, prompting the company to invest in key processes [5] - Cash flow for capital expenditures in Q1 2025 was approximately CNY 658 million, reflecting the company's commitment to expanding production capacity [5] Group 4: Thailand Factory Development - The company is transitioning its Thailand production base from trial production to mass production, aiming for efficiency and quality by Q2 2025 [6] - Cost control measures and risk management strategies are being implemented to ensure operational profitability during the initial phases of production [6]