WUS(SZ:002463)2025-06-18 09:04Group 1: Company Strategy - The company focuses on differentiated operations, dynamically adapting its technical and production capabilities to meet long-term market demands [2][3] - Emphasis on maintaining a balanced customer base among top clients to ensure sustainable growth rather than short-term profits [3] Group 2: Revenue Structure - In 2024, revenue from AI-driven servers, data storage, and high-speed network infrastructure is projected to be approximately ¥10.093 billion, with AI servers and HPC-related PCB products accounting for about 29.48% [4] - The automotive sector is expected to generate around ¥2.408 billion in revenue, with emerging automotive PCB products making up approximately 37.68% [4] Group 3: Market Trends - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches to support AI and high-performance computing [5] - The PCB market is anticipated to experience growth due to the increasing complexity and performance requirements of AI and network infrastructure [8] Group 4: Production and Capital Expenditure - The Thailand production facility has commenced small-scale production, with efforts to enhance production efficiency and stability [6] - The company has increased capital expenditure, with approximately ¥658 million spent on fixed assets in Q1 2025, and plans to invest around ¥4.3 billion in AI chip-related PCB expansion projects [7] Group 5: Competitive Landscape - The automotive PCB market faces challenges such as oversupply in the low-end segment and increasing competition, necessitating adjustments in product and capacity structure [8] - Collaboration with industry partners is crucial for advancing product technology and commercializing applications in electric vehicle systems [8]