WUS(SZ:002463)2025-06-19 07:54Group 1: Company Strategy and Market Position - The company focuses on a balanced approach to long-term sustainable growth rather than short-term profits, emphasizing the importance of maintaining a diverse customer base among major clients [2] - The company aims to enhance its comprehensive competitiveness by continuously improving its technical and process capabilities to adapt to market demands [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately CNY 10.093 billion in revenue from the enterprise communication market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network switch and router-related PCB products making up approximately 38.56% [4] - The automotive sector is projected to achieve around CNY 2.408 billion in revenue, with emerging automotive PCB products representing about 37.68% of this total [4] Group 3: Market Trends - The rapid development of AI is transforming the data center switch market, necessitating a robust architecture to support both front-end and back-end networks [5] - The demand for 800G switches is currently strong, driven by the need for enhanced connectivity in AI and high-performance computing environments [5] Group 4: Production and Supply Chain - The company's Thailand factory has commenced small-scale production, focusing on improving production efficiency and product quality while managing initial costs through refined cost control measures [6] - A comprehensive risk management mechanism is being established to address operational risks associated with overseas manufacturing [6] Group 5: Capital Expenditure and Future Investments - The company has increased capital expenditures in response to growing demand for AI-driven servers and high-speed network infrastructure, with significant investments planned for 2024 [7][8] - Approximately CNY 658 million was allocated for fixed assets and long-term investments in Q1 2025, with plans for a new AI chip-related PCB expansion project expected to enhance high-end product capacity [8]