WUS(SZ:002463)2025-06-25 09:42Group 1: Company Strategy - The company focuses on maintaining a balanced customer base among industry leaders, emphasizing long-term sustainable benefits over short-term gains [2] - It aims to adapt its technical and production capabilities to meet the evolving market demands, particularly in high-density integration and high-speed signal transmission [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥10.093 billion from the enterprise communications market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network products for 38.56% [4] - The automotive sector is projected to achieve around ¥2.408 billion in revenue, with emerging automotive PCB products representing 37.68% of this figure [4] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and stabilizing yield rates while managing initial costs [5] - The company is implementing a comprehensive risk management mechanism to address operational risks associated with overseas facilities [5] Group 4: Market Trends and Capital Expenditure - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches [6] - Increased capital expenditure is anticipated, with approximately ¥658 million spent on fixed assets in Q1 2025 and a planned investment of ¥4.3 billion for AI chip-related PCB expansion [7][8] - The market for complex and high-performance PCB products is expected to grow, driven by the needs of AI and network infrastructure [8]