WUS(SZ:002463)2025-09-17 11:32Group 1: Company Overview and Strategy - The company focuses on differentiated product competition in the PCB sector, targeting high-end applications in communication devices, data centers, and automotive electronics [2] - The company emphasizes long-term sustainable benefits over short-term gains, aiming for balanced customer relationships to ensure steady growth in a changing market [2][3] Group 2: Market and Capital Expenditure - The demand for AI-driven servers and high-speed network infrastructure has led to increased capital expenditure, with approximately $1.388 billion spent on fixed assets and long-term assets in the first half of 2025 [4] - A planned investment of about $4.3 billion for a new AI chip-compatible high-end PCB production project is underway, expected to begin trial production in the second half of 2026 [4] Group 3: Competitive Landscape and Innovation - The development of AI and network infrastructure requires more complex and high-performance PCB products, presenting both growth opportunities and challenges for PCB companies [5] - Companies must accelerate investment in innovative areas and enhance technical capabilities to maintain competitiveness and respond quickly to market demands [5] Group 4: Thailand Factory Operations - The Thailand production base entered small-scale production in Q2 2025, gaining customer recognition in AI server and switch applications [6] - The successful operation of the Thailand facility is crucial for the company's overseas strategic layout, with expectations to achieve reasonable economic scale by the end of 2025 [7]