沪电股份：管理层调研：AI 服务器机架高速连接带动 PCB 用量提升；最新技术产能扩张；“买入” 评级

2 February 2026 | 5:58AM HKT Equity Research WUS (002463.SZ): Mgmt. visit: Rising PCB usage on high speed connection in AI server racks; capacity expansion for latest tech; Buy We hosted WUS management in Hong Kong on Jan 22. We remain positive on WUS given (1) AI infrastructure upcycle: as we highlighted in Jan (report link), we expect AI servers implied AI chips to grow at +49% / +31% YoY in 2026 / 27E with ASIC penetration rate up to 40% / 50% in 2026 / 27E, (2) specification upgrade with better material ...