The surge in AI computing infrastructure development, robust demand for high-end PCBs, and continuous product mix optimization have led to significant year-on-year growth in both net profit and adjusted net profit for Wus Printed Circuit(Kunshan)Co.,Ltd. in the first half of the year.
On July 13th, the company released its 2026 interim results forecast. It anticipates a net profit attributable to shareholders of between 2.83 billion and 3.0 billion yuan for the first half, representing a year-on-year increase of 68.17% to 78.28%. Adjusted net profit, which excludes non-recurring gains and losses, is expected to be between 2.73 billion and 2.88 billion yuan, marking a growth of 66.08% to 75.20%.
The close alignment between the growth rates of adjusted net profit and net profit indicates the company's performance improvement is primarily driven by enhancements in its core business operations, rather than one-time gains. Basic earnings per share for the first half are projected to be between 1.47 and 1.56 yuan, compared to 0.8754 yuan in the same period last year.
Wus Printed Circuit(Kunshan)Co.,Ltd. attributed the strong performance to continuously rising demand in areas such as high-speed switches, AI servers, high-performance computing, and smart vehicles, coupled with the ongoing optimization of its product portfolio. Additionally, its subsidiary in Thailand has completed its initial production ramp-up phase and achieved a single-quarter profit in the second quarter, providing a new impetus for the company's growth.
Persistent Demand from AI Infrastructure
The AI investment boom remains the most critical driver of the company's performance growth. As global technology firms continue to increase investment in AI data center construction, demand for equipment like AI servers and high-speed switches remains robust, simultaneously boosting demand for PCBs with high layer counts and high-frequency, high-speed capabilities.
Compared to traditional servers, AI server PCBs carry a higher value. Furthermore, the accelerating adoption of 800G switches and the gradual advancement of 1.6T products continue to elevate demand for high-speed PCBs. Wus Printed Circuit(Kunshan)Co.,Ltd. has long been focused on the communication equipment and server PCB sectors, possessing strong technical expertise in high-frequency, high-speed, and high-layer-count PCB products. The industry's demand shift towards these premium products is also pushing up the company's product value and profitability.
Enhanced Profitability Through Product Mix Upgrade
Beyond demand growth, the company's current performance improvement also reflects the effects of its ongoing product portfolio upgrade. In recent years, the company has consistently increased the proportion of high value-added products, including high-speed switch PCBs, AI server PCBs, and high-reliability automotive PCBs.
These products typically feature higher technical barriers, longer customer qualification cycles, and consequently stronger pricing power and higher gross margins. Therefore, this round of profit growth stems not only from an expansion in shipment volume but also from improved profit quality due to the increased share of high-value products. This is a key reason why the growth in adjusted net profit has kept pace with the growth in net profit.
Smart Vehicle Business Emerges as Second Growth Engine
Apart from the AI segment, smart vehicles continue to be another significant growth avenue for the company. As automotive intelligence and electrification advance, new energy vehicles use significantly more PCBs than traditional internal combustion engine vehicles. In-vehicle PCBs also demand higher reliability, heat resistance, and stability, creating higher entry barriers for the industry.
Wus Printed Circuit(Kunshan)Co.,Ltd. has been actively expanding in the automotive electronics field in recent years, leveraging its high-reliability PCB manufacturing capabilities to increase its supply of automotive products. With the continuous expansion of the smart vehicle market, the automotive business is gradually becoming a new growth driver for the company's performance.
Thai Plant Enters Profitability Phase
Overseas production capacity is also beginning to contribute profits. The company stated that its Thai subsidiary has completed its capacity ramp-up and achieved a single-quarter profit in the second quarter of 2026, signaling that the overseas facility has entered the phase of scaled operations.
As capacity utilization further improves, the Thai plant is expected to continue enhancing its profitability in the second half of the year. On one hand, this enables the company to better meet international clients' needs for diversified supply chains. On the other hand, the maturation of this overseas manufacturing platform will further complete the company's global production layout, providing new support for future growth.
Comments