On July 7th, Wus Printed Circuit(Kunshan)Co.,Ltd. (002463.SZ) released a record of its investor relations activities. The document indicated that regarding its Thai facility, the company is making a full effort to transition the production base from a capacity ramp-up phase into a period of highly efficient, large-scale operations.
In 2025, the Thai base generated approximately 289 million yuan in revenue. For the first quarter of 2026, the Thai base achieved revenue of around 295 million yuan, and its monthly output value in the second quarter has already exceeded 150 million yuan.
Within the Data Communications division, over 70% of overseas clients have completed certification, with the certification process for remaining clients progressing steadily. The division's capacity utilization is now essentially at full load, and products for applications such as 400G switches have already entered mass production.
The Automotive division has successfully completed sample verification and is methodically advancing client certification work since initiating trial production in the fourth quarter of 2025. By 2026, the division has entered the mass production stage.
Strategic and Market Outlook
In terms of business strategy and market conditions, the data communications market is currently navigating a new phase where AI is transitioning from large-scale pre-training to inference applications, commercial implementation, and global expansion.
Demand for both large model training and inference is rising rapidly. AI has become a critical cornerstone of data center infrastructure, with large-scale cloud data centers evolving into artificial intelligence and high-performance computing clusters. This evolution is prompting major global cloud service providers to significantly increase their capital expenditures.
Confronted with these complex industry shifts, the company has consistently avoided blindly following a homogenized expansion strategy focused solely on scale and price. Instead, it is comprehensively deepening its differentiated product competition strategy, adhering steadfastly to a "technology-first" development principle.
Automotive Market Dynamics
Regarding the intelligent automotive market, the automotive PCB sector is operating within a challenging environment characterized by relative oversupply in the mid-to-low-end segments, rising raw material costs, and pricing competition in the vehicle market transmitting pressure upstream through the supply chain.
Simultaneously, the ongoing advancement of new energy vehicles, high-voltage electric drive platforms, Advanced Driver-Assistance Systems (ADAS), intelligent cockpits, and Software-Defined Vehicles (SDV) continues to drive the evolution of automotive electronic architectures. Vehicle electronic modules are accelerating their transition from distributed Electronic Control Units (ECUs) towards domain control, zonal control, and centralized computing architectures.
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