WUS (002463.SZ): Thailand Tech Tour: Capacity diversification ongoing; AI networking drives demand ahead; Buy

Research evidence excerpt

WUS (002463.SZ): Thailand Tech Tour: Capacity diversification ongoing; AI networking drives demand ahead; Buy

Equity Research

9 July 2026 | 10:41PM HKT

WUS (002463.SZ): Thailand Tech Tour: Capacity diversification ongoing;

AI networking drives demand ahead; Buy

Verena Jeng

+852-2978-1681 | verena.jeng@gs.com

Goldman Sachs (Asia) L.L.C.

Allen Chang

+852-2978-2930 |

allen.k.chang@gs.com

We visited WUS’s Thailand factories during our Thailand / Vietnam Tech Tour (July 7 - Yifan Hu

10). The production in Thailand continues to increase with 90%+ utilization rate by +852-2978-0996Goldman Sachs (Asia)| yifan.hu@gs.comL.L.C.

1Q26 and over 70% of their global-tier clients in data communication have

completed the plant verification, supporting the Thailand factories future growth.

We remain positive on WUS’s leading position in AI networking PCB market, driving

product mix upgrade and WUS’s profitability. The company’s overseas capacity

would enable it better capture the rising AI PCB end demand globally and enhance

its product delivery capability amid the geopolitical uncertainties. Maintain Buy.

Key takeaways: Management mentioned that the utilization rate of Thailand plant

reached over 90% in 1Q26 (link), with a net sales of Rmb295m (vs. Rmb289m in

2025), reflecting WUS benefiting from the rising end demand from global customers.

WUS has implemented its Thailand plant capacity expansion plan and expects the

new capacity to start production in 2Q26, enhancing the company’s mass

production efficiency. The company’s automotive business unit in Thailand plant

started trial production in 4Q25 and started the mass production in 2026, with

capacity gradually ramping up. Management also mentioned that over 70% of

overseas clients in data communication business unit have completed the