WUS Printed Circuit (002463.SZ)

研报英文原文证据摘录

WUS Printed Circuit (002463.SZ)

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05 Jul 2026 19:14:03 ET │ 12 pages

What’s New from Suzhou Tech Tour – Product Development and Price

Strategy

CITI’S TAKE Buy

We visited WUS in Suzhou on 3rd July. Key takeaways include: (1) WUS is Price (03 Jul 26 15:00) Rmb135.350

the main supplier of 1.6T switch for several clients. Research for 3.2T tech Target price Rmb189.000

is ongoing, awaiting 2028 standards. Optical module boards are just for

Expected share price mSAP process practice, not a main target. For CoWoP, competitors have a 39.6%

return head start, but WUS is aggressively catching up in R&D. (2) AI-related

clients do not force price cuts and pricing is driven mostly by vendor Expected dividend yield 0.4%

competition. AI PCB have high margins, so material costs are manageable Expected total return 40.0%

for WUS. Meanwhile, WUS pushes for domestic materials acceptance to Market Cap Rmb260,463M

lower BOM costs. (3) Thailand power grid is unreliable with frequent US$38,477M

outages, as such WUS’s major capacity expansions will remain strictly in

mainland China for the foreseeable future. (4) WUS partners closely with

material and equipment vendors to set future standards.

Karen HuangAC

+852-2501-2755

Capacity Layout and Construction Progress. Mgmt. indicated that several major

karen.xw.huang@citi.com

projects were under way (1) the 3.3bn infrastructure project will add capacity by 2027.

(2) the 5.5bn project Ph1 is nearing completion. (3) Huangshi Plant Ph3 is advancing Kyna Wong

smoothly. (4) Thailand Datacom Ph2 expansion will start ramp up in July 2026. Mgmt. +852-2868-7820

emphasized WUS’s strategy is to build factories early, while flexibly timing equipment kyna.wong@citi.com

purchases to match actual market demand.

Kevin Chen

+852-2501-2125