WUS Printed Circuit (002463.SZ) — AI-Led Growth; Profitability Improving
Source: Dongguan Securities | Date: April 2, 2026 | Rating: Buy (maintain)
Key Data Snapshot
| Metric | Value |
|---|---|
| Closing price | RMB 76.27 |
| Market cap | 1,467.71 (RMB 100 mn) |
| Free-float market cap | 1,466.52 (RMB 100 mn) |
| Total shares | 1.924 bn |
| 52-week high / low | RMB 93.96 / 23.58 |
| ROE (TTM) | 25.29% |
Earnings forecast
| Year | Revenue (RMB 100 mn) | Net profit to parent (RMB 100 mn) | EPS (RMB) | P/E |
|---|---|---|---|---|
| 2024A | 133.42 | 25.87 | 1.34 | 56.73x |
| 2025A | 189.45 | 38.22 | 1.99 | 38.40x |
| 2026E | 261.79 | 56.65 | 2.94 | 25.91x |
| 2027E | 371.10 | 87.19 | 4.53 | 16.83x |
Results
FY2025 annual report
- Revenue: 189.45 (RMB 100 mn), +42.00% YoY
- Net profit to parent: 38.22 (RMB 100 mn), +47.74% YoY
- Recurring net profit: 37.61 (RMB 100 mn), +47.69% YoY
- In line with expectations
By segment
| Segment | Revenue (RMB 100 mn) | YoY |
|---|---|---|
| Datacom PCBs | 145.56 | +45.21% |
| Smart automotive PCBs | 30.45 | +26.41% |
Profitability
| Metric | 2024A | 2025A | Change |
|---|---|---|---|
| Gross margin | 34.54% | 35.48% | +0.94 ppt |
| Net margin | 19.24% | 20.16% | +0.92 ppt |
| R&D expense | RMB 790 mn | RMB 1.141 bn | +44.4% |
Investment thesis
- AI-driven growth — PCBs for AI servers, HPC, high-speed datacenter switches, etc.
- Margin expansion — gross margin 35.48% (+0.94 ppt YoY); net margin 20.16% (+0.92 ppt YoY).
- Customer & tech position — close ties with global AI compute customers.
- Forward R&D — incubation around CoWoP-class frontiers and mSAP and other advanced processes.
- Capacity — domestic & overseas expansion aligned with next-gen customer ramps.
Risks
- Weaker end demand
- Slower technology rollout
- Intensifying competition
- Larger-than-expected raw material inflation
Disclaimer: Content is from Dongguan Securities, for study only; not investment advice.
