Wus Printed Circuit (Kunshan) Co., Ltd. produces and sells various printed circuit boards in China and provides related after-sales services. Its products include backplanes, line cards, server products, antennas, high density interconnect, hybrid products, heat sinks, and heavy copper. These are used in automotive, power supply, computer, wireless telecommunications infrastructure, wired core network, semiconductor, and industrial applications. The company was incorporated in 1992 and is based in Kunshan, China.
Why is WUS Printed Circuit Kunshan Co Ltd (002463.CS) moving?
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WUS profit surges on AI PCB demand, then sector-wide AI spending scare hits
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First-half profit jumps 74% on AI-driven PCB demand WUS reported first-half net profit of 2.923 billion yuan, up 73.72%, with revenue up 61.17%. High-layer PCBs (32+ layers) surged about 191% and gross margin rose to 40.52%. Strong earnings confirm the AI server buildout is flowing through to real profits, supporting the stock.
The interim report is the period's core company-specific positive and shows why earnings power is rising.
Goldman sharply raises AI server PCB market forecast Goldman Sachs lifted its 2027 AI server PCB market forecast 38% to $37.5 billion and sees $84 billion by 2028, citing more PCB layers and higher-end materials. A bigger addressable market for AI server boards supports WUS's growth outlook and lifted PCB shares broadly.
It explains the demand backdrop that underpins WUS's growth and investor enthusiasm for PCB makers.
Early profit preview flagged 68-78% growth, Thailand turning profitable Before the interim report, WUS guided first-half net profit up 68%-78%, with its Thailand plant turning profitable in the second quarter. The overseas plant reduces reliance on China production and adds capacity for global customers, a structural positive for future earnings.
It shows the earnings beat was foreshadowed and highlights overseas expansion as a growth driver.
OpenAI revenue-gap panic slams AI hardware, PCB stocks fall 6%+ A reported ~$20 billion gap between OpenAI's actual annualized revenue and expectations triggered a broad selloff in AI hardware. WUS and other PCB names dropped more than 6% in one day. This is sentiment-driven, not a change in WUS's business, but it shows how sensitive the stock is to AI spending fears.
It is the main counterweight this period, showing the key risk to the AI-demand story that drives WUS.
OpenAI's annualized revenue forecast gap of about $20 billion sparks panic, A-share computing hardware sector falls across the board
On October 9, the A-share computing hardware sector suffered a deep correction. The STAR 50 Index fell nearly 4% intraday, and the semiconductor index dropped more than 4%. AI hardware segments such as MLCC, PCB, and CPO led the decline. Multiple stocks including Fenghua Advanced Technology and Jinan Guoji hit the daily limit down. Zhongji Innolight fell more than 5%, and a batch of PCB stocks such as Wus Printed Circuit and Shennan Circuits dropped more than 6%. Overnight in the US, the Philadelphia Semiconductor Index tumbled 3.39%, with Nvidia, AMD, Broadcom, and Intel all falling. Applied Optoelectronics dropped more than 13%, and Coherent fell 9.63%. In Asian markets, Japan's SoftBank fell more than 4%, and Kioxia dropped nearly 2%. According to market sources, financial documents disclosed by OpenAI to investors show that as of the end of September, its annualized revenue run rate was about $50 billion, significantly lower than the previously widely circulated expectation of nearly $70 billion, a gap of about $20 billion, triggering market panic. On the industry fundamentals side, MLCC demand has not weakened. On October 6, Samsung Electro-Mechanics announced a supply contract for AI server MLCCs with a large global enterprise, worth about 285.611 billion Korean won, approximately 1.427 billion yuan. Since June 2026, Samsung Electro-Mechanics has disclosed four AI server MLCC orders totaling about 2.11 trillion Korean won, approximately 10.519 billion yuan, all long-term agreements extending to the end of 2027. Last night, Dongshan Precision issued a statement responding to rumors about restrictions on optical chip procurement, saying that the claim of a 65% US-origin material ratio is an unofficial market rumor, and that some of the optical chips used in its optical modules are self-developed and self-produced, accounting for no more than 10% of BOM costs. CITIC Securities released a fourth-quarter technology strategy research report yesterday, arguing that the current global tech stock correction mainly reflects valuation contraction rather than earnings downgrades, and that capital expenditure growth from 2027 to 2028 will support upward earnings in the computing power supply chain.
009150.KO · Demand · Positive Samsung Electro-Mechanics announced a ~1.427 billion yuan AI server MLCC supply contract with a large global enterprise, part of four AI server MLCC orders totaling ~10.5 billion yuan through end-2027.
002384.CS · Regulation · Neutral Issued a statement denying rumors of a 65% US-origin material ratio restriction on optical chip procurement, calling it unofficial market rumor.
000636.CS · · Negative Hit daily limit down as part of the broad A-share computing hardware selloff sparked by OpenAI's revenue shortfall panic; no company-specific development.
002463.CS · · Negative Dropped more than 6% amid the sector-wide PCB decline tied to the OpenAI revenue-gap panic; no company-specific news.
002916.CS · · Negative Fell more than 6% as part of the broad PCB/computing hardware selloff driven by OpenAI's revenue miss; no company-specific development.
300308.CS · · Negative Fell more than 5% in the AI hardware-led A-share correction sparked by OpenAI's revenue forecast gap; no company-specific news.
Shengyi Electronics Plans to Invest 2.257 Billion Yuan to Expand High-End HDI Capacity
Shengyi Electronics announced on the evening of August 28 that it plans to have its wholly owned subsidiary Ji'an Shengyi Electronics invest in the construction of a high-speed interconnect circuit board manufacturing project called Core Computing Intelligent Connectivity. The total investment is approximately 2.257 billion yuan, of which new investment is about 2.158 billion yuan. The products are positioned as HDI printed circuit boards for AI servers, automotive electronics, and other fields, with a designed capacity of 445,900 square meters per year. In the first half of the year, the company's revenue was 5.784 billion yuan, up 53.46 percent year on year, and net profit attributable to the parent company was 1.111 billion yuan, up 109.36 percent year on year. Gross margin rose to 34.31 percent, a new high since listing. As of the close on August 28, Shengyi Electronics traded at 131.2 yuan per share, with a total market value of about 109.9 billion yuan, and had risen nearly 40 percent during the year. The company noted that project funding will come from its own and self-raised funds, while cash and cash equivalents at the end of the period were only 407 million yuan, and the asset-liability ratio rose to 53.76 percent, creating funding pressure. In the industry, according to CPCA statistics, in the first half of 2026 there were 76 new investment projects in China's PCB industry, with a total investment of about 169.1 billion yuan. Leading manufacturers such as Victory Giant Technology, Avary Holding, and Wus Printed Circuit have all expanded capacity significantly, but the new capacity is expected to be released mainly from the second half of 2026 to 2028, posing a risk of oversupply.
Artificial Intelligence › AI Server OEM & System Integration Supply
688183.CG · Capital · Positive Shengyi Electronics plans a 2.257 billion yuan investment to expand high-end HDI capacity for AI servers and automotive electronics.
002463.CS · Competition · Negative Named as a leading PCB manufacturer whose significant capacity expansion contributes to the industry oversupply risk.
002938.CS · Competition · Negative Named as a leading PCB manufacturer whose significant capacity expansion contributes to the industry oversupply risk.
300476.CS · Competition · Negative Named as a leading PCB manufacturer whose significant capacity expansion contributes to the industry oversupply risk.
Wus Printed Circuit's 2026 interim report shows net profit of 2.923 billion yuan
Wus Printed Circuit released its 2026 interim report. Total operating revenue was 13.689 billion yuan, and net profit attributable to the parent company was 2.923 billion yuan. Net cash inflow from operating activities was 1.151 billion yuan, a decrease of 947 million yuan, or 45.14 percent, compared with the same period last year. The company's latest asset-liability ratio was 52.20 percent, gross margin was 38.72 percent, return on equity was 16.25 percent, and diluted earnings per share was 1.52 yuan. The number of shareholders was 367,100, and the top ten shareholders held 43.93 percent of the total share capital.
Multiple listed companies released positive news on the evening of August 25
On the evening of August 25, multiple listed companies on the Shanghai and Shenzhen stock exchanges released important announcements. Wanhua Chemical's subsidiary, BorsodChem in Hungary, has completed the shutdown maintenance of its integrated MDI and TDI facilities and resumed normal production. CICC has been approved to publicly issue corporate bonds to professional investors with a total face value not exceeding 80 billion yuan. Wus Printed Circuit reported first-half net profit of 2.923 billion yuan, up 73.72 percent year on year. Ouke Precision Cutting Tools reported first-half net profit of 371 million yuan, up 47,734.24 percent year on year. Hangzhou Cable reported first-half net profit of 393 million yuan, up 938.67 percent year on year. Yahua Group reported first-half net profit of 1.216 billion yuan, up 795.48 percent year on year. Qinghai Salt Lake Industry reported first-half net profit of 6.169 billion yuan, up 137.88 percent year on year. Sinomine Resource Group's lithium sulfate project in Zimbabwe with an annual capacity of 100,000 tonnes is expected to be completed and put into production by mid-2027. Beimo High-tech Friction Materials plans to repurchase shares for 120 million to 180 million yuan for employee stock ownership plans or equity incentives.
Wus Printed Circuit and Jiangxi Copper first-half net profits rise 73.72% and 106.77% respectively
Wus Printed Circuit, Jiangxi Copper and several other companies released their 2026 semi-annual reports. Wus Printed Circuit's first-half net profit rose 73.72% year on year, while Jiangxi Copper's net profit rose 106.77%. Huashengchang's first-half net profit grew 73%, with second-quarter net profit up 223% quarter on quarter. JPT's 2026 semi-annual net profit rose 105.25% year on year. Naura Technology's first-half net profit rose 5.05% year on year. In addition, Zhong Shanshan, the actual controller of Wantai Biological Pharmacy, donated 33 million company shares free of charge to the Fujian Xiang'an Innovation Laboratory Science and Technology Development Foundation, accounting for 2.61% of the company's total share capital.
Goldman Sachs sharply raises AI server PCB and CCL market size forecasts
Goldman Sachs has sharply raised its market size forecasts for artificial intelligence server-related printed circuit boards and copper clad laminates in its latest industry report. The bank now expects the global AI server PCB market to reach 37.5 billion dollars in 2027, up 38 percent from its previous forecast, and to further grow to 84 billion dollars in 2028. The CCL market is projected to hit 22.1 billion dollars in 2027, an 18 percent increase, and could rise to 48 billion dollars in 2028. This implies compound annual growth rates of 148 percent and 161 percent for the AI server PCB and CCL markets respectively from 2026 to 2028. Goldman Sachs noted that this growth is driven not only by higher server shipments, but also by factors such as increased PCB layer counts, greater penetration of high-end HDI, upgrades in CCL materials, and higher PCB usage within server racks. Following the news, PCB-related stocks in China's A-share market saw renewed activity, with Baoding Technology hitting the daily limit for the fifth time in six sessions, Jingwang Electronics locking in its second consecutive daily limit, and Yihao New Materials, Shenghong Technology, Shengyi Technology, and Wus Printed Circuit also advancing.
Shenzhen Electronics Sector First-Half Earnings Previews Shine, Driven by AI Computing Power and Semiconductor Localization
The Shenzhen electronics sector's first-half 2026 earnings previews are full of highlights, with 56 companies projecting median attributable net profit growth exceeding 50%, and 37 of them exceeding 100%. The semiconductor industry performed especially well, with 15 companies projecting median attributable net profit growth over 50%, and 13 over 100%. TCL Technology expects attributable net profit of 3.7 billion to 3.92 billion yuan, up 96% to 108% year-on-year, with subsidiary TCL CSOT net profit exceeding 3.8 billion yuan. Tongfu Microelectronics expects attributable net profit of 1.6 billion to 1.8 billion yuan, up 288.26% to 336.80%, benefiting from AI computing power buildout and accelerated localization. Wus Printed Circuit expects attributable net profit of 2.83 billion to 3 billion yuan, up 68.17% to 78.28%, with its Thailand subsidiary turning profitable in the second quarter on a single-quarter basis. Changchuan Technology expects attributable net profit of 900 million to 1 billion yuan, up 139.38% to 167.38%, with sales of product lines such as digital testers growing significantly. Konfoong Materials International expects attributable net profit of 480 million to 560 million yuan, up 89.99% to 121.65%, with revenue from semiconductor precision components continuing to grow. Dapu Microelectronics expects operating revenue to increase by 474.73% to 541.56% year-on-year, with attributable net profit of 1.2 billion to 1.35 billion yuan, swinging from a loss to a substantial profit, and its 122-terabyte capacity QLC SSD has achieved commercial deployment.
000100.CS · Capital · Positive TCL Technology expects attributable net profit up 96%-108% YoY, driven by subsidiary TCL CSOT.
002156.CS · Demand · Positive Tongfu Microelectronics expects net profit up 288%-337%, benefiting from AI computing power buildout and accelerated localization.
002463.CS · Capital · Positive WUS Printed Circuit expects net profit up 68%-78%, with Thailand subsidiary turning profitable.
300604.CS · Demand · Positive Changchuan Technology expects net profit up 139%-167%, with sales of digital testers growing significantly.
300666.CS · Demand · Positive Konfoong Materials International expects net profit up 90%-122%, with revenue from semiconductor precision components continuing to grow.
DapuStor · Capital · Positive DapuStor expects revenue growth of 474-542% and net profit of 1.2-1.35 billion yuan, swinging from loss to substantial profit.
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