WUS Printed Circuit Kunshan vs Chaozhou Three-circle: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

WUS Printed Circuit Kunshan Co Ltd (002463.CS)

Q3 202622 Jul – 9 Oct 2026

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WUS profit surges on AI PCB demand, then sector-wide AI spending scare hits

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.

August 202622 Jul – 9 Oct 2026

▲3▼1

WUS profit surges on AI PCB demand, then sector-wide AI spending scare hits

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.

Latest22 Jul – 9 Oct 2026

▲3▼1

WUS profit surges on AI PCB demand, then sector-wide AI spending scare hits

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.

Chaozhou Three-circle Group Co Ltd (300408.CS)

Q3 202620 Jul – 9 Oct 2026

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Buybacks and AI-driven MLCC boom lift Sanhuan; anchor investor exits

Company buybacks and ICBC loan support Sanhuan launched two buyback phases totaling up to 1.9 billion yuan and secured a 900 million yuan ICBC loan for it. By September 30 it had repurchased 8.65 million shares for 995 million yuan. Buybacks reduce shares outstanding and signal management confidence, supporting the stock price.
Direct company capital actions that support the share price.
MLCC supercycle and AI server demand MLCC spot prices have jumped over 20% for standard parts and 60-80% for high-capacitance AI server types since June. Overseas leaders Murata and Samsung Electro-Mechanics posted record results and raised guidance. Analysts see the upcycle as early, boosting demand and pricing for Sanhuan's products.
Core industry driver of revenue and profit growth for the company.
Strong earnings and fund demand Sanhuan guided first-half net profit up 45-65% year-on-year, with actual revenue up 54.8% and net profit up 56.2%. A top-performing fund held it as a heavy weight and increased electronics holdings. Strong results and institutional buying support the stock.
Fundamental earnings growth and institutional demand underpin the stock.
Anchor investor fully exits H-shares Huafeng International, an anchor investor in Sanhuan's Hong Kong IPO, plans to sell its remaining 360,400 H-shares, fully exiting after already selling 420,900 shares near the H-share peak. The exit adds selling pressure and may weigh on sentiment, though it is a small stake.
A real counterweight: insider selling that can pressure the stock.

August 202620 Jul – 9 Oct 2026

▲3▼1

Buybacks and AI-driven MLCC boom lift Sanhuan; anchor investor exits

Company buybacks and ICBC loan support Sanhuan launched two buyback phases totaling up to 1.9 billion yuan and secured a 900 million yuan ICBC loan for it. By September 30 it had repurchased 8.65 million shares for 995 million yuan. Buybacks reduce shares outstanding and signal management confidence, supporting the stock price.
Direct company capital actions that support the share price.
MLCC supercycle and AI server demand MLCC spot prices have jumped over 20% for standard parts and 60-80% for high-capacitance AI server types since June. Overseas leaders Murata and Samsung Electro-Mechanics posted record results and raised guidance. Analysts see the upcycle as early, boosting demand and pricing for Sanhuan's products.
Core industry driver of revenue and profit growth for the company.
Strong earnings and fund demand Sanhuan guided first-half net profit up 45-65% year-on-year, with actual revenue up 54.8% and net profit up 56.2%. A top-performing fund held it as a heavy weight and increased electronics holdings. Strong results and institutional buying support the stock.
Fundamental earnings growth and institutional demand underpin the stock.
Anchor investor fully exits H-shares Huafeng International, an anchor investor in Sanhuan's Hong Kong IPO, plans to sell its remaining 360,400 H-shares, fully exiting after already selling 420,900 shares near the H-share peak. The exit adds selling pressure and may weigh on sentiment, though it is a small stake.
A real counterweight: insider selling that can pressure the stock.

Latest20 Jul – 9 Oct 2026

▲3▼1

Buybacks and AI-driven MLCC boom lift Sanhuan; anchor investor exits

Company buybacks and ICBC loan support Sanhuan launched two buyback phases totaling up to 1.9 billion yuan and secured a 900 million yuan ICBC loan for it. By September 30 it had repurchased 8.65 million shares for 995 million yuan. Buybacks reduce shares outstanding and signal management confidence, supporting the stock price.
Direct company capital actions that support the share price.
MLCC supercycle and AI server demand MLCC spot prices have jumped over 20% for standard parts and 60-80% for high-capacitance AI server types since June. Overseas leaders Murata and Samsung Electro-Mechanics posted record results and raised guidance. Analysts see the upcycle as early, boosting demand and pricing for Sanhuan's products.
Core industry driver of revenue and profit growth for the company.
Strong earnings and fund demand Sanhuan guided first-half net profit up 45-65% year-on-year, with actual revenue up 54.8% and net profit up 56.2%. A top-performing fund held it as a heavy weight and increased electronics holdings. Strong results and institutional buying support the stock.
Fundamental earnings growth and institutional demand underpin the stock.
Anchor investor fully exits H-shares Huafeng International, an anchor investor in Sanhuan's Hong Kong IPO, plans to sell its remaining 360,400 H-shares, fully exiting after already selling 420,900 shares near the H-share peak. The exit adds selling pressure and may weigh on sentiment, though it is a small stake.
A real counterweight: insider selling that can pressure the stock.