Goldman Sachs
May 24, 2026
Wus Management Visit Positive on Ai Pcb Demand and Capacity Expansion
Single Stock ReportEquitiesInformation Technology
Goldman Sachs maintains a Buy rating on WUS following a management visit that highlighted strong AI PCB demand and a doubling of capex to Rmb6bn in 2026.
Key Takeaways
- 1.Management holds a positive view on growth driven by rising end demand for AI PCBs and the AI infrastructure upcycle.
- 2.Significant capacity expansion is planned, with 2026 capex expected to reach Rmb6bn, double the Rmb3bn projected for 2025.
- 3.WUS is focusing on product mix upgrades and technology readiness (high layer, high speed connection) rather than just utilization rates.
Table of Contents
- Mgmt. visit: Positive on AI PCB end demand; Capacity expansion supporting shipment growth
- Key takeaways
- Valuation
- Key risks
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Verena JengAllen ChangYifan Hu
Securities
002463.SZ
Themes
AI Infrastructure UpcyclePCB Capacity ExpansionAI Server ASIC Penetration
Regions
Asia PacificChina