12 October 2026 | 12:18AM HKT Equity Research WUS (002463.SZ): AI PCB ramp up on rising AI server and switch demand; GM improvement driven by PCB specification upgrade; Buy We remain positive on the rising AI PCB demand, driven by servers and switch specification upgrade with the new platform migration. Looking into 3Q26E, we expect the company's revenues to see sequential QoQ growth at 5% to Rmb7.8bn, driven by the new capacity to support more orders from clients, along with continuous GM improvement to 37 ...