The recently released Q3 report from WUS Printed Circuit vividly illustrates the impact of the "AI dividend."

According to the third-quarter financial report, WUS Printed Circuit's revenue soared to RMB 9.536 billion, marking a 90.02% increase year-on-year. Its net profit attributable to shareholders reached RMB 2.699 billion, up 160.77% from the same period last year. The earnings from this single quarter alone outstrip those of many competitors for an entire year.

When considering the first three quarters collectively, the company's growth trajectory becomes even more robust. From January to September, revenue amounted to RMB 23.225 billion, a 71.88% increase year-on-year, while net profit stood at RMB 5.622 billion, up 106.87% year-on-year. Previously, the company's revenue rose from RMB 8.938 billion in 2023 to RMB 13.342 billion in 2024 and further to RMB 18.945 billion in 2025, culminating in RMB 23.225 billion in the first nine months of this year.

Compared to the full-year net profit of RMB 3.822 billion in 2025, the first three quarters of this year have already exceeded last year's total profit by nearly half.

The quarter-on-quarter comparison is even more remarkable. The company's net profit surged from RMB 1.681 billion in Q2 to RMB 2.699 billion in Q3, representing a roughly 60% increase. Revenue also climbed from RMB 7.475 billion to RMB 9.536 billion, an approximate 28% rise. With revenue growth below 30% but profit soaring by 60%, it indicates that this quarter was characterized not just by volume expansion but also by a significant increase in profit margins.

The quarterly net profit margin increased from 22.5% to 28.3%, a nearly six-percentage-point difference. The company's gross profit margin stood at 41.28% in the first half, already high for a manufacturing firm. However, the third-quarter profit growth outpaced revenue growth, suggesting that prices for high-end boards continue to rise.

Where does this price premium originate?

WUS Printed Circuit's announcement attributes it to structural demand in areas such as high-speed switches, AI servers, and high-performance computing, combined with its own product mix optimization. The PCBs for these types of computing power equipment require more layers, higher-quality materials, and significantly more complex processing, resulting in a much higher per-unit value compared to traditional servers.

As AI hardware volumes surge, PCBs have evolved from a supporting component to a key growth market within the computing power chain. In the short term, high-end capacity supply cannot keep pace with demand growth, leading to consecutive price increases for electronic glass yarn, electronic cloth, copper-clad laminates, and finished PCBs. Leading manufacturers are able to pass on upstream cost increases in new orders. Those with high-end capacity and top-tier clients can effectively transfer these costs downstream.

Breaking down the business, WUS Printed Circuit is nearly a pure-play PCB company. In its 2026 mid-year report, revenue from the printed circuit board business reached RMB 12.995 billion, accounting for 94.92% of total revenue, with the remainder being negligible. In terms of customer composition, export revenue amounted to RMB 11.168 billion, representing 81.58% of the total. WUS Printed Circuit's primary market is overseas, tapping into the global trend of computing power expansion.

Founded in Kunshan in 1992 and listed in 2010, the company has spent over three decades mastering the circuit board business. Its accumulated customer base and technological expertise form the bedrock for capitalizing on this market cycle. This explains why its Thailand factory has transitioned from a cost center to a profit generator, serving as more than just a financial addition in its strategic layout.

This round of PCB performance explosion reflects a resonance across the entire supply chain. According to the Economic Reference News, among the 48 companies in the Shenwan Level-3 PCB industry, 17 had disclosed forecasts or formal reports as of October 21. WUS Printed Circuit, Shengyi Technology, and Shennan Circuits emerge as the top tier.

Shengyi Technology anticipates net profit for the first three quarters to range from RMB 6.46 billion to RMB 6.87 billion, representing growth of 164% to 181%. Shennan Circuits forecasts RMB 4.05 billion to RMB 4.15 billion, up 74% to 78%. These three companies account for the lion's share of the sector's profit growth.

Mid-tier companies exhibit even more dramatic growth. Baoding Technology projects growth of 537% to 614%, while Fastprint Circuit Technology and Jinlu Electronics generally fall within the 200% to 300% range. The industry has shifted from discussing growth expectations to delivering on profit promises.

Regardless of how strong the performance, sustainability remains crucial. The entire industry is now frantically expanding capacity. Since this year, about 15 PCB companies have disclosed private placements, raising a total of RMB 28.9 billion, with Pengding Holdings (Avary Holding) alone investing RMB 9.6 billion in AI server and high-speed optical module boards.

Another set of figures is even more staggering: since this year, more than 20 PCB companies have announced capacity expansions, with investments exceeding RMB 70 billion. Expansion does not equate to immediate capacity realization, as high-end boards must pass customer certification. Short-term supply-demand tightness will persist for some time. Citigroup's research report serves as a reference, projecting the global AI PCB market size to reach RMB 152 billion, RMB 307 billion, and RMB 562 billion from 2026 to 2028.