Where it fits in an AI server rack
In 2025, data-communications PCBs brought RMB14.66B (up 45.2%, about four-fifths of PCB revenue): high-speed network switches and routers RMB8.17B, AI servers and HPC RMB3.01B and general servers RMB2.54B. Total revenue was RMB18.95B (up 42.0%) and net profit RMB3.82B (up 47.7%); it gives scarce high-end capacity to its leading customers first.
What the evidence establishes
AI-rack evidenceDisclosed: WUS’s 2025 annual report gives PCB revenue for AI servers and HPC and for high-speed switches and routers.
An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.
| Component role | PCBs for AI servers, HPC and high-speed switches |
|---|---|
| Evidence | Disclosed: WUS’s 2025 annual report gives PCB revenue for AI servers and HPC and for high-speed switches and routers. |
| How we know | Disclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so. |
| Primary source | WUS Printed Circuit — supporting disclosure Company or official disclosure; vendor claims are attributed to their source. |
| Checked | . This is the research review date, not the source publication or quote time. |
Keep in perspective
Customers are unnamed, and the revenue lines do not say which rack or GPU platform the boards serve. Its Hong Kong H-share application was refiled on June 5, 2026; a listing was not confirmed as of Sept 24, 2026.
Specialist business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.
Connections to the assembly
These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.
Tray motherboard
A high-layer-count printed circuit board built on low-loss laminate. It routes high-speed links and heavy power currents between the chips, connectors and power stages.
Scope of the company links: Board fabricators first, then laminate makers (upstream). Victory Giant, WUS and Shengyi Electronics disclose AI-server board revenue or share; Gold Circuit and TTM disclose AI-server or AI-driven data-center boards without naming customers. Elite Material, Shengyi Technology, Taiwan Union and Panasonic (MEGTRON) make the low-loss copper-clad laminate the boards are built on; they are upstream enablers, not board suppliers. No source names the fabricator or laminate of a specific NVL72 tray, and reports that Victory Giant supplies NVIDIA are press claims. Doosan and Kingboard Laminates were not verified.
Related research
Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.
- A
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AI-rack evidence - AH
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AI-rack evidence - AS
ASPEED Technology
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Gold Circuit Electronics
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AI-rack evidence - I
Intel
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AI-rack evidence