Weirgao is a publicly listed company focused on the research, development, production, and sales of printed circuit boards (PCBs). The company, with stock code 301251, was listed on the Shenzhen Stock Exchange’s Growth Enterprise Market in 2023. It is recognized as a national high-tech enterprise and a national-level specialized and innovative “little giant” enterprise, holding honors such as the Jiangxi Provincial Enterprise Technology Center. Its factory in Thailand is set to commence production in June 2024, while the second phase of the Jiangxi factory project is scheduled to start in April 2025, with plans for trial production by the end of the year. Future outlook – AI servers and new energy vehicles are two core sectors with strong industry demand: Since 2024, with the growth in demand for AI servers and new energy vehicles, the PCB industry has entered a new prosperity cycle, and the company, as a supplier in this niche field, stands to benefit directly.
– Positive performance growth trend: In the first half of 2025, revenue reached 715 million yuan, a year-on-year increase of 58.7%; net profit attributable to shareholders was 45.2 million yuan, up 18.3%, and net profit excluding non-recurring items was 44.37 million yuan, an increase of 54%. With the improvement in capacity utilization at the Thailand factory and the continuous increase in orders for AI server power supplies, performance is expected to continue to grow. – A core company in server power PCB, Weirgao has a significant advantage in the AI computing power supply chain: The company’s 30-layer/6OZ high-thickness copper PCB technology is rare in the domestic market, capturing over 60% of the Delta AI server power PCB market share, indirectly supporting NVIDIA’s GB200. Starting from April 2025, the mass production of GB200 is expected to increase the company’s related monthly order scale to approximately 60 million yuan, potentially contributing 600 million yuan in revenue for the year, accounting for 40% of the company’s total revenue. NVIDIA is expected to release the B300/GB300 platform in September-October, and the increase in power consumption will lead to an upgrade in high-thickness copper PCB specifications, with the company being a core second-tier supplier expected to receive more orders.
High-thickness copper PCBs are widely used in the power sector. High-thickness copper PCBs have excellent electrical conductivity, can carry large currents to meet the demands of high-current devices, and possess strong heat dissipation capabilities and higher mechanical strength, effectively conducting heat, reducing device temperatures, and minimizing the risk of thermal degradation, making them indispensable in high-performance computing scenarios that require high heat dissipation.
– A significant capacity explosion in 2026 will bring substantial performance growth: By the end of 2025, the Thailand base will expand to 100,000 square meters per month, focusing on high-thickness copper server power supplies and automotive three-electric orders, avoiding domestic price wars while enjoying advantages in tariffs and shipping costs. The second phase of the Thailand factory will begin trial production at the end of August, and if the yield exceeds 95%, it will trigger additional orders from major clients. Meanwhile, the company’s automotive electronics business is growing rapidly, with BYD’s business expected to increase from 50 million yuan in 2024 to 160 million yuan in 2025, with further growth anticipated. The second phase of the Jiangxi factory is expected to be completed by the end of 2025, releasing 1.2 million square meters of capacity in 2026, primarily targeting high-end HDI boards and rigid-flex boards, with an expected revenue contribution of 800 million to 1 billion yuan. The capacity utilization rate of the Thailand factory is also expected to exceed 90%, providing strong capacity support for the company’s performance growth.
Once fully operational in the future, business revenue could reach nearly 10 billion yuan, with a profit margin of 15-20%, indicating significant growth potential.