WUS Printed Circuit Q3 Net Profit Hits Record 2.7 Billion Yuan, Up 161% YoY
nashnova research
WUS Printed Circuit (沪电股份) posted a record single-quarter net profit of ¥2.7 billion in Q3, up 161% year-on-year; profit grew 1.8× faster than revenue, as AI-server and high-speed-switch demand pushes this PCB leader into an earnings acceleration lane.
¥2.7 billion in one quarter — where did it come from?
Q3 revenue hit ¥9.54 billion, up 90% YoY. Adjusted net profit reached ¥2.68 billion, up 160%.
This means → profit grew roughly 1.8× faster than revenue. The company isn't just selling more boards — it's selling higher-value boards, and scale is spreading costs thinner.
Management attributes the surge to three demand drivers: high-speed switches, AI servers, and high-performance computing — the core hardware layer inside data centres, where orders are still climbing.
How does the nine-month picture look?
First nine months: revenue ¥23.2 billion, up 72% YoY; net profit ¥5.62 billion, up 107%.
Adjusted net profit was ¥5.47 billion — nearly identical to reported profit. In plain terms = almost all the earnings came from the core business; government subsidies and other one-offs totalled only about ¥148 million, under 3%.
ROE — return on equity, a measure of how hard shareholders' capital is working — reached 31.24%, up more than 10 percentage points from a year earlier. EPS doubled to ¥2.92.
Why does the Thailand factory deserve its own section?
The Thai subsidiary turned profitable this quarter, moving from a ramp-up cash burn into scaled operations.
This means → what used to be a drag on the income statement is now a contributor — the overseas expansion is finally earning money.
This reflects a broader milestone: once utilisation rates crossed the break-even threshold, economies of scale kicked in, validating the capacity-export strategy.
How much is the expansion costing, and where is the money coming from?
Capex in the first nine months reached ¥5.28 billion — 2.5× last year's ¥2.1 billion. Fixed assets grew from ¥5.7 billion to ¥8.46 billion; construction in progress stands at ¥3.3 billion.
To fund the build-out, WUS drew net borrowings of roughly ¥5.17 billion. Short-term debt doubled from ¥2.17 billion to ¥4.18 billion; long-term debt ballooned from ¥1.89 billion to ¥4.73 billion.
In plain terms = nearly all the expansion cash came from debt. The pace is aggressive.
The balance sheet is ballooning — where is the risk?
Total assets surged from ¥28.3 billion to ¥43.3 billion, up 53%. Receivables jumped from ¥5.5 billion to ¥9.65 billion; inventory rose from ¥4.2 billion to ¥7.14 billion.
Operating cash flow was ¥2.7 billion — actually slightly below last year's ¥2.9 billion. Profit doubled, but cash collection didn't keep pace; receivables and inventory absorbed the difference.
This means → the key test ahead is whether new capacity comes online on schedule and converts into sustained profit growth. If the ramp falls short of plan, the pressure from high-leverage expansion will surface quickly.
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