The intensity of the Middle East conflict continues to exceed market expectations. Following large-scale joint military strikes by the United States and Israel on Iran on February 28 local time, Iran has launched multiple rounds of retaliation. Risks to navigation through the Strait of Hormuz are escalating, further exacerbating global supply chain disruptions. The PCB industry is experiencing structural divergence, with the advantages of leading companies becoming increasingly prominent.
According to data from the Tonghuashun financial database as of February 27, the total market capitalization of leading domestic PCB companies all exceeded 100 billion yuan. Among them, Wus Printed Circuit (Kunshan) Co., Ltd. achieved a total market value of 160.877 billion yuan, ranking fourth in the PCB concept sector, highlighting the market recognition of these top-tier companies.
As a leader in the domestic PCB industry, Wus PCB's recent operating data has been impressive, with a notably clear trend of orders concentrating among top players. It is reported that driven by global supply chain restructuring spurred by the US-Iran conflict and the surge in AI computing power demand, the company's order book for high-end PCB products is full. Notably, procurement of PCBs related to liquid cooling servers surged by 310% year-on-year, becoming a core growth engine. According to data from China Insights Consultancy, as of June 30, 2025, Wus PCB held a global market share of 10.3% in the data center PCB segment and a substantial 25.3% global market share for high-end PCBs with 22 layers or more, ranking first worldwide, demonstrating significant technological and market advantages.
Industry analysts point out that the US-Iran conflict is driving up costs for upstream PCB raw materials such as crude oil and fiberglass. Copper-clad laminates, a core raw material for PCBs, account for 30% of production costs. A 10% increase in copper-clad laminate prices directly raises PCB costs by 5-7%, further squeezing the profit margins of smaller and medium-sized manufacturers. Concurrently, the conflict intensifies uncertainties in overseas supply chains. Due to insufficient production capacity, technology, and supply chain resilience, orders for small and medium-sized PCB manufacturers are accelerating their shift towards leading companies capable of stable supply. Wus PCB, deeply entrenched in the high-end communication board and server board sectors, is deeply integrated with leading downstream server manufacturers. It was also the first to achieve mass production of 1.6T switch PCBs, with product yields at an industry-leading level. Its liquid cooling server PCB products align with the green computing power development trend and cater to the heat dissipation needs of high-power-density computing clusters. With the domestic liquid cooling market projected to surge to 105 billion yuan in 2026, this provides the company with vast room for growth.
Furthermore, the acceleration of global AI computing power infrastructure and increased demand for military electronics are further driving growth in demand for high-end PCBs. The global data center liquid cooling market is expected to reach 116 billion yuan in 2026, a year-on-year increase of nearly 60%, directly stimulating procurement demand for high-end PCBs. Leveraging its technological advantages and production capacity layout, Wus PCB currently operates five production bases in Kunshan, Huangshi, Jintan, and Thailand. The Thailand base operated at 73.5% capacity utilization in the first half of 2025 and is gradually taking on overseas orders. The company is not only undertake domestic transfer orders but also expanding its global reach through its overseas base, positioning itself to continuously increase its global market share amidst the supply chain restructuring. As of early trading on March 2, Wus PCB's share price stood at 82.19 yuan, with a gain of over 150% in the past year. On February 27, its single-day trading volume reached 118 million shares, with a transaction value of 9.853 billion yuan and a turnover rate of 6.11%, indicating sustained active market trading and positive long-term growth expectations.
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Source: Today's Headlines
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