Shennan Circuits: Wuxi AI Computing PCB Project Under Construction

Shennan Circuits is signaling a multi-geography capacity buildout tied to AI computing demand, with the Wuxi project adding to a footprint that already spans Shenzhen, Nantong and Thailand. The more telling detail is that two newer sites only entered production in the second half of 2025 and are still ramping, meaning the earnings contribution from that wave is not yet settled. Whether those ramps convert into stable utilization while Wuxi is still under construction is the open question — and a useful read on how broadly AI-driven PCB demand is being capitalized, not just ordered.