1. PCB output value and AI server dual-line high growth computing hardware sector continues to rise in popularity
According to the Prismark report, in the first quarter of 2025, the global PCB market size is expected to grow by 6.8%, with high-end HDI boards (High-Density Interconnect boards) and multilayer boards with more than 18 layers experiencing growth rates of 14.2% and 18.5%, respectively. In 2025, it is expected that the global PCB output value will increase to 78.6 billion USD, with output value and shipment growth rates of 6.8% and 7.0%. Additionally, relevant analysis agencies indicate that from 2023 to 2028, the global AI server PCB market compound growth rate will exceed 30%. The value of a single AI server’s PCB is as high as 5 to 7 times that of traditional servers.
Shenghong Technology (300476) is a global core supplier of AI computing PCBs, focusing on the R&D and production of high-precision multilayer boards, HDI, FPC and other products;
Shenzhen South Circuit (002916) is a domestic high-end PCB and packaging substrate leader, accelerating the domestic substitution of its FC-BGA substrates, with the value of AI server PCBs increasing by 5 times;
Pengding Holdings (002938) focuses on the R&D and production of high-end PCBs and empowers product innovation and manufacturing upgrades through AI technology, being a core leader in the “AI+PCB” field;
Jingwang Electronics (603228) is a domestic PCB all-category leader, occupying a key position in the global high-end manufacturing chain due to its diversified technology and full coverage of downstream.
On July 26, 2025, the WAIC World Artificial Intelligence Conference will be held, with a high short-term focus on super nodes; major PCB manufacturers are actively expanding production (on July 25, Dongshan Precision announced after the market that it plans to invest no more than 1 billion USD to build a high-end printed circuit board project), driving tight upstream material demand and promoting technological upgrades.
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