A company worth paying attention to: Pengding Holdings
Amid the dual waves of deep adjustments in the electronics supply chain and the explosion of AI technology, the PCB industry, as the backbone of electronic devices, is undergoing a new pattern reshaping. As a leader in the global PCB field, the company was established in 1999 and is headquartered in Bao’an District, Shenzhen, Guangdong Province, with global manufacturing bases located in Shenzhen, Huai’an, Qinhuangdao, and India.
Since 2013, the company has consistently ranked as the largest PCB enterprise in China and the second largest globally. As of the third quarter of 2025, the company reported revenue of 26.855 billion yuan, ranking second in the industry, with a net profit of 2.393 billion yuan, ranking fourth. Its market share in the high-end PCB sector continues to rise, particularly in flexible circuit boards (FPC) and advanced HDI products, where it holds an irreplaceable competitive advantage.
In terms of core business, the three pillars are communication boards, consumer electronics and computer boards, and automotive/server boards. Among these, communication boards serve as the revenue foundation, accounting for 62.7% of revenue in the first half of 2025, consolidating market share through FPC technology advantages; consumer electronics and computer boards benefited from industry recovery and the explosion of AI edge devices, with revenue growing by 31.63% year-on-year; most notably, the automotive/server board segment has become a growth engine with a year-on-year growth rate of 87.42%, as the ramp-up of AI servers and optical module-related products is restructuring the company’s business structure.
Technically, in the first half of 2025, R&D expenses accounted for 6.55% of revenue, mastering precision manufacturing capabilities with a line width of 0.020mm and a hole diameter of 0.025mm, and making early layouts in cutting-edge fields such as high-end HDI for AI servers and 3.2T solutions for optical modules; in terms of production capacity, the Huai’an San Park, Thailand factory, and Kaohsiung production line form a global layout, precisely matching the emerging demands of AI and automotive electronics.
In the first three quarters of 2025, revenue reached 26.855 billion yuan, a year-on-year increase of 14.34%; net profit attributable to shareholders was 2.408 billion yuan, a year-on-year increase of 21.95%; and net profit excluding non-recurring items was 2.245 billion yuan, a year-on-year increase of 16.37%. Notably, the growth rate of net profit significantly exceeds that of revenue, reflecting the company’s continuously optimizing profitability.
The gross profit margin reached 20.64%, an increase of 0.17 percentage points year-on-year, while the net profit margin reached 8.91%, an increase of 0.51 percentage points year-on-year, with stable operating cash flow.
In summary, the company’s value has long surpassed the traditional PCB manufacturer category. Its core logic lies in successfully positioning itself in the core track of the AI industry explosion through a full-chain layout of cloud, management, and terminal, combined with global production capacity and a solid financial foundation, forming a triple moat of technology, capacity, and governance. In the short term, the recovery of consumer electronics and the ramp-up of AI-related products will drive sustained high growth; in the medium to long term, breakthroughs in new fields such as automotive electronics and high-end medical devices are expected to open up growth ceilings.
Against the backdrop of AI reconstructing the electronics supply chain, this leading enterprise, which combines growth elasticity and value attributes, is expected to continue realizing value amid technological iterations and demand upgrades, making it worthy of long-term attention.
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