Printed Circuit Boards (PCBs) are the core components of electronic devices, akin to the “skeleton” of electronic products, connecting resistors, capacitors, and other components through precise circuits to support device operation. From smartphones and computers to automobiles and communication base stations, almost all electronic devices rely on them, and their performance directly affects product stability and functionality.
The domestic PCB market continues to lead globally. In 2023, the market size reached 363.257 billion yuan, and it is expected to grow to 433.321 billion yuan by 2025, accounting for over 55% of the global market share. In recent years, with the surge in demand from sectors such as new energy vehicles and 5G base stations, domestic companies have rapidly expanded production capacity, dominating mainstream products like multilayer boards and HDI boards, becoming the largest production base in the world.
The PCB industry is evolving towards high precision, lightweight, and environmentally friendly solutions. The integration of 5G, the Internet of Things, and artificial intelligence technologies has spurred strong demand for high-frequency and high-speed boards, as well as flexible boards; the electrification and intelligent driving trends in new energy vehicles are driving the upgrade of automotive PCBs towards high reliability and multilayer designs. The dual drivers of technological iteration and market expansion provide strong momentum for the industry’s long-term development.
Today, we have also organized a list of the top ten core stocks related to “PCB” for your research and reference.
1. Dongcai Technology
Company Highlights: Focuses on upstream materials for PCBs, supplying electronic resin materials to major global manufacturers, driven by demand from AI servers/data centers.
Related Concepts: High-frequency and high-speed PCB materials, 5G communication, new energy vehicles.
Core PCB Business: Produces core raw materials for copper-clad laminates such as high-speed resins, supplying companies like Nvidia and Huawei through suppliers like Taiguang and Shengyi, and expanding applications in optical films.
2. Hongtian Co., Ltd.
Company Highlights: Leader in electrolytic copper foil equipment, breakthrough in vacuum coating technology, achieving domestic substitution with direct-write lithography machines.
Related Concepts: Lithium battery copper foil equipment, semiconductor masks, high-end equipment.
Core PCB Business: Provides production equipment for electrolytic copper foil (such as foil machines and cathode rollers), serving leading companies like Nord.
3. Tongguan Copper Foil
Company Highlights: Leader in domestic high-end electronic copper foil, HVLP copper foil breaks overseas monopoly, with a production capacity of 80,000 tons/year.
Related Concepts: 5G high-frequency and high-speed PCBs, lithium battery copper foil, domestic substitution.
Core PCB Business: Produces ultra-low profile copper foil (HVLP) for PCBs, has entered the supply chain of leading CCL manufacturers, and is applied in 5G communication and AI fields.
4. Bojie Co., Ltd.
Company Highlights: Expert in intelligent manufacturing testing equipment, modular innovation covers RF/acoustic/optical fields.
Related Concepts: Consumer electronics, AI computing power, new energy vehicle testing.
Core PCB Business: Provides automated testing equipment (such as electrical/optical testing) used in PCB production, serving globally renowned companies.
5. Defu Technology
Company Highlights: Dual leader in copper foil, HVLP/RTF copper foil breaks overseas blockade, mass production of solid-state battery materials.
Related Concepts: High-frequency and high-speed PCBs, solid-state batteries, computing power infrastructure.
Core PCB Business: Produces RTF reverse copper foil and HVLP ultra-low profile copper foil, supplying data centers and AI servers, certified by Nvidia.
6. Shennan Circuit
Company Highlights: Domestic PCB leader, pioneer in packaging substrate field, possesses high-end technologies such as FC-BGA, recognized as a national technology innovation demonstration enterprise.
Related Concepts: 5G communication, data centers, automotive electronics, high-end packaging substrates.
Core PCB Business: Produces printed circuit boards (covering high multilayer boards and high-speed boards), packaging substrates (FC-BGA technology), and electronic assembly services, focusing on communication, data centers, and automotive electronics.
7. Zhongyi Technology
Company Highlights: Specialized manufacturer of electrolytic copper foil, driven by both lithium battery copper foil and standard copper foil, with improved yield for 6μm copper foil.
Related Concepts: New energy vehicles, energy storage devices, solid-state batteries, composite current collectors.
Core PCB Business: Standard copper foil (used in PCB applications, specifications 12μm-175μm), lithium battery copper foil (for new energy vehicle power batteries), and expanding conductive film technology for solid-state batteries.
8. Shiyun Circuit
Company Highlights: Leading company in automotive PCBs, with an annual production capacity exceeding 5 million square meters, and has obtained automotive-grade filter technology cooperation.
Related Concepts: Automotive electronics, smart vehicles, RF front-end modules.
Core PCB Business: Produces double-sided boards, multilayer boards, HDI, and rigid-flex boards, with automotive PCBs accounting for about 50%, and invests in filter companies to deepen automotive field layout.
9. Honghe Technology
Company Highlights: Leader in high-end electronic fabric, significant mass production capability for ultra-thin fabric, and integrated cost reduction for electronic yarn.
Related Concepts: Consumer electronics recovery, 5G communication, smartphone upgrades.
Core PCB Business: Electronic-grade glass fiber fabric (ultra-thin, extremely thin fabric), used in copper-clad laminates and PCB substrates, with end customers including Apple and Huawei.
10. Hudian Co., Ltd.
Company Highlights: Among the global top 10 PCBs, leader in 800G switch PCBs, supplier to Tesla and Nvidia.
Related Concepts: AI servers, automotive electronics, high-speed communication.
Core PCB Business: High-end PCBs (for communication equipment, automotive electronics, data centers), with PCB revenue projected at 12.839 billion yuan in 2024 and a gross margin of 35.85%, focusing on AI and automotive electronics markets.
Special Statement: This is for discussing the applications and contributions of related enterprises in this field and does not constitute any investment advice or decision basis, for informational reference only. Investment carries risks, and market entry should be cautious; please make independent decisions based on your own judgment.