PCB, known in Chinese as 印制电路板 (printed circuit board), is commonly referred to as a circuit board. If chips (such as CPU, GPU, etc.) are the “brain” of electronic products, responsible for thinking and computation, then the PCB serves as the “skeleton” and “nervous system” of electronic products. It supports all components (organs) and establishes high-speed information transmission channels between the brain and various organs.
1. Pegatron Corporation: The world’s leading PCB manufacturer in terms of revenue (for several consecutive years). Its parent company is the Taiwanese enterprise Zhen Ding Technology.Core advantages: Extremely broad product line, covering everything from FPC (flexible printed circuit), HDI, SLP (substrate-like PCB) to standard rigid boards.
Main clients: The core supplier for Apple, as well as Google, Microsoft, Sony, Huawei, and others.
Characteristics: Unmatched scale effects, especially dominant in the consumer electronics FPC sector. The company is also deeply investing in high-layer HDI boards required for AI servers.
2. Dongshan Precision: As a leader in the integration of FPC (flexible circuit boards) and rigid boards, Dongshan Precision holds a significant share in Apple’s camera module FPC and has made progress in technology related to 800G optical modules.
Main clients: Core supplier for Apple, also actively expanding in the new energy vehicle sector. Characteristics: Diversified business, involved in LED, LCD display modules, etc., in addition to PCBs.
3. Shenghong Technology: It can be said to have a “latecomer advantage” in growth speed, now being the most profitable and highest gross margin company in the PCB industry, previously ranking in the third tier.
Achieving such impressive results in the first half of 2025 and performing outstandingly in this interim report is mainly due to the thorough execution of its All-in AI strategy, precisely positioning itself in the AI golden track: the company’s management has proactively shifted its focus entirely to high-end PCBs required for AI computing power, successfully entering the supply chain of core clients like NVIDIA.This year, as an NVIDIA-certified HDI supplier, its yield rate for high-density boards with more than 16 layers remains above 95%. AI server PCBs account for 40% of its business.
Despite the impressive performance, some potential risks are worth noting, high customer concentration: the company has a high dependency on a few top clients like NVIDIA. If there are fluctuations in orders from these core clients or changes in technology direction, it could significantly impact the company’s performance.
4. Shennan Circuit: A leading domestic brand in the PCB industry, a benchmark for technology and scale among domestic PCB listed companies. Core advantages: Deeply engaged in the PCB field for communication base stations, with world-class technology. Additionally, it leads domestically in high-end fields such as packaging substrates (IC substrates) and aerospace.
Main clients: Core suppliers for Huawei and ZTE, as well as Ericsson, Nokia, Samsung, etc.
Huawei has long been Shennan Circuit’s largest client. According to Shennan Circuit’s past annual reports, its sales to Huawei account for a very high proportion of the company’s total revenue (in some years, it may exceed 30%). This indicates that the company’s performance is closely related to Huawei’s demand.
The high-end packaging substrate technology required for Huawei’s Ascend chips is precisely what Shennan Circuit excels at.
Although Pegatron Corporation and Dongshan Precision are global giants, their capital background is often viewed as Taiwanese/foreign investment. If purely considering “national brands,” Shennan Circuit is generally regarded as the leader among domestic PCB companies.
5. Huadian Technology: A core supplier in the AI server and automotive electronics sectors. The company is a core supplier of NVIDIA’s AI server motherboards (with a share exceeding 50%) and has a global market share of 35% in 800G optical module PCBs.
6. Jingwang Electronics: Among the top three globally in automotive electronics PCBs, it is a core supplier for Tesla’s domain controller motherboards. In 2024, its automotive electronics business is expected to grow by 65%, with new high-end capacity added at its Zhuhai Jinwan base.
7. Xingsen Technology: A leader in PCB prototyping, also a core supplier for Huawei’s Ascend AI server PCBs. The company continues to make breakthroughs in IC substrate technology, with a yield rate exceeding 85%.
8. Shengyi Electronics: As a core supplier of AI server PCBs, its specialty lies in achieving an 80% self-sufficiency rate in high-frequency and high-speed materials, and it is the exclusive supplier of motherboards for Huawei’s Ascend chips. In the first quarter of 2025, net profit surged by 656% year-on-year.
9. Guanghe Technology: A major manufacturer of data center PCBs, a core member of the supply chain for AWS (Amazon Web Services) and Meta (formerly Facebook). Its AI server PCBs account for over 30%, with the Guangzhou Phase III project set to commence production in 2025.