The PCB concept includes the following companies: Xingsen Technology (002436), Yidun Electronics (603328), Shenghong Technology (300476), Shengyi Electronics (688183), Benchuan Intelligent (300964), Hongxin Electronics (300657), Mingyang Circuit (300739), Pengding Holdings (002938), Shennan Circuit (002916), Aoshikang (002913), Chongda Technology (002815), Xunjiexing (688655), Shengyi Technology (600183), Xiehe Electronics (605258), Dongshan Precision (002384), etc.

PCB Concept Industry Chain Map

As the global AI server shipment volume skyrockets by 83%, PCB, known as the mother of the electronics industry, is ushering in a structural explosion opportunity.

In the past three years, the domestic PCB industry scale has risen from 410 billion yuan in 2023 to an estimated 480 billion yuan in 2025, with a CAGR of 7.3%. Leading companies like Huidian Co. and Shennan Circuit are accelerating the domestic substitution of 5G base stations/high-performance computing boards, driving the industry’s gross profit margin back up to 23.6%.

In the next five years, the proliferation of AIoT devices and the iteration of 6G communication will open new growth poles. Institutions estimate that the global PCB market size will exceed 128 billion USD by 2030, with high-value-added products like HDI boards and packaging substrates expected to account for 42%, and the increase in technical barriers and concentration may reshape the industry landscape.

This is the industry map of the PCB concept.

Introduction to the Magic Formula

The investment strategy proposed by Joel Greenblatt, founder of Gotham Capital, has created an investment miracle from 7 million USD to 830 million USD with an average annual return of 40% from its establishment in 1985 to 2005. After the financial crisis, Gotham Capital’s annualized return rate still reached 30%.

Greenblatt uses Return on Invested Capital (ROIC) to measure company performance and ranks all companies; he also ranks all companies based on Earnings Yield to measure stock prices. The final ranking is formed by adding these two rankings together.

This article is part of the corporate value series on the 【Magic Formula】, selecting 10 PCB companies as research samples and evaluating them based on indicators such as Return on Equity, Earnings Yield, and Return on Invested Capital.

The data is based on historical information and does not represent future trends; it is for static analysis only and does not constitute investment advice.

Magic Formula Evaluation Ranking of PCB Concept Industry Chain

5th Place: Shengyi Technology

Product Segment: PCB – High-Density Interconnect (HDI)

Main Products: The copper-clad laminate business is the main source of revenue, accounting for 76.12% of total revenue.

Profitability: Net profit of 1.739 billion yuan, a year-on-year growth rate of 49.37%; operating revenue of 20.388 billion yuan, a year-on-year growth rate of 22.92%; gross profit margin of 22.04%

Profit Forecast: Major institutions predict an average net profit of 2.574 billion yuan for Shengyi Technology in 2025

Highlights: Global market share of copper-clad laminate materials exceeds 12%, high-frequency and high-speed substrate supply for Huawei/ZTE and other 5G base stations, revenue from HDI special resin materials accounts for over 25%, and technical indicators reach international advanced levels.

4th Place: Shiyun Circuit

Product Segment: PCB – Automotive Electronics

Main Products: Rigid boards are the main source of revenue, accounting for 89.09% of total revenue, with a gross profit margin of 20.57%.

Profitability: Net profit of 675 million yuan, a year-on-year growth rate of 36.17%; operating revenue of 5.022 billion yuan, a year-on-year growth rate of 11.13%; gross profit margin of 23.09%

Profit Forecast: Major institutions predict an average net profit of 893 million yuan for Shiyun Circuit in 2025

Highlights: Core supplier for Tesla, automotive PCB products account for over 35% of revenue, with supply scale reaching several hundred million yuan, covering mainstream new energy brands such as BMW and Volkswagen.

3rd Place: Yidun Electronics

Product Segment: PCB – Automotive Electronics

Main Products: Printed circuit boards are the main source of revenue, accounting for 91.44% of total revenue, with a gross profit margin of 14.65%.

Profitability: Net profit of 437 million yuan, a year-on-year growth rate of 23.20%; operating revenue of 3.506 billion yuan, a year-on-year growth rate of 10.36%; gross profit margin of 21.46%

Profit Forecast: Major institutions predict an average net profit of 648 million yuan for Yidun Electronics in 2025

Highlights: Automotive PCB revenue accounts for over 30%, with a market share of about 6% in the domestic automotive electronics segment, primarily serving Tier 1 suppliers in Europe and the United States.

2nd Place: Huidian Co.

Product Segment: PCB – Servers

Main Products: Product sales revenue (printed circuit board business) is the main source of revenue, accounting for 96.23% of total revenue, with a gross profit margin of 35.85%.

Profitability: Net profit of 2.587 billion yuan, a year-on-year growth rate of 71.05%; operating revenue of 13.342 billion yuan, a year-on-year growth rate of 49.26%; gross profit margin of 34.54%

Profit Forecast: Major institutions predict an average net profit of 3.467 billion yuan for Huidian Co. in 2025

Highlights: Core supplier of server PCBs in China, deeply involved in the Nvidia GB300 supply chain, with high-end product market share ranking among the top three in the industry.

1st Place: Pengding Holdings

Product Segment: PCB – Servers

Main Products: Communication boards are the main source of revenue, accounting for 68.97% of total revenue, with a gross profit margin of 18.17%.

Profitability: Net profit of 3.620 billion yuan, a year-on-year growth rate of 10.14%; operating revenue of 35.140 billion yuan, a year-on-year growth rate of 9.59%; gross profit margin of 20.76%

Profit Forecast: Major institutions predict an average net profit of 4.452 billion yuan for Pengding Holdings in 2025

Highlights: Annual production capacity of server PCBs reaches 1.5 million square meters, with revenue from AI server fields increasing to 18%

Disclaimer:This information is compiled from publicly available data for reference only. Biwan strives for accuracy but does not guarantee correctness, nor does it constitute investment advice. Please make prudent decisions.

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