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High-end PCBs are the “cornerstone” of the electronics industry, and the upgrade and iteration of their core materials are key to driving technological progress across the entire industry chain.
With the rapid development of emerging technologies such as 5G, AI, and high-performance computing, the performance requirements for PCBs are becoming increasingly stringent, especially for characteristics such as high frequency, high speed, and low dielectric loss, driving upstream core materials into a critical period of technological innovation and domestic substitution.
This article will outline the upstream core material chain for high-end PCBs and, based on the latest information, select the most authentic 19 core companies:
01
Upstream Core Material Segment
1. Copper Foil: High-performance copper foils such as HVLP, HTE, RTF
Copper foil, as an important component of CCL (Copper Clad Laminate), directly affects the signal integrity and reliability of PCBs. Especially in the high-frequency and high-speed fields, HVLP (Ultra-Low Profile) copper foil is a core technology.
First Company: Longyang Electronics
Segment: High-end Copper Foil – HVLP5 Copper Foil
Concept Association: High-frequency and high-speed signal transmission scenarios, applied in servers, consumer electronics, etc.
Company Highlights: The company’s HVLP5 copper foil is currently undergoing customer validation testing and is expected to enter the high-end application market.
Second Company: Baoming Technology
Segment: High-end Copper Foil – HVLP5 Generation Products
Concept Association: Strategic cooperation with NVIDIA’s leading supplier in Taiwan, participating in the HVLP5 generation collaborative development.
Company Highlights: The product has passed customer validation and is undergoing optimization, with plans to send samples again in August, expecting to have a phased conclusion.
Third Company: Hengtong Group
Segment: High-end Electronic Circuit Copper Foil – RTF, LP, HTE, HVLP Series
Concept Association: High value-added products, independently developed and achieved mass production, with HVLP II and other high-end products continuously undergoing sample validation.
Company Highlights: The wholly-owned subsidiary Hengtong Copper Foil has achieved mass production of reverse copper foil (RTF), low-profile copper foil (LP), and high-temperature extension copper foil (HTE), with ongoing development of the high-frequency ultra-low profile copper foil (HVLP) series.
Fourth Company: Defu Technology
Segment: High-end Copper Foil – HVLP3-4 Generation
Concept Association: Quickly acquiring HVLP mass production capabilities through the acquisition of Luxembourg Copper Foil, achieving domestic volume.
Company Highlights: The acquisition of Luxembourg Copper Foil has been completed, with HVLP3-4 generation mass production capabilities, and customers have been bound to Doosan, Panasonic, and Shengyi, with domestic capacity of 50,000 tons that can quickly switch to HVLP.
Fifth Company: Tongguan Copper Foil
Segment: High-end Copper Foil – HVLP1-4 Generation and HVLP5 Generation
Concept Association: Capable of producing multiple generations of HVLP copper foil, with HVLP5 generation having surpassed key performance indicators.
Company Highlights: The company has the production capacity for HVLP1-4 generation copper foil, currently mainly shipping the 2nd generation product, with 55,000 tons of existing capacity partially convertible to HVLP.
2. Resin: EX Materials
Specialty resins are key to preparing high-frequency and high-speed copper-clad laminates, especially EX materials, which hold an irreplaceable position in high-end semiconductors and high-frequency applications.
Sixth Company: Meilian New Materials
Segment: EX Materials (Specialty Epoxy Resins)
Concept Association: Entering the high-end semiconductor (M8 level) material supply chain through the acquisition of Huihong Technology.
Company Highlights: EX materials have achieved mass supply to M8 level semiconductor products, becoming a key upstream supplier for international manufacturers, holding significant influence over China’s high-end materials in the global semiconductor industry chain.
3. Glass Fiber Cloth: Electronic Cloth, Q Cloth
Glass fiber cloth is a reinforcing material for copper-clad laminates, and its dielectric and mechanical properties are crucial to the overall performance of PCBs, especially low-dielectric electronic cloth and Q cloth.
Seventh Company: Honghe Technology
Segment: Glass Fiber Cloth – Low CTE + Second Generation Cloth
Concept Association: Betting on low thermal expansion coefficient (Low CTE) and second-generation glass fiber cloth technology.
Company Highlights: Expected to achieve simultaneous increase in volume and price in the short term, benefiting from high-end market demand.
Eighth Company: Ping An Electric
Segment: Glass Fiber Cloth – Q Cloth
Concept Association: Largest Q cloth production capacity, expected to see explosive growth once validated.
Company Highlights: Has 10 times the potential for elasticity, with the market highly focused on the company’s Q cloth validation progress.
Ninth Company: International Composite Materials
Segment: Electronic-grade glass fiber cloth, low-dielectric glass fiber for 5G
Concept Association: Can be applied in copper-clad laminate production, an important basic material for PCBs.
Company Highlights: Independently developed and possessing independent intellectual property rights, the low-dielectric glass fiber for 5G has achieved mass production, widely used in communications, computers, consumer electronics, and automotive electronics.
Tenth Company: China National Materials
Segment: Glass Fiber Cloth – Q Cloth
Concept Association: Has Q cloth technology reserves, currently undergoing validation in the Taiguang supply chain.
Company Highlights: Continuously advancing in Q cloth technology reserves and market validation with companies like Philips.
Eleventh Company: Philips
Segment: Glass Fiber Cloth – Q Cloth
Concept Association: Has Q cloth technology reserves, currently undergoing validation in the Taiguang supply chain.
Company Highlights: Has technology reserves and market layout in the Q cloth field, actively conducting downstream customer validation.
Twelfth Company: China Jushi
Segment: Glass Fiber Cloth – Low Dielectric Electronic Cloth (LDK)
Concept Association: Aggressively expanding production of low-dielectric LDK electronic cloth, aiming for a high market share.
Company Highlights: Significant expansion efforts, targeting a market share of 15% (currently about 25% for China National Materials), demonstrating ambition in this field.
02
Midstream Segment: Copper Clad Laminate (CCL)
CCL is the basic material for PCB manufacturing, made from copper foil, resin, and glass fiber cloth, bearing the three main functions of conduction, insulation, and support.
Thirteenth Company: Yihao New Materials
Segment: Electronic Circuit Copper Foil, Aluminum-based Copper Clad Laminate, and Printed Circuit Board (PCB)
Concept Association: Supplier of basic materials for PCB production.
Company Highlights: The company’s electronic circuit copper foil and copper-clad laminate products are indirectly applied in various end consumer electronics.
Fourteenth Company: Zhongying Technology
Segment: High-frequency Copper Clad Laminate
Concept Association: Focused on the manufacturing of high-frequency circuit boards.
Company Highlights: The main consumer group is PCB manufacturers, making it an important supplier in the high-frequency PCB field.
Fifteenth Company: Baoding Technology
Segment: Electronic Copper Foil (HTE, LP, RTF, HVLP), Glass Fiber Cloth-based Copper Clad Laminate, Composite-based Copper Clad Laminate, and Aluminum-based Copper Clad Laminate
Concept Association: Product line covers various high-end copper foils and copper-clad laminates.
Company Highlights: Electronic copper foil product specifications range from 9μm to 140μm, mainly supplying copper-clad laminate and printed circuit board manufacturers, with a comprehensive product layout.
Sixteenth Company: Huazheng New Materials
Segment: Copper Clad Laminate
Concept Association: Special laminates specifically for PCB manufacturing, with conduction, insulation, and support functions.
Company Highlights: The company’s copper-clad laminate products are made by soaking glass fiber cloth or other reinforcing materials in resin, with one or both sides covered with copper foil, and then heat-pressed.
Seventeenth Company: Hongchang Electronics
Segment: Copper Clad Laminate, Prepreg, Electronic-grade Epoxy Resins
Concept Association: Integrator of the main raw materials for copper-clad laminates (copper foil, resin, glass fiber cloth).
Company Highlights: The company mainly engages in the production and sales of electronic-grade epoxy resins and copper-clad laminates, with prepreg (film) being one of its key products, used for bonding copper foil circuits and providing insulation.
Eighteenth Company: Jin’an Guoji
Segment: Copper Clad Laminate
Concept Association: Upstream products for PCBs (Printed Circuit Boards).
Company Highlights: The company currently has an annual production capacity of over 40 million copper-clad laminates, making it an important player in the domestic copper-clad laminate industry.
03
Downstream Segment: PCB (Printed Circuit Board)
PCBs are the final carriers of electronic products, achieving circuit functions through line processing, with high-end PCBs in high demand in AI servers and high-frequency communications.
Nineteenth Company: Shenghong Technology
Segment: High-end HD1, high-frequency and high-speed PCBs, and various AI server-related products
Concept Association: Leading company in the AI server PCB field, bound to NVIDIA.
Company Highlights: Has launched and is mass supplying multiple AI server-related products, successfully binding with international AI giant NVIDIA, possessing significant competitive advantages.