PCB raw materials mainly include copper-clad laminates, copper foil, fiberglass cloth, resin, and ink, whose performance directly affects the electrical characteristics and reliability of PCBs, and they account for a high proportion of costs. The industry is showing a trend of being technology-intensive and accelerating domestic substitution.
Ink Sector
10th: Rongda Photosensitive (300576.SZ)
Main Business: PCB photosensitive ink
Main Products: Photosensitive ink for 5G communication and automotive electronics
Production Efficiency: Leading domestic PCB ink manufacturer, focusing on photolithography technology
9th:Guangxin Materials (300537.SZ)
Main Business: Electronic chemicals
Main Products: PCB solder mask ink and circuit ink
Production Efficiency: Advancing electronic photosensitive materials project
Resin Sector
8th:Shengquan Group (605589.SH)
Main Business: Synthetic resins and new materials
Main Products: Electronic-grade phenolic resin, PPO resin (certified by leading enterprises)
Production Efficiency: Leading domestic resin manufacturer with advanced production capacity
7th:Dongcai Technology (601208.SH)
Main Business: Functional polymer materials
Main Products: Maleimide resin, hydrocarbon resin (supplying NVIDIA, Huawei)
Production Efficiency: High-speed resin is being scaled for use in AI servers
Fiberglass Cloth Sector
6th:Honghe Technology (603256.SH)
Main Business: Electronic-grade fiberglass cloth
Main Products: 9μm ultra-thin fiberglass cloth (compatible with AI servers)
Production Efficiency: A core enterprise in ultra-thin electronic cloth globally, breaking Japan’s monopoly
5th:China Jushi (600176.SH)
Main Business: Fiberglass and electronic cloth
Main Products: Low dielectric fiberglass cloth (annual production capacity of 960 million meters)
Production Efficiency: A global leader in fiberglass, electronic cloth suitable for high-frequency and high-speed scenarios
Copper Foil Sector
4th:Nord Holdings (600110.SH)
Main Business: Research and production of electrolytic copper foil
Main Products: 3-8 micron ultra-thin copper foil, HVLP high-frequency and high-speed copper foil
Production Efficiency: A global leader in lithium battery copper foil, HVLP copper foil breaks overseas monopoly
3rd:Jiayuan Technology (688388.SH)
Main Business: Electrolytic copper foil
Main Products: 3 micron lithium battery copper foil, HVLP copper foil (certified supply to NVIDIA)
Production Efficiency: A leading enterprise in lithium battery copper foil, rapidly expanding production capacity
Copper Clad Laminate Sector
2nd:Shengyi Technology (600183.SH)
Main Business: Research and production of copper-clad laminates and bonding sheets
Main Products: High-frequency and high-speed copper-clad laminates (M8 grade materials), ultra-high-layer boards for AI servers
Production Efficiency: A global leader in copper-clad laminates, with about 25% market share for PCBs used in 5G base stations
1st:Huadian Co., Ltd. (002463.SZ)
Main Business: High-end communication boards and copper-clad laminates
Main Products: High-frequency and high-speed PCBs for 5G base stations, AI server motherboards
Production Efficiency: Revenue growth of 28.7% in Q1 2025, deeply tied to Huawei and ZTE
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