In the wave of accelerated iterations of AI technology, the explosive growth in computing power demand is profoundly reshaping the electronic manufacturing supply chain. This trend not only drives continuous breakthroughs and upgrades in PCB (Printed Circuit Board) technology but also directly spurs a surge in the procurement of PCBA (Printed Circuit Board Assembly) equipment. As a core process in PCB manufacturing, the industry prosperity and strategic importance of PCBA equipment are rising simultaneously. The underlying logic is essentially a dual effect of enhanced equipment value brought about by process innovation iterations and equipment inflation.
The core production processes of PCBA include solder paste printing, chip mounting, reflow soldering, and full-process testing. In these key areas, leading companies such as KaiGe Precision Machinery, JinTuo Co., Ltd., and SiTech have demonstrated strong growth momentum and investment potential, with KaiGe Precision Machinery and JinTuo Co., Ltd. standing out particularly.
KaiGe Precision Machinery
Empowered by AI technology, KaiGe Precision Machinery has achieved a leap in its PCBA product line. The company’s main products in the PCB field are Class II solder paste printing equipment, which has a unit price of approximately 200,000 yuan and a stable gross margin of 48%. Since the beginning of this year, the shipment proportion of solder paste equipment has exceeded 50%, while the surge in AI computing power demand has directly driven the volume of Class III high-end products. Class III products technically meet the high precision requirements of AI scenarios, with a unit price reaching 400,000 yuan and a gross margin of 65%, significantly higher than Class II products. As the proportion of Class III products continues to increase, the company’s performance growth is significant, demonstrating strong profit elasticity. This upgrade in product structure will provide the company with sustained growth momentum.
In the semiconductor equipment sector, KaiGe Precision Machinery’s layout is also noteworthy. The company has completed the R&D breakthrough of silicon carbide testing equipment, which achieves industry-leading performance and meets the high precision and efficiency requirements for testing silicon carbide devices. Deliveries to core customers will gradually begin this year, and it is expected to become the second growth curve after the LED packaging equipment. The LED packaging equipment business has already brought stable revenue and profits to the company, and the entry of silicon carbide testing equipment into the market will further broaden the company’s business scope and enhance its overall competitiveness.
Additionally, the company’s recently implemented equity incentive plan is quite noteworthy. This incentive targets executives and core technical personnel, granting shares at a locked price of 50% of the average price on the trading day prior to implementation, covering a wide and precise range of personnel. This measure deeply binds the interests of the core team, allowing management and technical backbones to align more closely with the company’s development goals, stimulating the team’s enthusiasm and creativity, and laying a solid foundation for the company to enter a high-speed growth phase.
JinTuo Co., Ltd.
As a leading enterprise in the field of electronic thermal equipment, JinTuo Co., Ltd. has also shown impressive performance. The company’s core products include PCBA equipment primarily focused on reflow soldering, as well as AOI and SPI testing equipment. In the SMT (Surface Mount Technology) industry chain, the market share of reflow soldering equipment ranks second, with stable and broad market demand. In the first half of this year, the company signed new orders that increased by 20% year-on-year, reflecting market recognition of the company’s products; the reported performance growth rate reached 49%, benefiting fully from the high prosperity cycle of industry expansion, and the company’s profitability has been fully reflected in the industry’s growth.
In response to the technical requirements of the AI era, JinTuo Co., Ltd. continues to focus on upgrading its soldering equipment. Due to the finer line widths of AI-specific PCBs, typically at the micron level, this poses extremely high requirements for printing and soldering precision; at the same time, the expansion of large chip soldering areas can easily lead to warping and other yield issues caused by uneven heating, which is a common challenge faced by the industry. To address this pain point, the company has collaborated with leading customers to develop a new generation of large chip soldering processes, which can effectively solve issues such as uneven heating and improve soldering yield. The value of a single device using this process has increased to 2-3 million yuan, significantly higher than traditional equipment. If the industry enters a replacement cycle for equipment in the future, the market space will achieve a breakthrough, bringing considerable performance growth to the company.
In summary, driven by the strong demand for AI computing power, the PCBA equipment industry is ushering in a historic development opportunity. Companies like KaiGe Precision Machinery and JinTuo Co., Ltd., leveraging their advantages in products, technology, and business layout, are expected to seize the first-mover advantage in the industry’s growth dividends.
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