As the mother of electronic products, PCBs (Printed Circuit Boards) are currently at the forefront of domestic substitution and technological breakthroughs, particularly in copper-clad laminates and high-end copper foil.
In recent years, benefiting from the booming development of computing power and the new energy vehicle industry, the entire sector has entered a period of rapid growth, with stock prices rising steadily. Just yesterday, the sector index ranked first in the market, so friends looking to participate should pay attention to the rhythm of the market.
Next, let’s provide an overview of the upstream composition of the PCB industry and its core representative enterprises:
1. Core Substrate Suppliers
1. Copper foil, as a key material for the conductive layer of PCBs, accounts for about 9% of PCB costs.
a. Jia Yuan Technology: Leading in lithium battery copper foil, HVLP (Ultra-Low Profile) copper foil is supplied in bulk for power batteries, and composite current collector technology enhances energy density by 30%.
b. Nord Shares: Breakthrough in mass production of 6μm ultra-thin copper foil, with a processing fee pricing model supporting high profitability.
c. Zhong Yi Technology: Specializes in high-voltage LP copper foil, suitable for AI servers with high heat dissipation requirements.
d. De Fu Technology: Champion in high-frequency and ultra-thin copper foil, core supplier for Apple and Huawei.
e. Tongguan Copper Foil: Leader in high-frequency and high-speed copper foil, core supplier for AI servers and 800G optical module PCBs.
f. Tongling Nonferrous Metals:
Covers all categories of electronic copper foil, with production capacity ranking among the top three in the country.
2. Electronic-grade fiberglass cloth
Used as a reinforcing material for copper-clad laminates, accounting for about 20% of costs.
a. China Jushi: Global leader in fiberglass, with electronic cloth production capacity accounting for over 30% globally, suitable for HBM packaging substrates.
b. Honghe Technology: Global share of 30% in ultra-thin electronic cloth, exclusively supplying high-end IC substrates.
c. Chang Hai Shares: Vertically integrated layout (fiberglass yarn → electronic cloth), with significant cost advantages.
3. Epoxy resin
The main adhesive for copper-clad laminates, accounting for 12% of PCB raw material costs.
a. Sinopec: The largest epoxy resin supplier in the country, ensuring stable supply of basic materials.
b. Dongcai Technology: Breakthrough in high-frequency and high-speed resin for 5G base station PCBs.
c. Shengquan Group: Leader in electronic-grade phenolic resin, supplying Huawei’s Ascend AI chip substrates.
d. Hongchang Electronics: Core enterprise for epoxy resin, with products applied in high-end copper-clad laminates.
2. Copper-clad laminates (CCL) as the direct substrate for PCBs account for 30% of PCB costs, with a gross margin of 30%-35%.
1. Shengyi Technology: Among the top five globally, the largest in mainland China, core supplier for 800G optical module substrates, certified by NVIDIA AI servers.
2. Jin’an Guoji: Domestic substitution for high-frequency and high-speed copper-clad laminates, with significant cost advantages, certified by NVIDIA.
3. Jiantao Laminates: Covers all categories from FR-4 to high-frequency materials, the largest copper-clad laminate manufacturer globally.
4. Nanya New Materials: Mass production of high-speed CCL (such as M4, M6 grades). Main supplier for Huawei base station PCBs.
5. Huazheng New Materials: Leader in high-frequency copper-clad laminates, core supplier for Huawei and ZTE.
6. Zhongying Technology: High-frequency copper-clad laminates for satellite communications, exclusively certified in aerospace and military fields.
3. Other Key Materials
1. Specialty Chemicals
a. Guanghua Technology: Breakthrough in domestic production of IC substrate etching solution, certified by Changdian Technology.
b. Sanfu Xinke: PCB chemicals reduce costs by 40%, with horizontal copper deposition equipment replacing imports.
2. Metallization Materials
a. Copper balls (accounting for 6% of costs): Major companies include Jiangxi Copper and Chuanjiang New Materials.
b. Gold salts/inks: Rongda Photosensitive, Guangxin Materials (photoresist), Shanghai Xinyang (electroplating solution).
4. Manufacturing Equipment
1. Dazhu CNC: Among the top three globally in laser drilling equipment, with precision reaching 5μm, used for micro-hole processing of AI server PCBs.
2. Xinqi Microelectronics: The only domestic direct-write lithography machine, with HDI line precision breaking through 5μm.
3. Dongwei Technology: Monopolist in vertical plating equipment, with a plating yield of 98% for composite copper foil.
4. Dingtai High-Tech: Provides drilling needles and milling cutters for PCB processing, with a global market share of the second largest for drilling needles.