Hello, everyone. Today, we will discuss the domestic PCB industry.Printed Circuit Boards (PCBs) are the providers of electrical connections for electronic components. The term PCB typically refers to bare boards—circuit boards without components. The circuit board serves to support and fix objects while also providing connections between various lines to transmit electrical signals. The true PCB was born in the 1930s, made using electronic printing technology, with an insulating board as the substrate, cut to specific sizes, and featuring at least one conductive pattern with holes (such as component holes, fastening holes, metallized holes, etc.) to replace the chassis used in the past for mounting electronic components, enabling interconnection between electronic components and acting as a relay for signal transmission. PCBs have been developing for over 100 years, serving as a fundamental and indispensable component in nearly all electronic devices, earning the title of “Mother of the Electronics Industry.”The PCB industry has a high degree of dependence on upstream materials, while the downstream plays a driving role.The upstream of the PCB manufacturing industry mainly consists of raw material industries such as copper foil, copper foil substrates, fiberglass cloth, and resins; the downstream primarily includes consumer electronics, automotive, telecommunications, aerospace, and other industries. The industrial chain of PCB manufacturing is quite long, with specialized wood pulp paper, electronic-grade fiberglass cloth, electrolytic copper foil, CCL (Copper Clad Laminate), and PCBs being closely interconnected upstream and downstream products within the same industrial chain.PCBs are widely used in various fields such as communications, optoelectronics, consumer electronics, automotive, aerospace, military, and industrial precision instruments, making them an essential electronic component in modern electronic information products.
Image source: FORWARDTypes and Applications of PCBs
A. Classification by Process Technology
- Single-sided / Double-sided BoardsBasic types used for simple circuits (e.g., remote controls, home appliances), with a low technical threshold, and domestic companies account for over 70% of global production capacity.
- Multilayer BoardsThree layers or more, used for servers and communication devices (e.g., 5G base stations). The demand for18-layer or more high multilayer boards is driven by AI servers, with Shenghong Technology and Huadian Co., Ltd. being core suppliers.
- HDI (High-Density Interconnect Boards)
- 1-3 StagesUsed for mid-range and low-end mobile phones and laptops.
- High-end HDI (4 stages and above)Used for AI server GPU modules and high-end smartphones (e.g., SLP-type substrates for Apple iPhone), with line widths/spacing reaching below 30μm.
- FPC (Flexible Printed Circuit Boards)Can be bent, used in wearable devices (e.g., smartwatches) and foldable smartphones, with Pengding Holdings and Dongshan Precision leading the global market share.
- Rigid-Flex BoardsCombining rigidity and flexibility, used in aerospace and medical devices, with high technical difficulty, domestic companies like Shenlian Circuit are gradually making breakthroughs.
B. Classification by Material
- FR4 SubstrateThe most commonly used, accounting for 60% of PCB material costs, used in consumer electronics and industrial control.
- Aluminum SubstrateGood thermal conductivity, used in LED lighting and electric control systems for new energy vehicles.
- High-Frequency and High-Speed MaterialsSuch as PTFE (Polytetrafluoroethylene), used in 5G base stations and AI server RF modules, with Shengyi Technology and Huazheng New Materials being major suppliers.
Image source: FORWARD
PCB Market Size and Global Position
China is the largest PCB producer in the world, with the market size expected to reach433.3 billion yuan by 2025, accounting for over 35% of the global market. In 2023, the industry experienced a slight decline due to the global economic impact, but domestic companies performed steadily, with a year-on-year revenue growth of 0.52%, significantly outperforming Taiwanese and foreign companies. The growth momentum mainly comes from **AI servers, new energy vehicles, and high-end consumer electronics (such as foldable smartphones)**. For instance, the demand for AI server PCBs is expected to grow by 150% year-on-year in 2024, with the global market size projected to reach 18.9 billion USD by 2029.
Trends in PCB Technology Upgrading and High-End Development
- High-end Products Drive GrowthAI servers are driving the demand for18-layer or more multilayer boards (with a five-year compound growth rate of 15.7%) andhigh-end HDI boards (6 stages, 24 layers), with companies like Shenghong Technology and Shennan Circuit already achieving mass production.
- Material and Process BreakthroughsHigh-frequency and high-speed copper-clad laminates (such as Shengyi Technology’s M8-grade materials) and the domestic production rate of packaging substrates (FC-BGA) technology are improving, with Shennan Circuit’s 40-layer ultra-high-layer board technology leading globally.
- Policy SupportThe national “14th Five-Year Plan” clearly supports the R&D of high-performance PCBs, with companies’ R&D investment ratios generally increasing to 5%-8%.
Challenges and Responses in the PCB Industry
- Raw Material Cost PressureCopper prices are fluctuating at high levels (with COMEX copper prices expected to rise by 12% year-on-year in 2025), and copper-clad laminate manufacturers like Jiantao Laminates have raised prices multiple times, with companies responding through refined cost control.
- International CompetitionThe high-end market is still dominated by Japanese and Taiwanese companies, while domestic companies are accelerating replacement by binding with international clients like NVIDIA and Tesla.
- Environmental RequirementsLead-free processes and green manufacturing have become standard, with leading companies like Jialichuang and Lieban PCB achieving full-process environmental certification.
Top 20 Domestic PCB Companies (Mainly Domestic)
The following rankings are based on the 2023 CPCA list and the latest market dynamics for 2025, covering technical strength and market share:
1. Shennan Circuit
Global leader in communication PCBs, leading in 40-layer ultra-high-layer board technology, with AI server orders accounting for over 30%.2. Huadian Co., Ltd.Benchmark for high-end multilayer boards, mass production of 224G rate PCBs, core supplier of NVIDIA GPU substrates.3. Shengyi TechnologyAmong the top three in copper-clad laminates globally, with the highest market share in high-frequency and high-speed materials domestically, and its subsidiary Shengyi Electronics focusing on server PCBs.4. Pengding HoldingsGlobal leader in consumer electronics PCBs, with AI server and automotive electronics business growing by 87% year-on-year, and high-end HDI yield at 85%.5. Shenghong TechnologyGlobal share of over 50% in AI server PCBs, mass production of 6-stage 24-layer HDI, binding NVIDIA GB300 orders until 2026.6. Dongshan PrecisionSecond globally in FPC, with any-layer HDI boards used in AI smartphones, and a core supplier for Tesla’s Robotaxi.7. Jingwang ElectronicsBalanced development across multiple fields, with a yield of 95% for server boards over 20 layers, and a 50% expansion in AI computing power PCB capacity.8. AoshikangLeading in new energy vehicle PCBs, with domestic-leading technology for 800V high-voltage platform thick copper boards, and a major supplier for CATL BMS boards.9. Chongda TechnologyLeading domestic market share in industrial control PCBs, with a Zhuhai base producing control/medical boards over 16 layers.10. Shiyun CircuitGlobal leader in humanoid robot PCBs, exclusive supplier for Tesla’s Optimus core module, with a unit value of 4000 yuan.11. Yidun ElectronicsMain manufacturer of automotive electronics PCBs, with products certified by IATF16949, supporting BYD and Volkswagen.12. Anjieli ElectronicsExpert in flexible boards (FPC), with over 30% market share in foldable smartphone hinge FPCs.13. Founder TechnologyCore supplier for military PCBs, with high technical barriers for radar boards and aerospace boards.14. Zhongjing ElectronicsLeading in rigid-flex boards, with a 40% annual increase in shipments for AIoT device boards.15. Jin’an GuojiLeading in copper-clad laminates, with high-frequency materials entering Huawei’s supply chain, and a 30% capacity expansion expected by 2025.16. Chaosheng ElectronicsExpert in high-precision HDI boards, with a 20% domestic share in RF PCBs for 5G base stations.17. Bomin ElectronicsLeading in medical PCBs, with UL certification for implantable device boards.18. Mingyang CircuitMajor exporter of high multilayer boards, with over 60% of orders from North American data centers.19. Xingsen TechnologyPioneer in domestic substitution of packaging substrates, with FC-BGA substrates certified by TSMC, and a monthly capacity of 50,000㎡.20. Lieban PCBRepresentative of military-grade precision manufacturing, with a 24-hour delivery for high multilayer boards over 12 layers, and core suppliers for Huawei and Gree.The domestic PCB industry is shifting from “scale expansion” to “technology-driven,” with a rapid increase in the proportion of high-end products driven by AI computing power and new energy fields. In the future, with the acceleration of domestic substitution and the popularization of green manufacturing, domestic companies are expected to occupy a larger share of the global high-end market.
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