The PCB concept includes the following companies: Xingsen Technology (002436), Yidun Electronics (603328), Shenghong Technology (300476), Shengyi Electronics (688183), Benchuan Intelligent (300964), Hongxin Electronics (300657), Mingyang Circuit (300739), Pengding Holdings (002938), Shennan Circuit (002916), Aoshikang (002913), Chongda Technology (002815), Xunjiexing (688655), Shengyi Technology (600183), Xiehe Electronics (605258), and Dongshan Precision (002384).

PCB Concept Industry Chain Map

The world’s first 3-nanometer PCB production line has begun mass production! Dongshan Precision’s latest financial report reveals that semiconductor substrate revenue surged 218% year-on-year in the third quarter, marking the beginning of a new arms race in the electronics industry.

In the past three years, the scale of China’s PCB industry has risen from 476.8 billion yuan in 2023 to an estimated 589 billion yuan in 2025, with a compound annual growth rate of 11.2%. The three driving forces of 5G base stations, AI servers, and new energy vehicles have propelled local manufacturers Shennan Circuit and Huidian Co., Ltd. into the global top 10.

In the next five years, as silicon-based chips approach their physical limits, packaging substrates and high-density interconnect technology will be key to breakthroughs. Institutions estimate that from 2026 to 2030, the domestic IC substrate market size may exceed 200 billion yuan, with leading companies like Shengyi Technology already laying out core materials for substrates, and the release of technological iteration dividends is imminent.

This is the industry map of the PCB concept.

Corporate profitability is typically reflected in the amount of revenue generated by a company over a certain period and the level of that revenue. The analysis of profitability involves a deep analysis of the company’s profit margins.

This article is part of the corporate value series on 【Profitability】, selecting five PCB industry chain companies as research samples, evaluated based on indicators such as return on equity, gross margin, and net profit margin.

The data is based on historical records and does not represent future trends; it is for static analysis only and does not constitute investment advice.

PCB Concept Industry Chain Profitability Ranking

5th Place: Shengyi Technology

Product Segment: PCB – High-Density Interconnect (HDI)

Main Products: Copper-clad laminate business is the main source of revenue, accounting for 76.12% of total revenue.

Profitability: Return on equity is 11.67%, gross margin is 22.04%, net profit margin is 9.16%

Profit Forecast: ROE has fluctuated between 8.3% and 11.7% over the past three years, with the latest average forecast from institutions like Changjiang Securities, Northeast Securities, and Huachuang Securities at 20.11%

Highlights: Global market share of copper-clad laminate materials exceeds 12%, high-frequency and high-speed substrates supply Huawei/ZTE and other 5G base stations, revenue from special resin materials for HDI exceeds 25%, and technical indicators reach internationally advanced levels.

4th Place: Shiyun Circuit

Product Segment: PCB – Automotive Electronics

Main Products: Rigid boards are the main source of revenue, accounting for 89.09% of total revenue, with a gross margin of 20.57%.

Profitability: Return on equity is 10.43%, gross margin is 23.09%, net profit margin is 12.70%

Profit Forecast: ROE has fluctuated between 10.4% and 15.1% over the past three years, with the latest average forecast from institutions like Changjiang Securities and Caitong Securities at 12.76%

Highlights: Core supplier for Tesla, automotive PCB products account for over 35% of revenue, with supply scale reaching hundreds of millions, covering mainstream new energy brands like BMW and Volkswagen.

3rd Place: Yidun Electronics

Product Segment: PCB – Automotive Electronics

Main Products: Printed circuit boards are the main source of revenue, accounting for 91.44% of total revenue, with a gross margin of 14.65%.

Profitability: Return on equity is 10.84%, gross margin is 21.46%, net profit margin is 12.47%

Profit Forecast: ROE has continuously risen to 10.84% over the past three years, with the latest average forecast from Guotai Junan Securities at 11.70%

Highlights: Automotive PCB revenue accounts for over 30%, with a market share of about 6% in the domestic automotive electronics segment, primarily serving Tier 1 suppliers in Europe and the United States.

2nd Place: Huidian Co., Ltd.

Product Segment: PCB – Servers

Main Products: Product sales revenue (printed circuit board business) is the main source of revenue, accounting for 96.23% of total revenue, with a gross margin of 35.85%.

Profitability: Return on equity is 21.85%, gross margin is 34.54%, net profit margin is 19.24%

Profit Forecast: ROE has fluctuated between 15.5% and 21.9% over the past three years, with the latest average forecast from Zhongyou Securities, Changjiang Securities, and Great Wall Securities at 26.27%

Highlights: Core supplier of server PCBs in China, deeply involved in the Nvidia GB300 supply chain, with high-end product market share ranking among the top three in the industry.

1st Place: Pengding Holdings

Product Segment: PCB – Servers

Main Products: Communication boards are the main source of revenue, accounting for 68.97% of total revenue, with a gross margin of 18.17%.

Profitability: Return on equity is 11.27%, gross margin is 20.76%, net profit margin is 10.30%

Profit Forecast: ROE has fluctuated between 11.1% and 17.9% over the past three years, with the latest average forecast from Shenwan Hongyuan Research, Changjiang Securities, and Great Wall Securities at 12.61%

Highlights: Annual production capacity of server PCBs reaches 1.5 million square meters, with revenue from AI servers increasing to 18%

Magic Formula Ranking

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Disclaimer: This information is compiled from publicly available data for reference only. Biwan strives for accuracy but does not guarantee correctness, nor does it constitute investment advice. Please make prudent decisions.

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