During a gold rush, the shovel is the most certain investment.
According toPrismarkdata, the compound annual growth rate (CAGR) for PCBs with 18 layers or more from 2024 to 2029 is17.4%, while the CAGR for related 18-layer and above PCBs during the same period is20.6%, significantly exceeding the average growth rate of the PCB industry.
Leading domesticPCBcompanies are intensifying investments in high-layer count and advancedHDIcapacity, with total investments from top firms exceeding20 billion yuan, and planned project investments in the industry for 2025-2026 exceeding50 billion yuan.
(1)Huadian Technology: Huadian plans to invest approximately4.3 billion yuanto establish a high-end printed circuit board expansion project for AI chips, scheduled for planning in the fourth quarter of2024, with construction expected to commence in late June 2025 and trial production anticipated in the second half of2026, gradually increasing capacity.
(2)Dongshan Precision: In July 2025, it announced plans to invest through its wholly-owned subsidiary, Chaoyi Group (Hong Kong) Limited, in a high-endPCBproject, with an investment amount not exceeding1 billion USD (approximately7.14 billion yuan), primarily for enhancing existing capacity and constructing new capacity, focusing on high-value markets such asAIservers and automotive electronics.
(3)Pengding Holdings: In August 2025, it announced an investment of8 billion yuanto build high-endPCBcapacity in the Huai’an park, focusing on expanding capacity forSLP (substrate-like PCB), advancedHDI (high-density interconnect),HLC (high-layer circuit board), and simultaneously enhancing flexible board production capacity. This project is planned to start construction in the second half of2025, with full production expected by 2028, funded entirely by the company’s own resources. It will also promote new capacity construction in Thailand and other locations, focusing on the AI computing power sector.
(4)Shenghong Technology: It released a public offering announcement for a plan to raise no more than1.9 billion yuanto invest in the Shenghong AIHDIproject in Vietnam and the high-layer printed circuit board project in Thailand.
(5)Jingwang Electronics: The Zhuhai Jinwan base expansion projecthas a total investment of5 billion yuan, of which1 billion yuan is allocated for the newHDIfactory’s AI server high-endHDIproduction line, expected to be completed in the second half of 2025, with3.2 billion yuanfor a new high-endHDIfactory, projected to start production in mid-2026, achieving an annual capacity of800,000 square meters,and800 million yuanto strengthen key process capacity, expected to be operational within 2027.
(6)Shennan Circuit: The total investment in the Nantong Phase IV and Thailand factories is approximately3.5 billion yuan, mainly for high-endPCBcapacity construction. The Thailand factory is expected to begin trial production in the second quarter of 2025, focusing on high-layer,HDI and other high-endPCB processes, while the Nantong Phase IV factory is planned to start trial production in the fourth quarter of 2025, primarily producing high-layer,Any-Layer HDI and other high-endPCB products.
(7)Founder Technology:The Zhuhai AI and computing high-density interconnect circuit board industrial base project has a total investment of approximately2.1 billion yuan, with plans to raise1.98 billion yuan through a specific stock issuance to build the AI and computing high-density interconnect circuit board (HDI board) industrial base.
With significant capital expenditures and expansion plans from downstreamPCB manufacturers supporting it, the upstream equipment forPCB is experiencing a peak moment of both volume and price increase.
1.DAZU CNC
Industry Position: A leading domestic manufacturer of PCB dedicated equipment, covering the entire process ofPCB manufacturing, with leading technology in laser drilling, achieving a minimum drill diameter of0.025mm.
Major Collaborations: Partners include Shennan Circuit, Shenghong Technology, Huadian Technology, and other leadingPCB manufacturers.
Potential Growth: Its capacity planning forPCB dedicated equipment has significantly increased, coupled with the demand for high-endHDI drilling equipment driven by AI servers, leading to a doubling of demand and an increase in the value of individual machines, with performance expected to achieve rapid growth alongside downstream expansion.
Annual growth rate reached 194%, with expected revenue of nearly 6 billion yuan in 2025 and a profit of 800 million yuan, current PE=56 times.
2.XINQI Microelectronics
Industry Position: A leading domestic direct-write lithography equipment manufacturer, the only company globally to achieve a full-process lithography equipment layout,CO₂ laser drilling equipment is expected to break the monopoly of Japan’s Mitsubishi in the micro-hole processing field.
Market Share: The domestic market share of high-endHDI equipment exceeds30%, while the global market share of LDI equipment is about13%, ranking first in the domestic market.
Major Collaborations: Among the global top 100 PCB companies, 89 are its clients, with advanced packaging equipment entering the production lines of Shenghe Jingwei and Changdian Technology.
Potential Growth: Annual sales are expected to grow by150% in 2025, with capacity pressure alleviated after the second phase of the park is put into production, and the proportion of orders from the Southeast Asian market is expected to increase to30%, coupled with orders landing in the IC substrate field, indicating strong medium to long-term growth certainty.
Annual growth of 85%, with expected revenue of 1.35 billion yuan in 2025 and a profit of 300 million yuan, current PE=47 times. XINQI focuses on high-end equipment, with the highest gross and net profit margins.
3.DingTai High-Tech
Industry Position: A core supplier of PCB drilling needles (consumables) globally, with technology second only to Japan’sDISCO.
Market Share: The use ofdeep profitM9 grade copper-clad laminates, with a global market share of PCB drilling needles expected to reach35%.
Potential Growth: The demand for ultra-fine drilling needles driven by high-layer boards for AI servers is expected to surge, with simultaneous growth in replacement and new demand as downstream high-endPCB expands, leading to steady performance improvement.
Annual growth rate reached 389%, with expected revenue exceeding 2 billion yuan in 2025 and a profit exceeding 400 million yuan, current PE=105 times. Both gross and net profit margins continue to rise.
4.Haoshi Electromechanical
Industry Position: A leading domestic manufacturer of PCB spindle equipment, with 20,000 RPM spindles performance comparable to international brands likeGMN, suitable for high-endPCB processing.
Market Share: Mechanical drill spindles have a market share exceeding60%, and it is expected to occupy over85% of the HDI dedicated spindle sub-market by 2028.
Major Collaborations: Partners include Shennan Circuit, Jingwang Electronics, and other top ten domesticPCB manufacturers, with entry into the European market through the Infranor Group, and the Mexican factory will supply manufacturers such as TTM and AT&S in North America.
Potential Growth: By 2028, spindle business revenue is expected to reach6 billion yuan, with a three-year compound growth rate of68%; coupled with humanoid robot joint module business.
Annual growth of 39%, with expected revenue of 1.6 billion yuan in 2025 and a profit of 170 million yuan, current PE=47 times.
5.Dongwei Technology
Industry Position: A leading domestic VCP equipment manufacturer, the only company globally to achieve mass production of composite copper foil plating equipment, with global leading technology in composite copper foil equipment.
Market Share: Domestic VCP equipment market share exceeds50%, with global market share of composite copper foil equipment exceeding70%.
Major Collaborations: Core suppliers include CATL, Baoming Technology, and others.
Potential Growth: In the first three quarters of 2025, net profit is expected to grow by24.80%; from 2025 to 2027, orders for composite copper foil equipment are expected to maintain over100% growth, with a target of over30% for related revenue by 2027.
Annual growth of 12%, with total revenue around 1.1 billion yuan, and a profit of 120 million yuan, static PE=82 times.
6.KaiGe Precision Machinery
Industry Position: A leader in precision printing equipment technology, leading in domestic semiconductor packaging printing equipment.
Market Share: Global market share of solder paste printers is about15% (top three globally), with domestic high-end solder paste printers exceeding35%, and the domestic market share of semiconductor packaging printing equipment is the highest (about8%).
Major Collaborations: Partners include Shennan Circuit, Huadian Technology, Luxshare Precision, and international companies such as Samsung Electronics and Siemens.
Potential Growth: The Wuxi base is expected to increase capacity by100% in 2025.
Annual growth of 82%, with expected revenue of 1.1 billion yuan in 2025 and a profit of 175 million yuan, current PE=34 times.
Among the above targets, DingTai High-Tech and DAZU CNC have performed well this year, and continuous tracking is recommended. XINQI Microelectronics still has performance release expectations for 2026 (highest gross and net profit). KaiGe Precision Machinery and Haoshi Electromechanical are smaller in scale but worth attention.
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