Recently, the 2025 Global Artificial Intelligence Summit was held, with AI chips and computing devices becoming market hotspots, driving the upward trend of the industry chain. As a core component of electronic devices, PCBs (Printed Circuit Boards) are seizing development opportunities in the AI wave, with the industry scale steadily growing. According to Prismark data, the global server PCB market is expected to reach $10.9 billion in 2024 and grow to $18.9 billion by 2029, with an average annual growth rate of 11.6%. This article selects 10 companies with a TTM price-to-earnings ratio below the industry average based on industry chain relevance and the latest financial indicators for analysis reference. A TTM price-to-earnings ratio, as a dynamic valuation tool, typically reflects potential investment value when below the average. Special note: This article is for industry research only and does not constitute any investment advice.
Rank 10: Shenzhen Santek CircuitSubfield: Electronic Interconnection ProductsTTM Price-to-Earnings Ratio: 30.15PCB Business: A leading domestic high-end PCB manufacturer, mastering core technologies for 5G communication boards, with products applied in data centers, automotive electronics, etc., and a continuously increasing share of server business.
Rank 9: Shengyi TechnologySubfield: Copper Clad Laminate MaterialsTTM Price-to-Earnings Ratio: 28.77PCB Business: A global leading supplier of copper clad laminates, with products covering high-speed and high-frequency PCB applications, certified by multiple server manufacturers, with electronic materials revenue expected to exceed 8 billion yuan in 2024.
Rank 8: Huazheng New MaterialsSubfield: Composite MaterialsTTM Price-to-Earnings Ratio: 27.92PCB Business: Mainly engaged in high-frequency and high-speed copper clad laminates, with products applied in AI server PCB manufacturing, having entered the mainstream supply chain system, with new production capacity expected to be operational in 2025.
Rank 7: Xingsen TechnologySubfield: Electronic CircuitsTTM Price-to-Earnings Ratio: 26.48PCB Business: Focused on the research and development of high-density interconnect (HDI) boards, capable of mass production of PCBs with over 40 layers, with server board revenue increasing by 35% year-on-year, and maintaining high capacity utilization.
Rank 6: Chongda TechnologySubfield: Electronic ManufacturingTTM Price-to-Earnings Ratio: 25.16PCB Business: Products include multilayer boards, flexible boards, etc., applied in communication devices, automotive electronics, etc., with the second phase of the Zhuhai base project increasing capacity by 30%.
Rank 5: Jingwang ElectronicsSubfield: Electronic ComponentsTTM Price-to-Earnings Ratio: 24.03PCB Business: A top 100 global PCB company, focusing on automotive electronic boards at the Jiangxi base, while the Longchuan factory specializes in high-end communication boards, with significant growth in server orders expected in 2024.
Rank 4: Shenghong TechnologySubfield: Electronic DevicesTTM Price-to-Earnings Ratio: 22.75PCB Business: Specializing in high-layer PCB manufacturing, with products used in data centers, network communication, etc., leading in HDI board technology domestically, with clients including several server manufacturers.
Rank 3: Jinan GuojiSubfield: Electronic MaterialsTTM Price-to-Earnings Ratio: 19.62PCB Business: Production of copper clad laminates ranks among the top in the industry, with high-frequency materials certified by multiple PCB manufacturers, and electronic materials business revenue expected to account for 45% in 2024.
Rank 2: Fangbang Co., Ltd.Subfield: Electronic MaterialsTTM Price-to-Earnings Ratio: 17.85PCB Business: Electromagnetic shielding films breaking foreign monopolies, with products applied in 5G communication devices, and sales revenue expected to grow by 18.7% year-on-year in 2024, with two new production lines coming online.
Rank 1: Zhongjing ElectronicsSubfield: Electronic ManufacturingTTM Price-to-Earnings Ratio: 10.23PCB Business: Mainly engaged in high-density interconnect boards, with the Zhuhai Fushan base increasing high-end capacity, with products applied in consumer electronics, network communication, etc., and continuously optimizing customer structure.
The above companies are involved in key links such as PCB substrates and manufacturing, currently possessing relative advantages in valuation levels. With the advancement of AI infrastructure construction, the demand for the PCB industry is expected to continue to be released, and related companies may benefit from opportunities for industrial upgrades.