As a core enterprise in the global high-end printed circuit board (PCB) sector, Huadian Co., Ltd. has deeply engaged in strategic tracks such as communication equipment, automotive electronics, and AI computing power. With a focus on technological depth, strong customer ties, and forward-looking capacity planning, the company has built a solid competitive barrier amid the wave of electronic industry upgrades. This report focuses on business structure, core advantages, industry opportunities, and development strategies, analyzing its long-term growth drivers.
1. Core Business Layout: Three Engines Leading the High-End Market
Huadian Co., Ltd. centers its operations around high-end PCB products, forming three major business segments: communication equipment boards, automotive electronics boards, and AI and data center boards, comprehensively covering the demands of high-growth tracks. The communication equipment board is the company’s foundational business, accounting for nearly 80% of revenue in the first half of 2025, focusing on high-speed, high-frequency, and high-density technology routes. Products include high-frequency boards for 5G base stations and PCBs for high-speed network equipment, providing core components compatible with Massive MIMO technology for Huawei and ZTE, supporting the miniaturization and low-power upgrades of base stations. In the data center sector, the company has mass-produced PCBs for 800G switches, completed preliminary research on next-generation products with a 224Gbps rate, and entered the customer sampling phase for 1.6T switch PCBs, dominating among core clients such as Google and Cisco.
The automotive electronics board serves as the first growth engine, with revenue growth of 24.18% year-on-year in the first half of 2025, covering all scenarios of intelligent driving, high-voltage platforms, and intelligent cockpits. The global market share of millimeter-wave radar PCBs exceeds 25%, and 16-layer high-end HDI boards for autonomous driving domain controllers have entered the supply chains of Tesla and BYD; the p2Pack technology PCB for 800V high-voltage architecture is 2-3 years ahead of domestic peers, perfectly adapting to the high-power transmission needs of new energy vehicles. As the cost proportion of intelligent automotive electronics continues to rise, the growth of this business is highly certain.
AI and data center boards have become a new growth pole, deeply binding with leading clients such as NVIDIA and Amazon AWS, providing 112Gbps rate high-end HDI motherboards for flagship servers like GB200 and DGX, with a global market share exceeding 40%. Next-generation server products based on PCIe 6.0 have entered the certification phase, meeting the high-density connection and high-speed transmission needs brought about by the explosion of AI computing power, with related product revenue accounting for nearly 30% by 2024.
2. Core Competitive Advantages: Triple Barriers of Technology, Customers, and Capacity
(1) Deep Technological Engagement Builds Industry Moat
The company has deeply engaged in high-speed and high-frequency PCB technology, mastering core technologies such as high-density interconnect (HDI) and embedded ceramic/copper block heat dissipation, with line width/spacing reaching 10μm/10μm and product loss <0.5dB/inch, achieving international advanced levels. R&D investment in the first half of 2025 increased by 31.36% year-on-year, with the technical team expanding to 1,200 people and 7 new invention patents added, continuously breaking through in cutting-edge fields such as SiC chip packaging substrates. The yield rate of automotive-grade PCBs remains stable at over 95%, meeting reliability requirements under extreme conditions through rigorous international certifications.
(2) High-Quality Customer Resources Form Strong Bindings
The company’s clients include global technology and automotive giants, with deep cooperation in the communication field with Huawei, ZTE, Google, and Cisco; in the automotive sector, it has entered the supply chains of Tesla, BYD, and Bosch; in the AI field, it is bound to NVIDIA and MediaTek, becoming the core supplier of PCBs for Dimensity chip modules. The cost of changing suppliers in the PCB industry is high, and the certification cycle is long. The company has formed long-term strategic partnerships with core clients based on stable product quality and technical responsiveness, ensuring strong order certainty.
(3) Capacity Layout Matches Market Demand
The company has production bases in Kunshan and Huangshi, with an annual production capacity of 800,000 square meters for automotive boards, meeting the order demands of mainstream global automotive manufacturers. In 2024, it plans to invest 4.3 billion yuan to establish a high-end PCB project for AI chip support, specifically enhancing the capacity for high-layer boards and HDI for high-speed servers and switches; the expansion project at the Huangshi base is set to be operational in 2025, further strengthening scale advantages. The capacity layout precisely matches the demands of high-growth tracks, providing support for sustained performance growth.
3. Industry Development Environment: Multi-Track Demand Resonance
(1) AI and Computing Infrastructure Drive High-Speed PCB Demand
The global AI server market has a compound annual growth rate exceeding 35%, with the accelerated adoption of 800G/1.6T switches and the implementation of new generation standards like PCIe 6.0, driving a surge in demand for high-speed and high-density PCBs. Data center construction continues to advance, with giants like Meta and Amazon increasing their investments in computing power, and the company, as a core PCB supplier, is deeply benefiting from the wave of computing infrastructure upgrades.
(2) Intelligent Automotive Transformation Opens Growth Space for On-Board PCBs
In 2024, global sales of new energy vehicles are expected to reach 17 million, with a penetration rate exceeding 20%. The electronic and electrical architecture is upgrading towards intelligence and high voltage, with on-board PCB demand growing by over 50% compared to traditional fuel vehicles. Trends such as the popularization of 800V high-voltage platforms, improvements in autonomous driving levels, and upgrades to intelligent cockpits are driving on-board PCBs towards high-end HDI and high reliability, with the company’s technological reserves and product layout precisely matching industry needs.
(3) 5G and Communication Technology Iteration Provide Stable Demand
The global 5G network construction continues to advance, with the commercial implementation of 5G-A technology and a clear trend towards base station miniaturization and densification, maintaining stable demand for high-frequency and high-speed PCBs. Additionally, the consumer electronics sector’s updates of 5G smartphones and the popularization of wireless charging functions also provide incremental demand for high-end PCBs.
4. Future Development Strategy: Focus on High-Growth Tracks for Deepening Layout
(1) Increase Investment in AI and Computing-Related Capacity
The company will focus on advancing the construction of high-end PCB projects for AI chip support, enhancing the capacity and technical specifications of PCBs for high-speed servers and switches, closely following the technological iteration pace of clients like NVIDIA and Google, and consolidating its leading position in the AI computing PCB field.
(2) Expand Automotive Electronics Business Advantages
It will continue to expand its supply chain with mainstream automotive manufacturers both domestically and internationally, focusing on PCB products related to autonomous driving domain controllers, millimeter-wave radar, and 800V high-voltage platforms, increasing the proportion of intelligent driving-related products, and achieving sustained high-speed growth through the rising penetration rate of new energy vehicles.
(3) Technological Iteration and Product Upgrades
It will closely follow industry technology trends, increasing R&D investment in packaging substrates, PCIe 6.0 compatible products, and on-board SIP (system-in-package) in cutting-edge fields, expanding application scenarios for industrial control boards in industrial robots and medical devices, further enriching the high-end product matrix and enhancing overall competitiveness.
Conclusion
Huadian Co., Ltd. is deeply benefiting from the demand resonance of three high-growth tracks: AI computing power, intelligent automotive, and 5G communication, thanks to its technological depth in the high-end PCB field, strong customer ties, and precise capacity layout. The communication board business provides a stable foundation, the automotive electronics board serves as the core growth engine, and the AI and data center board opens up growth ceilings, with the three major businesses developing synergistically to form a strong risk resistance capability. As industry technology upgrades and demand expands, the company is expected to continue consolidating its position as a global leader in high-end PCBs, achieving long-term growth amid the wave of electronic industry upgrades.