AI in Hardware PCBs are experiencing favorable conditions.
NVIDIA’s latest server PCB segment has seen a significant increase in value, and Shenghong Co., Ltd. has just released a quarterly performance forecast indicating substantial growth.
According to media reports, NVIDIA will unveil the architecture design of the next-generation platform Rubin at the 2025 GTC conference.
The biggest change is that the high-speed data transmission NVLink connection will adopt an orthogonal architecture, using hybrid PTFE high-layer boards, and HVLP5 copper foil will be used in conjunction with PTFE, significantly enhancing the value of the PCB segment.
NVIDIA PCB supply chain: Shenghong Co., Ltd., Shengyi Technology, Huadian Co., Ltd., and Jingwang Electronics
Domestic PCB supply chain: Shenzhen South Circuit, Xingsen Technology, Nanya New Materials
Shenghong Co., Ltd.: NVIDIA’s core PCB supplier, just released the Q1 2025 performance forecast, indicating substantial growth.
It is expected that the net profit attributable to the parent company for the first quarter of 2025 will be between 780 million to 980 million yuan, with a non-recurring net profit doubling compared to the fourth quarter of last year (an increase of 115%~148.5%).
The announcement explains that the reason for this performance change is: accurately grasping the historical new opportunities brought by AI computing technology innovation and data center upgrade waves, occupying the global PCB manufacturing technology high ground.
It is the increased demand for PCBs driven by AI computing that has led to record high performance.
According to previous information, the company’s PCB products used in 1.6T optical modules have already been shipped in small batches.
Shengyi Technology: Ultra-low loss high-speed copper-clad laminates have been validated by NVIDIA and are an important supplier of high-frequency copper-clad laminates for NVIDIA’s GB300 server.
According to the 2024 performance report, the revenue for 2024 was 4.686 billion, a year-on-year increase of 43.19%
The non-recurring net profit was 327 million, a year-on-year increase of 849%.
Huadian Co., Ltd.: A core supplier of NVIDIA servers, providing printed circuit boards for server motherboards, switches, etc., and is one of the main suppliers of NVIDIA’s GB300 chip PCBs.
According to the 2024 performance report, the revenue for 2024 was 13.34 billion, a year-on-year increase of 49.26%;
The non-recurring net profit was 2.546 billion, a year-on-year increase of 80.8%.
Jingwang Electronics: A qualified supplier for NVIDIA, has already achieved bulk supply to NVIDIA.
In the first three quarters of 2024, the revenue was 9.078 billion, a year-on-year increase of 17.1%;
The non-recurring net profit was 828 million, a year-on-year increase of 20.3%.
Xingsen Technology: According to the research content from January, the overall investment scale of the company’s FCBGA packaging substrate project has exceeded 3.5 billion, and the first phase of capacity construction is basically in place, having entered the small batch production stage, with expectations for small batch orders to gradually increase in 2025.