1. Policy Support and Industry Outlook
The Chinese circuit board industry continues to benefit from policy dividends and technological upgrades. The national “14th Five-Year Plan” clearly lists high-end electronic components as a strategic industry, focusing on supporting the research and development of technologies such as high-frequency and high-speed copper-clad laminates and advanced packaging substrates, with special subsidies expected to exceed 20 billion yuan by 2025.
The “Made in China 2025” initiative proposes to enhance industry concentration and promote domestic substitution, with the goal of increasing the localization rate of high-end PCBs to over 40% by 2025.Additionally, stricter environmental policies are accelerating the transition to green manufacturing, with the penetration rate of halogen-free substrates expected to rise from 35% in 2023 to 65% by 2030, promoting sustainable development in the industry.In the next five years, the industry will develop around the directions of “high-end, intelligent, and green”.The three core growth engines are AI computing power, new energy vehicles, and 6G communication: the value of a single PCB for AI servers reaches 5,000 yuan, driving a surge in demand for high-frequency and high-speed boards; the PCB usage per new energy vehicle is 35 times higher than that of fuel vehicles, with the automotive market share expected to reach 26% by 2030; the research and development of 6G technology is driving an explosion in demand for low-loss, high-signal integrity materials.It is estimated that from 2025 to 2030, the compound annual growth rate of China’s PCB market will reach 7.5%, exceeding 400 billion yuan by 2030, with high-end products (HDI, packaging substrates, etc.) accounting for over 50%.
This article outlines six core companies in the PCB field for collective research.
Special Statement: The following content does not constitute any investment advice, guidance, or commitment, and is for academic discussion only.
2. Analysis of the Top 6 Companies with Revenue Growth in Mid-Year Reports
1. Shenghong Technology (Segment: AI Computing/Data Center PCB)Company Highlights: A core supplier of PCBs for global AI servers, deeply bound to leading clients such as NVIDIA and AMD, with revenue of 9.031 billion yuan in H1 2025 (up 86% year-on-year) and a net profit of 2.143 billion yuan (up 367% year-on-year). Technical breakthroughs include mass production of 112Gbps high-speed boards with a yield exceeding 95%, and a gross margin increase to 35%.2. Huadian Co., Ltd. (Segment: Communication/Automotive Electronics PCB)Company Highlights: Driven by 5G base stations and new energy vehicles, with revenue of 4.038 billion yuan in H1 2025 (up 56% year-on-year) and a net profit of 762 million yuan (up 48% year-on-year). Exclusive supplier of high-temperature FPC for Tesla’s Cybertruck, high-frequency and high-speed boards certified by Amazon AWS, with overseas revenue accounting for 45%.3. Weirgao (Segment: Automotive Electronics PCB)Company Highlights: Focused on PCBs for the three electric systems of new energy vehicles, with revenue of 309 million yuan in H1 2025 (up 51.5% year-on-year) and a gross margin of 21%. Certified by CATL and BYD, with a yield of over 90% for silicon carbide module boards and a capacity utilization rate of 85%.4. Guanghe Technology (Segment: Packaging Substrates/IC Carriers)Company Highlights: The only domestic manufacturer of mass-produced FC-BGA substrates, with revenue of 1.117 billion yuan in H1 2025 (up 42.4% year-on-year) and a net profit of 240 million yuan (up 66% year-on-year). Yield for 12-inch wafer-level packaging substrates increased to 85%, breaking the monopoly of Japanese companies, with clients including Changjiang Electronics Technology and Tongfu Microelectronics.5. Shennan Circuit (Segment: High-End Multilayer Boards/HDI)Company Highlights: A leader in PCBs for AI servers and aerospace, with revenue of 4.783 billion yuan in H1 2025 (up 25.6% year-on-year) and a net profit of 1.36 billion yuan (up 37.8% year-on-year). Mass production of 0.1mm ultra-thin HDI boards, applied in Huawei’s Ascend AI chips, with R&D investment accounting for 6.8%.6. Shengyi Technology (Segment: High-Frequency Copper-Clad Laminates)Company Highlights: A major player in domestic substitution of high-frequency and high-speed substrates, with revenue of 5.611 billion yuan in H1 2025 (up 26.9% year-on-year) and a net profit of 564 million yuan (up 43.8% year-on-year). The loss factor of PTFE substrates has dropped to 0.001, certified by Apple’s supply chain, with overseas revenue accounting for 30%.
3. Investment Recommendations and Risk Alerts
Opportunities: Prioritize layout in AI server, automotive PCB, and packaging substrate sectors, focusing on companies with technological breakthroughs (such as domestic production of ABF substrates) and capacity expansion (Southeast Asia bases).Risk Points: Fluctuations in copper prices (a 10% increase in LME copper prices affects gross margins by 2-3%), geopolitical issues leading to export restrictions, and accelerated technological iterations (such as 3nm chips potentially weakening traditional PCB demand).
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Statement: Articles from Xuelang’s investment research public account are historical materials from the internet. If there are errors, please refer to the latest materials. This article does not constitute any investment advice, guidance, or commitment, and is for academic reference only. The market has risks, and investment should be cautious.