Driven by AI computing power and supportive policies, the PCB sector is entering a golden turning point.
Investing without research is like playing poker without looking at your cards; you are bound to fail! (This is for knowledge sharing only and does not constitute investment advice)
Recently, the PCB industry has welcomed multiple favorable policies. The Ministry of Industry and Information Technology has released the regulatory conditions and announcement management measures for the printed circuit board industry, clearly stating the need to strictly control the introduction of low-technology level PCB projects that merely expand production capacity, promoting the industry’s development towards high-end and green solutions. Meanwhile, the explosive demand for AI computing power is driving rapid growth in the high-end PCB market, with the output value of 18-layer and above multilayer boards expected to grow by 40.3% year-on-year in 2024, and HDI boards by 18.8%, becoming the core driving force for industry growth.
According to authoritative institutions, the global PCB market size is expected to reach $83.7 billion by 2025, with a year-on-year growth of 4.2%. In the capital market, PCB concept stocks are performing actively, with several stocks receiving significant attention from major funds. Comments in the background are flooding in—how much room is there for domestic substitution in PCBs? Which companies possess core technological advantages?
Don’t worry, today we will select 6 core enterprises in the PCB industry chain from the market, breaking down their technical strengths, business models, and growth potential in simple terms. After reading this guide, you will be able to identify investment directions in the wave of high-end PCB industry development.
First Company: Huadian Co., Ltd.: The Technical Benchmark for High-End PCBs
Main Business: In summary—leading in high-end PCB and orthogonal backplane technology. The company is a domestic leader in high-end PCBs, with products covering high-end fields such as AI servers and high-speed switches, and is one of the few companies in China to achieve breakthroughs in orthogonal backplane technology.
Concept Tags: AI server PCBs, orthogonal backplanes, high-speed switches, high-end multilayer boards—experts in high-end PCB technology.
Company Highlights: ① Strong performance growth: Achieved revenue of 13.512 billion yuan in the first three quarters of 2025, a year-on-year increase of 49.96%; net profit attributable to the parent company was 2.718 billion yuan, a year-on-year increase of 47.03%. ② Significant technical barriers: The high-density interconnection capability of PCB orthogonal backplanes meets the data interaction needs of multiple modules, reduces signal crosstalk, and adapts to high-frequency and high-speed transmission scenarios. ③ Active capacity expansion: A new 4.3 billion yuan project for high-end PCBs supporting AI chips has been launched, expected to be put into production in the second half of next year.
Summary in One Sentence: The absolute leader in AI server PCBs, driven by technological advantages and capacity expansion.
Second Company: Shengyi Electronics: The Domestic Pioneer of High-End Substrates
Main Business: R&D and manufacturing of high-end printed circuit boards, mainly applied in communication equipment, servers, and other fields.
Concept Tags: High-end PCBs, communication equipment, servers, domestic substitution—an invisible champion in communication PCBs.
Company Highlights: ① Outstanding technical strength: Deep technical accumulation in the high-end PCB field, benefiting from the growth in demand for AI servers and high-speed networks. ② Significant performance growth: Net profit in the first three quarters of 2025 increased by over 100% year-on-year, with excellent growth quality. ③ High-quality customer resources: Products are widely used in high-end fields such as communication equipment and servers, with strong customer loyalty.
Summary in One Sentence: A technology leader in the communication PCB field, accelerating the process of domestic substitution.
Third Company: Shenghong Technology: The Efficiency King of Capacity Expansion
Main Business: R&D and manufacturing of high multilayer PCBs and HDI boards, covering multiple fields such as new energy and AI servers.
Concept Tags: High multilayer boards, HDI, new energy, AI servers—efficiency experts with multi-field layouts.
Company Highlights: ① Significant capacity release: Through capacity expansion and technological upgrades, net profit in the first three quarters of 2025 increased by over 100% year-on-year. ② Multi-field layout: Products cover high-growth fields such as new energy and AI servers, with strong risk resistance. ③ Continuous technological upgrades: Actively expanding HDI and high multilayer board capacity, seizing the trend of industry high-end development.
Summary in One Sentence: A capacity pioneer with a multi-field layout and significant efficiency advantages.
Fourth Company: Jingwang Electronics: A Model of Innovation in High-End Products
Main Business: R&D and manufacturing of PCBs and high-end substrates, leading in technology in fields such as packaging substrates.
Concept Tags: Packaging substrates, high-end PCBs, technological innovation, favored by foreign capital—benchmark enterprises for technological innovation.
Company Highlights: ① Continuous foreign capital interest: As of the end of the third quarter of 2025, the market value of QFII holdings ranks among the top in the industry, reflecting long-term foreign capital optimism. ② Forward-looking technological layout: Actively expanding packaging substrate production and promoting intelligent computing center projects to seize technological high ground. ③ Strong profitability: Gross margins in the high-end product field continue to rise, with industry-leading profitability.
Summary in One Sentence: A technological innovator in high-end PCBs, a quality target favored by foreign capital.
Fifth Company: Pengding Holdings: A Scale Giant of the Entire Industry Chain
Main Business: A global leading PCB supplier, with products covering multiple fields such as consumer electronics and communication equipment.
Concept Tags: Global leader, entire industry chain, technology leader, scale advantage—a carrier-class enterprise in the PCB industry.
Company Highlights: ① Significant scale advantages: As a global leading PCB supplier, scale effects continue to manifest. ② Comprehensive technological layout: Leading technology in HDI and high multilayer boards, actively expanding production to seize market opportunities. ③ High-quality customer resources: Deeply bound to top global customers, with high order certainty.
Summary in One Sentence: A giant in the PCB industry with advantages in both scale and technology.
Sixth Company: Shennan Circuit: Experts in High-End Circuits
Main Business: R&D and manufacturing of high-end printed circuit boards, with significant advantages in communication and automotive electronics.
Concept Tags: High-end PCBs, communication equipment, automotive electronics, professional manufacturing—solution providers for high-end applications.
Company Highlights: ① Outstanding professional capabilities: Leading technical strength in high-end application fields such as communication and automotive electronics. ② Benefiting from industry recovery: The PCB industry has shown significant recovery since 2024, with the company having notable advantages in high multilayer boards and HDI. ③ High-quality customer structure: Products are mainly aimed at high-end customers, with high customer barriers.
Summary in One Sentence: A professional manufacturer in high-end application fields, building a moat with technical barriers.
Final Tips:
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The core logic of the PCB industry: Driven by AI, supported by policies, and propelled by domestic substitution.
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The industry is in a golden development period: The demand for high-end HDI boards for AI servers has surged, driving related manufacturers’ gross margins up by 2-3 percentage points.
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Diverse opportunities in segmented tracks: Not only AI server PCBs but also new energy, automotive electronics, and robotics are emerging fields with huge investment opportunities.
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If you really want to invest: Focus on three key nodes—progress in technological breakthroughs, capacity utilization rates, and customer certification progress.
Disclaimer: The above content is purely for educational purposes and does not constitute investment advice. The stock market has risks; please fasten your seatbelt.