In the first half of 2025, PCBs (Printed Circuit Boards) have become the “invisible champion” in the tech circle—demand for server PCBs surged by 30% due to the explosion of AI servers, and the penetration rate of new energy vehicles exceeded 40%, driving a dramatic increase in automotive PCB orders. Even consumer electronics (foldable smartphones, VR devices) are scrambling for PCB production capacity.
The Ministry of Industry and Information Technology’s “Development Plan for the Electronic Information Industry” clearly states“By 2025, the domestic production rate of high-end PCBs will exceed 50%”, with leading companies in the industry reporting a net profit increase of over 50% in their mid-year reports.
For retail investors,PCBs are not “niche components” but the “blood vessels” of the tech industry—today we will discuss 8 companies in the PCB sector that are “growing the fastest”, explaining in straightforward terms how they “make money” and “why they can grow”.
1. Shenzhen Santek Circuit
Main Business: CommunicationPCBs (5G base stations/servers), automotive PCBs (autonomous driving), packaging substrates (storage chips)
Performance:2025 mid-year revenue10.453 billionyuan, net profit1.36 billionyuan (year-on-year+37.75%)
PCB Advantages: “Leading in communication PCBs domestically”, with a market share of over 30% in 5G base station PCBs (supplying Huawei and ZTE), a yield rate of 98% for server PCBs (industry average 95%); automotive PCBs certified by NVIDIA (for autonomous driving domain controllers), with automotive revenue share rising to 25% in the first half of 2025 (up 10 percentage points year-on-year); packaging substrates (for storage chips) breaking foreign monopolies, supplying Yangtze Memory Technologies.
2. Unimicron Technology Corporation
Main Business: AutomotivePCBs (electrification/intelligence), communication PCBs (data centers), high-frequency high-speed PCBs (5G/satellite)
Performance:2025 mid-year revenue8.494 billionyuan, net profit1.683 billionyuan (year-on-year+47.50%)
PCB Advantages: “Benchmark for automotive PCBs”, with a market share of 20% in electrification PCBs (motor controllers) supplying BYD and Tesla, a yield rate of 97% for intelligent PCBs (smart cockpits) (industry average 90%); high-frequency high-speed PCBs (for satellite communication) certified by aerospace technology, with a new automotive PCB production line set to be launched in 2025 (annual output of 2 million square meters).
3. Jingwang Electronics
Main Business: AutomotivePCBs (traditional fuel vehicles/new energy vehicles), consumer electronics PCBs (smartphones/tablets), industrial control PCBs (PLC/inverters)
Performance:2025 mid-year revenue7.095 billionyuan, net profit650 millionyuan (year-on-year-1.06%)
PCB Advantages: “All-round player in automotive PCBs”, with a market share of 15% in traditional vehicle PCBs (instrument panels/air conditioning control) supplying Volkswagen and Geely, a yield rate of 95% for new energy vehicle PCBs (battery management systems) (industry average 90%); consumer electronics PCBs (foldable smartphone hinges) certified by Samsung, with consumer electronics revenue share rising to 25% in the first half of 2025 (up 5 percentage points year-on-year).
4. Shenghong Technology
Main Business: ServersPCBs (AI computing), automotive PCBs (autonomous driving), HDI PCBs (high-density interconnect)
Performance:2025 mid-year revenue9.031 billionyuan, net profit2.143 billionyuan (year-on-year+366.89%)
PCB Advantages: “Dark horse in server PCBs”, with a yield rate of 99% for AI computing boards (GPU/TPU) (industry average 97%), supplying NVIDIA and AMD (accounting for 25% of their server PCB demand); automotive PCBs (lidar control boards) certified by Mobileye, with a new HDI production line set to be launched in 2025 (annual output of 1 million square meters).
5. Xingsen Technology
Main Business:IC substrates (storage chips/radio frequency chips), PCBs (communication/industrial), semiconductor test boards
Performance:2025 mid-year revenue3.426 billionyuan, net profit28.83 millionyuan (year-on-year+47.85%)
PCB Advantages: “Pioneer in domestic IC substrate replacement”, with a market share of 10% in storage chip substrates (for SSDs) supplying Yangtze Memory Technologies and Changxin Memory Technologies, a yield rate of 95% for radio frequency chip substrates (for 5G base stations) (industry average 90%); PCB business (for communication equipment) showing stable growth (annual revenue of 4 billion).
6. Chongda Technology
Main Business:5G communication PCBs (base stations/antennas), automotive PCBs (car lights/sensors), consumer electronics PCBs (LED drivers)
Performance:2025 mid-year revenue3.533 billionyuan, net profit222 millionyuan (year-on-year-6.19%)
PCB Advantages: “Veteran in 5G communication PCBs”, with a market share of 20% in 5G base station antenna PCBs (supplying ZTE and Ericsson), automotive PCBs (light control boards) certified by Hella (European automotive supplier), with overseas revenue share rising to 30% in the first half of 2025 (up 5 percentage points year-on-year).
7. Pingdeng Holdings
Main Business: Consumer ElectronicsPCBs (smartphones/tablets), automotive PCBs (smart cockpits), wearable device PCBs (watches/headphones)
Performance:2025 mid-year revenue16.375 billionyuan, net profit1.233 billionyuan (year-on-year+57.22%)PCB Advantages: “Leader in consumer electronics PCBs”, with a market share of 25% in smartphone PCBs (supplying Apple and Huawei), a yield rate of 98% for foldable smartphone hinge PCBs (industry average 95%); automotive PCBs (smart cockpit screen control) certified by Tesla, with consumer electronics revenue share rising to 60% in the first half of 2025 (stable core business).
8. Hongxin Electronics
Main Business:FPC (Flexible Printed Circuit, smartphones/tablets), automotive FPC (seats/doors), wearable FPC (watches/AR)
Performance:2025 mid-year revenue3.494 billionyuan, net profit53.993 millionyuan (year-on-year+9.85%)
PCB Advantages: “Expert in FPC flexible printed circuits”, with a market share of 15% in smartphone FPCs (supplying OPPO and vivo), automotive FPCs (seat heating control) with a yield rate of 96% (industry average 90%); wearable FPCs (AR glasses connections) certified by Pico, with FPC revenue share rising to 80% in the first half of 2025 (core business).
The investment logic for PCBs is very practical: the more advanced technology becomes, the more and more precise circuit boards are needed—AI servers require high-speed PCBs, new energy vehicles need intelligent PCBs, and foldable screens require flexible PCBs; every step relies on PCBs.
Among the 8 companies mentioned, some are “leaders in communication” (Shenzhen Santek Circuit, Unimicron Technology), some are “automotive experts” (Jingwang Electronics, Shenghong Technology), and some are “kings of consumer electronics” (Pingdeng Holdings, Hongxin Electronics), but they all share a common point: strong technology, stable orders, and rapidly increasing performance.
For retail investors, it is better to focus on these companies that can “truly provide blood supply to the tech industry” rather than chasing trends.
In the second half of 2025, as AI servers are delivered on a large scale and the penetration rate of new energy vehicles exceeds 45%, the orders for these PCB companies will continue to surge like a tide—after all, whoever can grasp the “circuit board” core in “tech infrastructure” will earn steadily.
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Disclaimer: This article is based on historical data from the internet. If there are any errors, please refer to the latest data. This article does not constitute any investment advice, guidance, or commitment, and is for academic discussion only. Please read with caution. The market has risks, and investment decisions should be based on rational independent thinking.
(Data as of September 7, 2025, the market has risks, and investment should be cautious.)