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With the mass production of NVIDIA’s GB300, PCB and optical module manufacturers are now in the performance realization period. Which companies in the market are benefiting from this?
The editor has compiled the list, please see below:
1. Shenghong Technology (300476)
- Main Business: High-precision multilayer PCBs, HDI boards, focusing on AI servers, data centers, automotive electronics, and 5G communication fields, serving as a core supplier for NVIDIA’s GB200/GB300.
- Financial Status:
- Q1 2025 revenue of 4.312 billion yuan (YoY +80.31%), net profit of 921 million yuan (YoY +339.22%), gross margin increased to 33.37%.
- Annual net profit is expected to increase by over 360% YoY, with a significant increase in PCB deliveries for AI servers.
- PCB Progress:
- The world’s largest single PCB production base, with factories in Thailand and Vietnam accelerating expansion, high-end HDI and multilayer boards with over 18 layers are fully loaded.
- Technical Barrier: AI server PCB yield exceeds 99%, AI detection covers the entire process, mass production technology is 2-3 years ahead of the industry.
2. Xinyi Technology (300502)
- Main Business: Optical modules (mainly 800G/1.6T silicon optical modules), supporting NVIDIA’s GB200 servers and Meta’s computing infrastructure.
- Financial Status:
- Q2 2025 net profit is expected to be 1.7-1.9 billion yuan (YoY +350%), gross margin 49.58%.
- 2024 revenue of 8.647 billion yuan (YoY +179%), net profit of 2.838 billion yuan (YoY +312%).
- PCB Related Business:
- Indirectly relies on the PCB supply chain, but focuses on optical modules, forming upstream and downstream synergy with PCB leaders (such as Shenghong Technology).
3. Industrial Fulian (601138)
- Main Business: AI server OEM, precision components, and communication equipment, with clients including NVIDIA, Microsoft, and Amazon.
- Financial Status:
- Q2 2025 AI server revenue increased by 60% YoY, with 800G switch revenue reaching three times the total for 2024.
- Net profit of 5.231 billion yuan (YoY +24.99%), gross margin 6.73%.
- PCB Related Business:
- Covers PCB demand through vertical integration, but does not directly engage in PCB manufacturing, mainly relying on external suppliers.
4. Shenzhen South Circuit (002916)
- Main Business: High-end PCBs (multilayer boards, HDI), packaging substrates, and electronic assembly, core supplier for Huawei’s Ascend chips.
- Financial Status:
- 2024 PCB business revenue of 10.494 billion yuan (YoY +29.99%), net profit increased by 44% YoY.
- Gross margin around 28%, R&D investment accounts for 6%-8%.
- PCB Progress:
- FC-BGA packaging substrate mass production, with 16-layer and above products from the Guangzhou factory entering the sample stage, focusing on AI computing chip substrates.
5. Shengyi Electronics (688183)
- Main Business: Communication and server PCBs, main supplier for 800G switch substrates, exclusive partner for Huawei’s Ascend chip carrier boards.
- Financial Status:
- Q1 2025 revenue increased by 78.55% YoY, net profit increased by 163.71% YoY, gross margin 19.42%.
- Annual AI server order proportion is expected to increase to 45%.
- PCB Progress:
- Intelligent computing center project launched, with annual production capacity of high multilayer boards reaching 150,000 square meters, yield exceeding 95%.
6. Huadian Co., Ltd. (002463)
- Main Business: High-frequency and high-speed PCBs, focusing on AI servers and communication devices, core supplier for NVIDIA GPU servers.
- Financial Status:
- Net profit increased by 50% YoY in the first half of 2025, with Q2 increasing by 45%-57% quarter-on-quarter.
- Plans to invest 4.3 billion yuan to expand production of high-end PCBs for AI chips.
- PCB Progress:
- Utilization rate of multilayer boards with over 18 layers exceeds 90%, and the technical route is adapted to meet GB300 server requirements.
7. Shengyi Technology (600183)
- Main Business: Copper-clad laminates (CCL) and PCB substrates, domestic alternatives, supplying NVIDIA AI servers.
- Financial Status:
- 2024 net profit increased by 73% YoY, with Q1 2025 gross margin at 21.52%.
- High-frequency copper-clad laminate shipments increased by 120% YoY.
- PCB Related Business:
- Upstream material leader, indirectly supporting the PCB industry chain, core supplier for 800G optical module substrates.
8. Zhongji Xuchuang (300308)
- Main Business: Optical modules (800G/1.6T silicon optical modules), core supplier for NVIDIA’s GB200.
- Financial Status:
- Q1 2025 revenue of 6.674 billion yuan (YoY +37.8%), net profit of 1.583 billion yuan (YoY +56.8%), gross margin 36.7%.
- Utilization rate of 800G production capacity in Thailand exceeds 80%, with 1.6T products starting volume in Q3.
9. Tianfu Communication (300394)
- Main Business: Optical devices and optical modules, exclusive supplier for NVIDIA’s GB200 optical engine.
- Financial Status:
- 2024 net profit of 1.344 billion yuan (YoY +84%), gross margin 53.05% (highest in the industry).
- 1.6T product capacity is ramping up, expected to contribute major revenue by 2026.
Disclaimer: The above content is compiled based on publicly available market information. The analysis of the companies and industries mentioned is for reference only and does not constitute investment advice. The completeness and accuracy of the related information are not guaranteed. Please make prudent judgments based on your own risk tolerance.