PCBs (Printed Circuit Boards) are the core foundation of the electronic information industry, maintaining steady growth in recent years. The global output value is expected to reach approximately $73.5 billion in 2024, with mainland China accounting for 56.1%. It is projected to remain above half by 2029, with the global market size expected to exceed $94 billion, reflecting a compound annual growth rate (CAGR) of about 4.8%.
The Chinese market is particularly outstanding, with a scale reaching 415.6 billion yuan in 2024, a year-on-year increase of 8.3%, and is expected to reach 554.5 billion yuan by 2029, with a CAGR of about 6.5%.
In terms of the industrial chain, the localization process of upstream materials such as copper-clad laminates and copper foils is accelerating, but high-end materials still rely on imports. The downstream applications are extensive, with server, automotive electronics, and AI computing power becoming new growth engines, among which automotive electronics continue to increase in proportion.
Technological trends show strong demand for high-layer boards, HDI boards, and packaging substrates, driving the high-end development of the industry. New technologies such as 3D printing and open-source design are aiding in intelligent upgrades. At the same time, environmental regulations are becoming stricter, prompting companies to increase investments in green manufacturing and energy conservation. Overall, the PCB industry is accelerating its evolution towards high-end, intelligent, and green directions.
This article highlights five quality companies in the PCB industry for academic exchange and discussion.
Special Note: The content of this article is for academic discussion only and does not constitute any investment commitment, advice, or implication.
Fifth Place: Zhongjing Electronics
Company Highlights. The company has the capability for R&D and mass production of a full range of rigid-flex PCB products, leading in technology, having broken the monopoly of Japanese companies in high-end fields such as HDI, high-layer boards, and IC substrates. Product applications have expanded to emerging markets such as AI terminals, humanoid robots, and the three-electric system of new energy vehicles, and have entered the supply chains of quality customers such as Huawei, NVIDIA, and BYD. As a vice-chairman unit of CPCA, the company participates in the formulation of industry standards, solidifying its industry position with strong customer loyalty and broad growth potential.
Performance Overview. In the first half of the year, revenue reached 1.618 billion yuan, a year-on-year increase of 21.29%. The profit turned from loss to profit, with a net profit attributable to the parent company of 18.2857 million yuan, a year-on-year increase of 125%.
PCB Concept. The company focuses on the R&D, production, sales, and related services of printed circuit boards (PCBs), with products covering rigid circuit boards (RPCB), high-density interconnect boards (HDI), flexible circuit boards (FPC), rigid-flex boards (R-F), and flexible circuit board assemblies (FPCA).
Fourth Place: Huazheng New Materials
Company Highlights. The company has outstanding advantages in the field of electronic materials, having achieved domestic substitution of CBF laminated insulating films for ABF, breaking the monopoly of Japanese companies; high-frequency and high-speed copper-clad laminates have been applied in AI servers, switches, and 800G optical modules, leading in technology. In the field of new energy materials, aluminum-plastic films cover cutting-edge areas such as energy storage and solid-state batteries, and the company leads related national standards. By utilizing AI and intelligent manufacturing to reduce costs and increase efficiency, the customer base includes leading companies such as Huawei and NVIDIA, with products widely used in communications, data centers, semiconductors, and new energy vehicles, demonstrating significant industrial synergy effects.
Performance Overview. In the first half of the year, total revenue reached 2.095 billion yuan, a year-on-year increase of 7.88%; net profit attributable to the parent company was 42.669 million yuan, up 327.86% year-on-year; the gross profit margin increased by 2.43 percentage points year-on-year to 12.59%.
PCB Concept. The company’s main product, copper-clad laminates (CCL, short for copper foil laminated boards), is a fundamental material for printed circuit boards (PCBs). This product is made by soaking glass fiber cloth or other reinforcing materials in resin, then covering it with copper foil and hot-pressing, providing conductive, insulating, and supporting functions, making it an indispensable key laminated material for PCB manufacturing.
Third Place: Junya Technology
Company Highlights. The company is at the forefront of HDI and multilayer circuit board technology, with line width precision reaching 50μm and holding multiple patents. Its products include rigid boards, FPC, RFPC, and PCBA, widely used in consumer electronics, automotive electronics, and AI servers. The customer base is high-quality, with partners including over a hundred leading companies such as Huawei, Samsung, and BYD. Relying on six major production bases, the company has an annual production capacity of 4 million square meters, enhancing efficiency through intelligent manufacturing and cost optimization, while actively laying out emerging markets such as AI and robotics, showing significant growth potential.
Performance Overview. In the first half of the year, total revenue reached 1.264 billion yuan, a year-on-year increase of 13.54%; net profit attributable to the parent company was 38.1306 million yuan, turning from loss to profit, compared to a loss of 16.34 million yuan in the same period last year; the proportion of three expenses decreased from 14.06% to 10.4%, a year-on-year decrease of 26.01%.
PCB Concept. The company focuses on the R&D, production, and sales of printed circuit boards, as well as surface mount services. Its main products include rigid circuit boards, flexible circuit boards (FPC), rigid-flex boards (RFPC), high-density interconnect boards (HDI), and PCBA, widely used in communications, automotive electronics, and consumer electronics, meeting diverse customer needs.
Second Place: Shengyi Electronics
Company Highlights. The company has strong technical strength and is one of the few companies globally capable of mass-producing 48-layer AI server motherboards, maintaining a leading position in cutting-edge fields such as 6G millimeter-wave substrates and 3D packaging. The customer base is high-quality, serving global leaders such as Amazon, NVIDIA, Huawei, and Tesla, with strong order stability. The capacity layout is global, with efficient operations in domestic factories and accelerated construction of overseas bases in Thailand, aiding in risk diversification. With technical barriers and quality customers, the company ranks among the top 35 in the global PCB industry, with a prominent industry position and broad growth potential.
Performance Overview. In the first half of the year, the company’s revenue reached 3.769 billion yuan, a year-on-year increase of 91%; net profit attributable to the parent company was 531 million yuan, up 452% year-on-year; the gross profit margin surged to 30.4%, an increase of 10.9 percentage points year-on-year. The net cash flow from operating activities was 433 million yuan, a year-on-year increase of 117.5%.
PCB Concept. The company focuses on the design, production, and sales of printed circuit boards, with products covering single-sided, double-sided, and multilayer boards, widely used in communications, computers, consumer electronics, and automotive electronics. With rich manufacturing experience and stable process levels, the company provides diverse and highly reliable PCB products to meet the needs of different downstream industries.
First Place: Shenghong Technology
Company Highlights. As a global leading PCB manufacturer, the company has outstanding technical strength, being the first to achieve mass production of 6-stage 24-layer HDI boards, with the capability to manufacture high-layer boards exceeding 100 layers, and continuously investing in R&D for next-generation products. The customer base is high-quality, deeply bound to technology giants such as NVIDIA, AMD, and Tesla, with stable orders. The capacity layout is global, with multiple bases in Huizhou, Thailand, and Vietnam working in synergy, providing industry-leading delivery capabilities. With technical barriers, quality customers, and a global layout, the company holds the largest market share in the AI computing PCB field, solidifying its industry position.
Performance Overview. In the first half of the year, revenue reached 9.031 billion yuan, a year-on-year increase of 86%; net profit attributable to the parent company was 2.143 billion yuan, a year-on-year increase of 367%. Q2 revenue increased by 9.42% quarter-on-quarter, with net profit increasing by 32.78%, and the net profit margin rising to 25.9%.
PCB Concept. Shenghong Technology focuses on the R&D and production of high-precision HDI PCBs, with products widely used in computers, automotive electronics, communications, and medical fields, serving over 160 top global customers. The company ranks among the top 100 PCB companies globally, serving as a vice-chairman unit of the China Printed Circuit Industry Association, participating in the formulation of industry standards, and ranking high in the “China PCB Company Rankings,” with a prominent industry position.
The PCB industry continues to thrive, driven by AI, automotive electronics, and new energy, with vast market potential ahead. China remains a core center for production and consumption.
However, risks must be noted: fluctuations in upstream raw material prices may compress profits, insufficient localization of high-end materials may lead to supply uncertainties; if global demand falls short of expectations or downstream applications slow down, it will impact industry growth; at the same time, stricter environmental policies and intensified competition may exert pressure on corporate costs and profitability.
This article is merely a starting point for discussion, and everyone is welcome to exchange and supplement in the comment area.
Thank you all for your “likes + views + shares + follows”
Note: All content in this article is for academic reference only and does not constitute any investment advice, commitment, or implication. The market has risks, and investment should be cautious.