Recently, the hotspots in the PCB concept have mainly focused on AI-driven industry growth, corporate expansion, and outstanding performance. Here are the specific details:
AI Technology Drives Demand Growth: AI technology is pushing PCBs towards high density and refinement, with AI servers exhibiting exponential increases in performance requirements for PCB products. As the core carrier of high-end PCBs, HDI is continuously gaining penetration in scenarios such as 5G base stations, data centers, and smart vehicles. NVIDIA has launched the next-generation inference chip GPURubin CPX, which will become a new growth driver for the AI PCB market.
Industry Returns to an Upward Cycle: Benefiting from a low industry base and the rapid expansion of high-end application fields such as artificial intelligence, the PCB industry is showing signs of recovery. In the first half of 2025, driven by the continuous demand for AI servers and high-performance computing, the industry is maintaining a growth trend, with sub-sectors like HDI and HLC performing particularly well.
Companies are Expanding Production: Currently, the supply of high-end PCB products in the market is not sufficient, prompting leading companies in the industry to increase investments in key processes and bottleneck processes. For example, Shenghong Technology will continue to expand the production capacity of high-end HDI and high-layer boards; Dongshan Precision’s wholly-owned subsidiary, Chaoyi Group, plans to invest no more than $1 billion to build a high-end PCB project; and Pengding Holdings plans a capital expenditure of 5 billion yuan in 2025, a year-on-year increase of 51.5%, mainly directed towards projects including the Thailand park, flexible board expansion, and high-end HDI and SLP projects in Huai’an’s three parks.
Stock Performance is Impressive: Over the past three months, the PCB sector has been hot, with five companies including Shenghong Technology, Jingwang Electronics, Dongshan Precision, Shenyang Electronics, and Huadian Co., Ltd. achieving stock price doubles, and Yihua New Materials seeing a 98.75% increase in three months, nearing a double.
Breakthroughs in Upstream Materials: Recent technological breakthroughs and capacity expansions in upstream core materials such as electronic-grade fiberglass, specialty resins, and copper foil have laid the foundation for industry explosion. CITIC Securities estimates that the market space for high-frequency and high-speed resins used in servers will reach 2.28 billion yuan by 2026, corresponding to a compound annual growth rate of 85% from 2024 to 2026.
Trends in Factory Establishment in Southeast Asia: In recent years, domestic PCB manufacturers have been intensively expanding production and establishing factories in Southeast Asia. According to Prismark’s forecast, from 2024 to 2029, Asia (excluding China and Japan), represented by Southeast Asia, will become the region with the highest compound annual growth rate, reaching 7.8%.
There are many authentic companies in the PCB concept, and here are ten of them:
Xingsen Technology (002436)
Main Business: Deeply engaged in the electronic circuit industry for 30 years, it is a global provider of advanced electronic circuit solutions and digital manufacturing, with product layouts covering the electronic hardware three-level packaging field, providing customers with high-value overall solutions from design to testing and delivery. Its business includes R&D, manufacturing, and sales of high-layer boards, HDI boards, rigid-flex boards, semiconductor test boards, and more.
Highlights: The FC-BGA substrate has been certified by AMD, achieving a breakthrough in domestic CPU packaging substrates, reducing costs by 30%. The Guangzhou base has expanded to 500,000 square meters/year, catering to the packaging needs of AI chips and storage chips, with clients including Yangtze Memory and Changxin Memory. In 2025, it plans to raise 2 billion yuan for capacity expansion, receiving investment from the National Big Fund Phase II.
Dongcai Technology (601208)
Main Business: Specializes in the R&D, manufacturing, and sales of new materials, focusing on optical film materials, environmentally friendly flame-retardant materials, and advanced electronic materials based on new insulating materials.
Highlights: The insulating materials sector has maintained the top position in the country for 33 consecutive years, being the leading comprehensive strength manufacturer and R&D base for electrical and optical film new materials in China. Low-extractable polyester film has replaced DuPont products in the U.S., reducing costs by 90% for the domestic refrigeration industry, with a global market share of 60%. The sales and market share of optical polarizing films and MLCC ceramic base films are the highest in the country, with core products replacing those from South Korea’s SKC and Japan’s Mitsubishi.
Guangyang Co., Ltd. (002708)
Main Business: Traditionally engaged in automotive bearings, while also expanding into robot bearings and joint modules, FPC (flexible printed circuit boards), and sensor businesses.
Highlights: Continuously winning large orders in the robotics sector, securing projects for joint module gear from top domestic clients and orders for RV/harmonic reducer bearings from certain clients. By August 2025, a well-known end customer in the AI glasses field has begun mass production, with significant capacity expected to be released in 2026. It possesses comprehensive supply capabilities for bearings, gears, and circuit boards, aiming to cover all components of robots and develop from parts to small assemblies and modules.
Huagong Technology (000988)
Main Business: Based on laser technology, sensor technology, and electronic information technology, it develops perception, connection, and intelligent manufacturing businesses. The perception business includes smart home sensors and laser holographic comprehensive anti-counterfeiting solutions; the connection business covers the entire range of products from chips to devices, modules, and subsystems in the optical communication field; the intelligent manufacturing business mainly involves laser intelligent equipment, automated production lines, and smart factory construction.
Highlights: Known as “China’s first laser stock,” it possesses globally leading PTC and NTC series sensor R&D and manufacturing technology, leading the global industry in smart home sensors. In the optical communication field, it has vertical integration capabilities, with product market share at the industry-leading level, and it also leads the formulation of China’s first international standard in the laser industry.
Pengding Holdings (002938)
Main Business: Mainly engaged in the design, R&D, manufacturing, and sales of various printed circuit boards, including communication boards, consumer electronics boards, computer boards, automotive electronics, and industrial control boards.
Highlights: The market share of FPC for flexible screens is the highest globally, with a bending resistance of 200,000 times, entering the supply chain for foldable phones from Apple and Huawei, with a single vehicle value exceeding 500 yuan. The arbitrary layer HDI technology achieves a line width/spacing of 25μm, supporting millimeter-level positioning accuracy for VR/AR devices, with a yield rate exceeding 95%. In the first quarter of 2025, revenue exceeded 10 billion yuan, with a year-on-year increase of 30% in net profit.
Xilong Science (002584)
Main Business: Engaged in the R&D, production, sales, and supporting services of general chemical reagents, PCB chemical reagents, ultra-pure chemical reagents, wet electronic chemicals, raw materials, food additives, photovoltaic electrode materials, lithium battery materials, and other fine chemicals and new materials.
Highlights: It is the first listed chemical reagent company in China, recognized as a national high-tech enterprise and a national-level specialized and innovative “little giant” enterprise. Its products and services cover all aspects of the high-end intelligent manufacturing industry chain, making it a leading domestic manufacturer and integrated supplier of large-scale chemical reagents.
Tongling Nonferrous Metals (000630)
Main Business: Mainly engaged in copper mining, smelting, processing, and trading, while also involved in the production and sales of precious metals such as gold, silver, sulfur, and chemical products.
Highlights: It is one of the important enterprises in China’s copper industry, with a large production scale and strong industrial competitiveness. The company has certain advantages in copper smelting technology and resource utilization, enabling it to fully utilize various elements in copper ore to improve resource utilization and economic benefits.
Aoshikan (002913)
Main Business: Focused on the R&D, production, and sales of printed circuit boards, with products mainly applied in data centers, automotive electronics, and communications.
Highlights: The market share of high-layer PCBs for AI servers exceeds 10%, with a single server value exceeding $1,000, catering to the needs of NVIDIA and AMD AI chips. Breakthroughs in glass substrate R&D have achieved thermal expansion coefficient matching with silicon-based chips, supporting advanced packaging needs. The Zhaoqing base has expanded to 2 million square meters/year, supporting high growth demand for data centers and AI servers.
Shengquan Group (605589)
Main Business: Mainly engaged in the R&D, production, and sales of synthetic resins and composite materials, as well as biomass chemical materials. Products include phenolic resins, furan resins, epoxy resins, and other synthetic resins, as well as related composite materials and biomass refined products.
Highlights: It is one of the largest producers of phenolic resins globally, with strong technical strength and market competitiveness in the synthetic resin field. The company focuses on technological innovation, continuously developing new products and processes, and its biomass chemical materials business has significant development potential, aligning with trends in green development and sustainability.
Disclaimer: The materials in this article are sourced from official media and online news. If there are any errors, please refer to the latest information. This article does not constitute any investment advice, guidance, or commitment, and is for academic discussion only. The market carries risks, and investment should be cautious.