Since the beginning of this year, the total market value of the PCB sector has continued to rise. The latest total market value of 40 companies is 736.262 billion yuan, an increase of 239.666 billion yuan from the beginning of this year, with a growth rate of 48.26%. Among them, the number of companies with a market value exceeding 10 billion has increased from 11 at the beginning of the year to the latest 15, with 4 new additions including Xinqi Microelectronics, Jin'an Guoji, Oscon, and Yidun Electronics.

Ranked by the total market value after today's (July 10th) closing, the top three companies in the PCB sector are Shenghong Technology, Shanghai Electric Power Co., Ltd., and Shengyi Technology, with total market values of 125.193 billion yuan, 90.88 billion yuan, and 82.959 billion yuan, respectively. It is worth noting that several companies have mentioned the boosting effect of artificial intelligence on their development:

According to the research summary of Shenghong Technology, the company is firmly committed to "embracing AI and heading towards the future", accurately grasping the historical new opportunities brought by the innovation of AI computing power technology and the upgrading of data centers. In the first quarter of 2025, the revenue of AI computing power and data center related products will account for more than 40%.

On July 3rd, Shanghai Electric Power Co., Ltd. stated in an institutional survey that in the medium to long term, the development of artificial intelligence and network infrastructure requires more complex and high-performance PCB products to support their complex computing and data processing needs. The company's 4.3 billion yuan new artificial intelligence chip supporting high-end printed circuit board expansion project has recently started construction, and it is expected that the implementation of this project will further expand the company's high-end product production capacity.

According to the research summary of Shengyi Technology on June 3, the company is actively cooperating with major domestic and foreign terminals on GPU and AI project development, and has already started mass supply of products.

At the beginning of this year, Guohai Securities warned that there was a recovery in the PCB industry. In recent years, the wave of AI industry chain has been continuously advancing, and under this trend, the prosperity of the PCB industry is expected to continue to rise.

Behind the continuous increase in market value is the gradual realization of performance. For example, Jin'an Guoji announced yesterday that it expects a net profit of 60-80 million yuan after deducting non recurring gains and losses in the first half of the year, a year-on-year increase of 4700-6300%. The main reason is that the production and sales volume of the company's copper-clad laminates have increased year-on-year, and the sales price has slightly rebounded. In June, Shenghong Technology stated during an institutional survey that the company currently has a full backlog of orders, and the business is progressing smoothly. The production and delivery of orders are being carried out normally.

Ping An Securities believes that with the continuous increase in demand for high value-added products such as AI PCBs, the profitability of PCB industry chain related enterprises is expected to continue to increase, which will drive rapid growth in business performance.

CITIC Securities pointed out that the rapid growth of demand for high-end PCBs with AI computing power has brought about a significant supply-demand gap for AI PCBs this year. With the continuous expansion of AI towards inference needs, the growth of ASIC chips is expected to become the main driver of high-end PCB incremental demand in 2026. According to estimates, the supply-demand ratio of incremental output and demand in the global AI PCB industry is expected to be 80-103% by 2026, and the tight supply and demand situation of high-end production capacity is expected to continue.

At present, the demand for cloud AI computing resources is increasing, and various manufacturers are continuously increasing their investment in AI and infrastructure. Oracle Corporation expects the total cloud revenue growth rate to accelerate to over 40% in the 2026 fiscal year, with capital expenditures expected to exceed $25 billion. According to statistics from Guojin Securities, Meta has raised its capital expenditure for 2025 to $64-72 billion, a significant year-on-year increase; Google's capital expenditure plan for 2025 is $75 billion, a year-on-year increase of approximately 43%; Alibaba and ByteDance both expect their capital expenditures to exceed 150 billion yuan by 2025.

Guosheng Securities stated that PCB is the carrier for the electrical interconnection of electronic components, and benefiting from the development of industries such as AI, the global PCB output value is expected to reach 94.661 billion US dollars by 2029. AI servers and HPC systems have become important driving forces for the development of low loss high multilayer boards and HDI boards, and the explosive demand for high-end PCBs has driven the demand for high-end materials to rise in both quantity and price.

From an investment perspective, the institution further pointed out that under the explosive demand for AI PCBs, the current supply of the corresponding industry chain is in a tight state. In addition to the scarcity and tension of high tier and high-order HDI production capacity, the supply of high-end materials upstream of the industry chain is also scarce. It is necessary to pay attention to the opportunity for the PCB industry chain to experience explosive performance under the AI cycle.