Huan Qiu Wang·2025-11-13 07:19Core Insights - The PCB industry is experiencing unprecedented growth opportunities driven by the AI wave, with new policies aimed at promoting high-end, green, and intelligent transformation [1] - The demand for AI servers and high-speed networks is significantly boosting the high-end PCB market, with substantial projected growth rates for specific PCB products [1] - The financial performance of PCB companies reflects this market boom, with notable revenue and profit increases across the sector [3][4] Industry Overview - The Ministry of Industry and Information Technology has solicited opinions on a draft regulation to eliminate outdated capacity and encourage technological innovation in the PCB industry [1] - According to Prismark, the market for 18-layer and above high multilayer boards and HDI boards is expected to grow by 40.3% and 18.8% year-on-year in 2024, respectively [1] - The annual compound growth rate for AI server-related HDI from 2023 to 2028 is projected to be 16.3%, marking it as the fastest-growing segment in the AI server PCB market [1] Company Performance - A total of 44 listed PCB companies in A-shares reported a combined revenue of 216.19 billion yuan, a year-on-year increase of 25.36%, and a net profit of 20.86 billion yuan, with a growth rate of 62.15% [3] - Over 75% of these companies reported a year-on-year increase in net profit, with four companies successfully turning losses into profits [3] - Leading company Shengyi Technology saw a remarkable revenue increase of 114.79% and a net profit surge of 497.61% in the first three quarters [3] - Another company, Xingsen Technology, reported over 23% revenue growth and is expanding its production capacity [3] Capital Market Interest - As of the end of Q3, 13 PCB concept stocks were heavily held by QFII, with a total market value of 16.635 billion yuan [4] - Shengyi Technology had a QFII holding ratio of 12.32%, with a market value of 15.936 billion yuan, indicating strong foreign investor confidence [4] - Other companies like Jingwang Electronics and Junya Technology also attracted QFII investments, with notable foreign institutions among their top shareholders [4]