AI推动印制电路板市场扩容PCB行业进入业绩兑现期

Group 1: Market Performance - The PCB sector in A-shares experienced a collective rise, with the Wind PCB concept index increasing by 3.77% on January 21, 2026, and several companies, including Chipbond and Kexiang, seeing gains exceeding 10% [1] - Since 2026, the PCB sector has been on an upward trend, with the industry index accumulating a growth of over 8%, and companies like Chipbond, Huazheng New Materials, and Fangbang Co. achieving cumulative increases of over 30% [1] Group 2: Market Expansion - The explosive growth of AI applications has significantly boosted the demand for high-end printed circuit boards (PCBs), leading the industry into a high prosperity cycle [2] - Emerging fields such as AI servers and intelligent driving have raised the requirements for PCB layers, precision, and reliability, resulting in a surge in demand for high-density interconnect (HDI) and high-multilayer boards [2] - According to Prismark, the global PCB market is expected to grow by approximately 5.8% in 2024 and 6.8% in 2025, with a projected market value of about $94.66 billion by 2029, reflecting a compound annual growth rate (CAGR) of around 5.2% [2] Group 3: Industry Profitability - Jin'an Guoji announced a forecast for 2025, expecting a net profit attributable to shareholders of between 280 million and 360 million yuan, representing a year-on-year increase of 655.53% to 871.40% [3] - As of January 21, 2026, six companies in the PCB sector have released positive earnings forecasts for 2025, with Jin'an Guoji showing the highest growth rate, exceeding six times the previous year's profit [3] - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, marking a year-on-year increase of 260.35% to 295%, driven by high-end product mass production in key areas such as AI computing and data centers [3] Group 4: Strong Earnings Growth - The PCB sector demonstrated robust earnings growth in the first three quarters of 2025, with over 70% of nearly 50 PCB stocks reporting year-on-year profit increases or reduced losses [4] - For instance, Shennan Circuit achieved a net profit of 2.326 billion yuan in the first three quarters of 2025, surpassing its total net profit since listing [4] Group 5: Capital Inflow - The PCB sector has attracted significant capital inflow, with a net purchase of 1.674 billion yuan in PCB concept stocks since 2026, and nine stocks receiving over 100 million yuan in net purchases [5] - Companies like Xingsen Technology and Yingnuo Laser have been particularly favored, with net purchases of 214 million yuan, 171 million yuan, and 167 million yuan, respectively [5] Group 6: Company Developments - Xingsen Technology has seen continuous net purchases for five consecutive trading days, with a current overall production capacity of 50,000 square meters per month for CSP packaging substrates [6] - Yingnuo Laser has reported significant orders in its PCB business, including nearly 90 million yuan in orders for PCB forming equipment since 2025 [6]