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 PCB concept index increasing by 3.77% on January 21, 2026, and several companies, including Chipbond Microelectronics and Kexiang Co., 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 Microelectronics and Huazheng New Materials 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 around $94.66 billion by 2029, reflecting a compound annual growth rate (CAGR) of about 5.2% [2] Group 3: Industry Profitability - Jin'an Guoji announced a profit forecast for 2025, expecting a net profit of between 280 million and 360 million yuan, representing a year-on-year increase of 655.53% to 871.40% due to improved market conditions for copper-clad laminates [3] - Among nearly 50 PCB stocks in the A-share market, six have released positive profit 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 like 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 reductions in 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 at the forefront of this capital influx, with net purchases of 214 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 monthly production capacity of 50,000 square meters 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]