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电子行业跟踪报告：7月我国PCB出口规模延续环比增长，多层板增长动能强劲
Wanlian Securities·2025-09-05 05:40

Investment Rating - The industry is rated as "Outperforming the Market" with an expectation of a relative increase of over 10% compared to the market index in the next six months [5][27]. Core Insights - In July 2025, China's PCB industry continued to experience month-on-month growth in export scale, reaching a new monthly high since 2024, with an export value of 17.103 billion yuan, representing a 10% increase month-on-month and a 34% increase year-on-year [1][12]. - The demand for PCBs is expected to remain strong due to the ongoing development of AI computing power and the rapid growth of emerging sectors such as robotics and automotive electronics [4][25]. Summary by Sections Export Performance - In July 2025, the export value of four-layer and below PCBs was 6.422 billion yuan, with a month-on-month increase of 6% and a year-on-year increase of 10%. The export value of four-layer and above PCBs was 10.681 billion yuan, with a month-on-month increase of 12% and a year-on-year increase of 54% [2][13]. - The average export price for four-layer and above PCBs was 20.40 yuan per unit, a year-on-year increase of 29% and a month-on-month increase of 7%. For four-layer and below PCBs, the average export price was 1.30 yuan per unit, a year-on-year decrease of 19% but a month-on-month increase of 26% [17][14]. Trade Partners - In July 2025, major trade partners for PCB exports included Hong Kong, Vietnam, Taiwan, Thailand, South Korea, Malaysia, Mexico, the United States, India, Germany, and Japan, with Asian partners accounting for 72.27% of total exports. Notably, exports to Taiwan increased by 202.38% year-on-year, and exports to Vietnam increased by 97.49% [3][19][21]. - The highest export value for four-layer and below PCBs was to Hong Kong at 2.429 billion yuan, with a year-on-year increase of 1.3%. Vietnam ranked second with an export value of 936 million yuan, showing a year-on-year increase of 50.53% [20][21]. Investment Recommendations - The report suggests focusing on high-quality leading companies in the domestic PCB industry, as the demand for AI PCBs is expected to grow significantly alongside the development of AI servers and high-speed switches [4][25].