Industry Overview - The PCB market is experiencing a resurgence, with significant stock price increases for companies like Shenghong Technology and Fangzheng Technology, among others [1] - AI technology is driving the PCB industry towards high-density and precision development, leading to increased demand for core equipment upgrades [1] - The global electronics industry is undergoing a new wave of technological iteration, with AI servers significantly raising performance requirements for PCB products [1] Market Growth Projections - According to Prismark, the global PCB industry is expected to reach a total output value of $73.565 billion in 2024, representing a year-on-year growth of 5.8% [2] - By 2029, the global PCB output value is projected to reach $94.661 billion, with a compound annual growth rate of approximately 5.2% from 2024 to 2029 [2] Company Developments - Companies like Guangzhou Guanghe Technology and Chongda Technology are actively engaging with well-known clients in the AI server PCB sector [3] - Shengyi Technology plans to invest approximately 1.9 billion yuan in a smart manufacturing project for high-layer count circuit boards [3] - Pengding Holdings intends to invest 8 billion yuan in the Huai'an Industrial Park to expand production capacity for SLP, high-end HDI, and HLC products [3]

Core Viewpoint - Pengding Holdings (Shenzhen) Co., Ltd. reported a decrease in consolidated operating revenue for August 2025, indicating a decline in business performance compared to the previous year [1] Financial Performance - The consolidated operating revenue for August 2025 was RMB 321.679 million, representing a decrease of 12.46% compared to the same month last year [1]

人民财讯9月5日电，鹏鼎控股（002938）9月5日晚间公告，公司2025年8月合并营业收入为32.17亿元， 同比减少12.46%。 ...

Group 1 - The company announced a consolidated revenue of 3.217 billion yuan for August 2025, representing a decrease of 12.46% compared to the same period last year [2]

9月5日，崇达技术大宗交易成交90.65万股，成交额1371.53万元，占当日总成交额的2.01%，成交价 15.13元，较市场收盘价15.13元持平。 ...

Group 1 - The company Guanghe Technology focuses on the mid-to-high-end application market for printed circuit board (PCB) products, which are widely used in servers, consumer electronics, industrial control, security electronics, communications, and automotive electronics [2] - Revenue from server PCB products accounts for over 70% of the company's total revenue [2] - The company encourages investors to monitor the progress of its various business segments through future periodic reports [2]

Group 1 - The company, Four Meeting Fushi (300852), confirmed that its optical module PCB is currently produced mainly in China [1] - The Thai factory is progressing well in terms of technology and is in the preparation stage for mass production [1] - The company aims to ensure the successful mass production of the Thai factory to better serve global customers [1]

Core Insights - In July 2025, China's PCB industry export scale continued to grow, reaching a monthly high since 2024, with an export value of 17.103 billion yuan, a month-on-month increase of 10% and a year-on-year increase of 34, indicating a sustained high prosperity in the printed circuit board industry driven by the accelerated construction of the AI computing power industry chain [1][2]. Industry Performance - The export value of multilayer boards (four layers and above) maintained a high growth rate in July 2025, with the export value for four layers and below at 6.422 billion yuan, a month-on-month increase of 6% and a year-on-year increase of 10, showing a recovery in low-layer board export momentum [3]. - The export value for multilayer boards (four layers and above) was 10.681 billion yuan, with a month-on-month increase of 12% and a year-on-year increase of 54, indicating strong growth momentum in multilayer board shipments [3]. - The average export value per multilayer PCB in July 2025 was 20.40 yuan, a year-on-year increase of 29% and a month-on-month increase of 7, while the average export value for four layers and below was 1.30 yuan, a year-on-year decrease of 19% but a month-on-month recovery of 26 [3]. Trade Partners - In July 2025, the export scale of China's PCB industry to Asian trade partners grew significantly, with the top partners being Hong Kong, Vietnam, Taiwan, Thailand, South Korea, Malaysia, Mexico, the United States, India, Germany, and Japan, with a combined export value accounting for 72.27% [4]. - For four layers and below, Hong Kong ranked first in export value at 2.429 billion yuan, a year-on-year increase of 1.3, while Vietnam ranked second with an export value of 936 million yuan, a year-on-year increase of 50.53 [4]. - For multilayer boards, the largest export growth was seen with Vietnam, Thailand, and Taiwan, with exports to Taiwan reaching 2.261 billion yuan (year-on-year increase of 202.38), to Vietnam at 2.154 billion yuan (year-on-year increase of 97.49), and to Thailand at 718 million yuan (year-on-year increase of 119.25) [4]. Investment Outlook - The ongoing AI wave and the burgeoning demand for computing power are expected to sustain growth in AI servers and high-speed switches, leading to strong demand for AI PCBs, particularly in the high multilayer board and HDI markets [5]. - The rapid development of emerging fields such as robotics and automotive electronics is anticipated to further drive PCB demand, suggesting a focus on high-quality leading companies in the domestic PCB industry [5].

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].

Company Overview - Weigao, established on April 7, 2017, is located in Huizhou, Guangdong Province, and specializes in the research, production, and sales of printed circuit boards (PCBs) [1] - The company's main business revenue composition is 87.45% from printed circuit boards and 12.55% from other businesses [1] Stock Performance - As of September 5, Weigao's stock price increased by 2.09% to 50.22 CNY per share, with a total market capitalization of 6.761 billion CNY [1] - Year-to-date, Weigao's stock price has risen by 44.49%, but it has seen a decline of 10.51% over the last five trading days [1] - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 13, where it recorded a net purchase of 53.65 million CNY [1] Financial Performance - For the first half of 2025, Weigao achieved operating revenue of 715 million CNY, representing a year-on-year growth of 58.71% [2] - The net profit attributable to the parent company for the same period was 45.20 million CNY, reflecting an 18.31% increase year-on-year [2] Shareholder Information - As of August 20, Weigao had 18,600 shareholders, an increase of 13.93% from the previous period, with an average of 2,901 circulating shares per shareholder, down by 12.22% [2] - After its A-share listing, Weigao has distributed a total of 36.08 million CNY in dividends [3] - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 723,900 shares as a new shareholder [3]