第三方调研机构Prismark数据显示，2024年全球PCB市场产值为735.65亿美元，同比增长5.8%；而中国以412.13亿美元 的产值领跑全球，同比增速高达9.0%。 在这背后，占据全国六成产能的广东PCB产业集群，正凭借其完备的生态优势，在全球AI供应链中扮演着愈发关键的 角色。 AI算力下的PCB"增长王" 在人工智能算力需求的强劲牵引下，作为"电子产品之母"的印制电路板（PCB）行业正迎来新一轮景气周期。龙头企 业胜宏科技（300476）凭借与英伟达等巨头的深度绑定，截至11月13日年内股价飙升逾590%。 张毅认为，过去几年，低端的低效扩张在品质、价格和行业导向上扰乱了市场秩序，并非好事。现在，文件通过设定 明确的门槛，尤其是在研发费用上的倒逼要求，来驱动创新。他相信，这将加速行业洗牌，尤其在技术、资金、环保 等维度上形成壁垒。最终，这将契合高端市场的需求与突破，增强中国PCB行业在国际竞争中的话语权，助力中国从 PCB制造大国向制造强国升级。 近日，《2025年胡润百富榜》揭晓，胜宏科技董事长陈涛、刘春兰夫妇身家一年暴涨560亿，达到650亿元，排名飙升 了495位，成为广东惠州首富，在榜单 ...

Core Insights - The PCB industry is entering a new growth cycle driven by strong demand for AI computing power, with leading company Shenghong Technology's stock price soaring over 590% year-to-date as of November 13 [1][2] - The global PCB market is projected to reach $73.565 billion in 2024, reflecting a year-on-year growth of 5.8%, while China's market leads with a value of $41.213 billion and a growth rate of 9.0% [1] - Guangdong's PCB industry cluster, which accounts for 60% of the national capacity, is playing an increasingly critical role in the global AI supply chain [1] Company Performance - Shenghong Technology reported a revenue of 14.117 billion yuan for the year-to-date, a year-on-year increase of 83.40%, with net profit attributable to shareholders reaching 3.245 billion yuan, up 324.38% [3] - The company achieved a net profit of 324.5 million yuan in the third quarter, marking a 260.52% increase year-on-year, showcasing strong profitability with gross and net profit margins of 35.19% and 21.66%, respectively [3][4] - Shenghong Technology's chairman, Chen Tao, has been recognized as a key partner by Nvidia's CEO, highlighting the company's strategic importance in the high-end PCB sector [2][4] Industry Trends - The PCB industry is experiencing a shift towards high-end, high-value products, with a focus on advanced technologies such as HDI and multi-layer PCBs, driven by the increasing demand from AI servers [4] - The Chinese government is promoting the PCB industry's transformation towards high-end, green, and intelligent development through new regulations aimed at eliminating outdated capacity and encouraging technological innovation [5][6] - The Guangdong PCB industry is characterized by a strong cluster effect, with 30 out of 44 companies in the PCB index based in the province, reflecting its dominant position in the market [7][9] Market Dynamics - The market is witnessing significant growth in high-end PCB products, with companies like Shenghong Technology and Shengyi Technology reporting substantial profit increases, indicating a shift towards higher quality and innovation [6][9] - The logistics advantages of the Guangdong-Hong Kong-Macao Greater Bay Area are facilitating the efficient operation of the PCB industry, which relies heavily on imported raw materials and exports finished products [12] - The PCB market in China is expected to grow to 415.6 billion yuan in 2024, driven by demand from emerging sectors such as industrial automation, 5G, new energy vehicles, and AI [12]

Core Viewpoint - Chongda Technology (002815.SZ) is currently in the technology reserve stage for its 1.6T optical module-related PCB products [1] Group 1 - The company is focusing on the development of PCB products related to 1.6T optical modules [1]

Core 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]

Industry Overview - The Ministry of Industry and Information Technology has solicited opinions on the regulatory conditions and announcement management measures for the printed circuit board (PCB) industry, emphasizing the need to strictly control the introduction of low-technology projects that merely expand capacity [1] - The PCB industry is recognized as a foundational support for the electronic information industry, with expectations for the global market size to reach USD 96.8 billion by 2025, with China contributing over 50% of the output value [1] - The industry is projected to maintain a compound annual growth rate of approximately 5.2% over the next five years, with a focus on high-end, intelligent, and green development [1] Technological and Market Trends - The application scenarios for PCBs are expected to broaden continuously due to advancements in AI technology, 5G communication, smart vehicles, and data centers, indicating ongoing opportunities for technological upgrades [1] - The industry is encouraged to develop clusters and build well-equipped industrial parks, promoting technological and management innovation to enhance product quality and production efficiency while reducing costs [1] Company Insights - Relevant A-share concept stocks include Chongda Technology and Mankun Technology, which are positioned within the PCB industry [2]

Core Viewpoint - The company, ChaoYing Electronics, has announced a significant investment plan to expand its production capabilities in high-end printed circuit boards (PCBs) for applications such as routers, AI servers, switches, and AI acceleration cards, with an investment of approximately 1.468 billion RMB in Thailand [1][2]. Company Summary - ChaoYing Electronics, established in 2015, specializes in the research, production, and sales of printed circuit boards (PCBs) [1]. - The company successfully went public on the Shanghai Stock Exchange on October 24, 2023, after receiving regulatory approval [1]. Investment Plan - The investment will be made by ChaoYing's wholly-owned subsidiary in Thailand, Dynamic Technology Manufacturing (Thailand) Co., Ltd., to construct an AI computing high-end PCB expansion project in the 304 Industrial Park in Prachinburi, Thailand [1][2]. - The project aims to enhance the production scale of high-end multi-layer and advanced PCBs, improve the company's ability to handle overseas orders, and quickly respond to customer demands [2]. Market Context - The global automotive industry is rapidly transitioning towards electrification, intelligence, and connectivity, leading to an expanding market for PCBs as core electronic components in vehicles [2]. - The prospect of increased PCB usage in electric vehicles is significant, as the electronic components in new energy vehicles account for a much higher proportion of overall vehicle costs compared to traditional vehicles [2]. Financial Performance - For the first three quarters of 2025, ChaoYing Electronics reported a main revenue of 3.378 billion RMB, a year-on-year increase of 10.71%, while the net profit attributable to shareholders decreased by 12.14% to 212 million RMB [3]. - The decline in net profit is attributed to the initial production phase of the Thai subsidiary, resulting in higher production costs and a decrease in gross profit margin [3]. - The company plans to focus on improving operational efficiency and implementing technological upgrades in its production processes over the next three years [3].

格隆汇11月11日丨崇达技术(002815.SZ)在投资者互动平台表示，在服务器、交换机等PCB应用领域，公 司与锐捷保持良好的合作关系。 （原标题：崇达技术(002815.SZ)：在服务器、交换机等PCB应用领域，公司与锐捷保持良好的合作关 系） ...

Core Viewpoint - Chongda Technology (002815) is currently in the mass delivery phase of its 800G optical module PCB products, with specific customer names not disclosed due to commercial confidentiality agreements [1] Group 1 - The company has confirmed that its 800G optical module PCB products are in the mass delivery stage [1]

Core Points - Eltek Ltd. will release its financial results for Q3 2025 on November 18, 2025, before market opening [1] - A conference call will be held on the same day at 9:00 a.m. Eastern Time to discuss the results, featuring remarks from the CEO and CFO [1][2] Company Overview - Eltek is a global manufacturer and supplier of advanced solutions in printed circuit boards (PCBs), specializing in complex and high-quality PCBs for high-end markets [4] - The company is ITAR compliant and holds AS-9100 and NADCAP Electronics certifications, serving customers in defense, aerospace, and medical industries across multiple regions [4][5] - Founded in 1970, Eltek's headquarters, R&D, production, and marketing center are located in Israel, with operations in North America and various international markets [5]

Core Viewpoint - The company, Chaoying Electronics, is investing approximately 1.468 billion RMB in an AI computing high-end printed circuit board expansion project in Thailand to enhance its core competitiveness and sustainable development capabilities in the global PCB market [1] Group 1: Investment and Expansion - The investment aims to accelerate the company's layout in high-end printed circuit board products for applications such as routers, AI servers, switches, and AI acceleration cards [1] - The project aligns with the company's development strategy to deepen its international market presence and expand overseas business [1] Group 2: Market Position and Competitiveness - The expansion project is crucial for the company to seize market opportunities and avoid missing out on industry trends [1] - The investment will help increase production capacity, strengthen overseas production capabilities, and improve the company's market position abroad [1] Group 3: Strategic Importance - The project is significant for enhancing the company's overseas supply chain system and delivery capabilities [1] - It will deepen strategic cooperation with international clients, contributing to rapid growth in company performance and substantial profit increases [1]