Core Viewpoint - The PCB industry is experiencing significant growth driven by strong downstream demand, with many companies in the sector reporting positive performance forecasts for the first half of 2025 [1][3]. Industry Overview - PCB is essential for electronic components, serving as a bridge for connecting circuits, widely used in various sectors including communication, computing, automotive electronics, AI, medical, and aerospace [2]. - According to Prismark data, the global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, and is expected to grow to $94.661 billion by 2029, reflecting a compound annual growth rate of 5.2% from 2024 to 2029 [2]. Company Performance - Weirgao expects its revenue for the first half of the year to be between 700 million to 720 million yuan, representing a year-on-year increase of 55.41% to 59.85%, with net profit projected between 43 million to 50 million yuan, up 12.55% to 30.87% [3]. - Mankun Technology anticipates a net profit of 60 million to 70 million yuan for the same period, marking a growth of 53.98% to 79.64%, driven by capacity ramp-up and optimization of product and customer structure [3]. Capacity Expansion - PCB companies are actively expanding production capacity to meet rising market demand, with Weirgao's new factory in Thailand and plans for a second phase in Jiangxi to enhance overall capacity [4]. - Weirgao's Thailand factory focuses on AI power and automotive electronic products, achieving breakthroughs in DC-DC product technology and facilitating mass production [4]. Competitive Advantage - The PCB industry has high entry barriers and stringent quality requirements from downstream customers, leading to long-term partnerships based on technology, product quality, and cost considerations [5]. - Companies are focusing on enhancing product value and creating differentiated competitive advantages, with Mankun Technology increasing its production capacity for automotive electronics and investing in R&D for core systems in new energy vehicles [6].