PCB Industry Chain Deep Dive: A Panoramic Investment Analysis from Upstream Materials to Downstream Applications
I. Introduction: AI Computing Power Ignites a PCB Super Cycle
PCB, known as the mother of electronic products, is the core substrate that connects and supports electronic components. It is widely used in almost all electronic devices, from smartphones to supercomputers, from new energy vehicles to satellites and aerospace. From 2025 to 2026, the global PCB industry is experiencing a structural super cycle driven by AI computing power.
According to Prismark data, global PCB output value reached 84.891 billion US dollars in 2025, a year-on-year increase of 15.4 percent. It is expected to exceed 109.258 billion US dollars by 2029, with a compound annual growth rate of 8.2 percent from 2024 to 2029. The Chinese market has performed even more strongly, with a market size of approximately 307.5 billion yuan in 2025 and an expected 325.9 billion yuan in 2026.
The core drivers of this cycle come from three major areas: AI servers, where the PCB value of a single AI inference server reaches 1,200 to 1,500 US dollars, five times that of an ordinary server; new energy vehicles, where PCB usage per vehicle has increased from 6 to 8 square meters for traditional fuel vehicles to 18 to 25 square meters, and value has jumped from 1,000 yuan to more than 5,000 yuan; and the iterative upgrade of high-speed communication equipment.
This article will deeply analyze the core listed companies in each link of the PCB industry chain from the three dimensions of upstream raw materials, midstream manufacturing, and downstream applications, presenting a complete industrial investment map for investors.
II. Upstream Raw Materials: Cost Core and Technical Barriers
In the cost structure of PCB, raw materials account for about 50 percent, of which copper-clad laminate is the largest cost item, accounting for about 27.3 percent of total cost. Upstream raw materials can be divided into six major categories: copper-clad laminate, copper foil, glass fiber cloth, resin, ink and dry film, and drill bits and tools, together accounting for about 60 percent of PCB cost.
1. Copper-Clad Laminate: The Steel and Cement of PCB
Copper-clad laminate is the core base material of PCB. It is formed by hot pressing copper foil, glass fiber cloth, and resin. It undertakes the three major functions of conduction, insulation, and support, accounting for 30 to 40 percent of PCB material cost.
The global copper-clad laminate market has high concentration. The top three players hold about 33.6 percent market share, and the top ten hold about 72.5 percent. Since April 2026, a new wave of price increases has emerged upstream. Japan’s Resonac announced a price increase of more than 30 percent for copper foil substrates. Mitsubishi Gas Chemical increased prices for the entire CCL series by 30 percent. Kingboard Holdings, Taiwa Technology, Taiwan Union Technology, and Elite Material Electronics followed suit, with some product increases reaching 20 to 40 percent.
Shengyi Technology is the global leader in copper-clad laminate, with a market share of about 15 percent, ranking first among domestic companies. The company leads domestically in high-frequency and high-speed boards M8 and M9 and has passed Nvidia certification. In 2025, revenue reached 16.5 billion yuan and net profit reached 2.85 billion yuan, a year-on-year increase of 92 percent. AI servers are driving explosive demand for high-frequency and high-speed CCL. It is expected that high-end CCL will account for more than 35 percent of the overall market by 2026. Because overseas copper-clad laminate capacity expansion is slow, leading mainland manufacturers are expected to benefit actively, with a clear logic of both volume and price rising.
Jin’an Guoji is one of the top three domestic copper-clad laminate companies and a leader in medium-thick boards. The company has an annual capacity of 40 million sheets, strong cost control capabilities, and has achieved breakthroughs in high-frequency copper-clad laminate and obtained Nvidia orders. Its stock price has repeatedly hit new highs.
Huazheng New Material focuses on high-end copper-clad laminate and IC substrate base materials. It leads in high-speed base materials and metal substrate technology and is deeply bound to server and automotive electronics customers.
Nanya New Material is a professional manufacturer of high-speed copper-clad laminate. It has deep accumulation in high-frequency and high-speed product technology and directly benefits from the explosive demand for AI servers.
2. Copper Foil: Conductive Core with a Huge High-End Gap
Copper foil is the basic material for PCB conductive circuits, accounting for 30 to 50 percent of copper-clad laminate cost and about 30 percent of overall PCB cost.
AI servers have extremely high requirements for copper foil. The global gap for HVLP4, or extremely low profile, copper foil reaches 25 percent, and it has long been monopolized by Japanese companies. Copper foil usage per AI server is 5 to 8 times that of traditional servers.
Tongguan Copper Foil is a domestic leader in high-performance copper foil. It has achieved breakthroughs in HVLP3 and HVLP4 high-end copper foil, breaking the monopoly of Japanese companies. The company is controlled by Tongling Nonferrous Metals Group and has resource synergy advantages.
Defu Technology is a core supplier of high-end electrolytic copper foil. In the first quarter of 2026, revenue reached 4.338 billion yuan, a year-on-year increase of 73.47 percent. Net profit reached 147 million yuan, a year-on-year increase of 708.90 percent. Capacity utilization is full, and gross margin has achieved a double improvement.
Nuode Shares is the global leader in lithium battery copper foil. Its products cover 3 to 8 micrometer ultra-thin copper foil and HVLP high-frequency and high-speed copper foil.
Jiayuan Technology is a leading domestic electrolytic copper foil company. Its 3 micrometer lithium battery copper foil has been mass-produced, and its HVLP copper foil has passed Nvidia certification and is being supplied.
Yihao New Material mainly engages in copper foil and PCB materials. In the first quarter of 2026, it turned losses into profits, with revenue of 584 million yuan, a year-on-year increase of 62.13 percent, and net profit a year-on-year increase of 709.75 percent.
Copper prices are in a historically high range. JPMorgan expects copper prices to potentially reach 12,000 to 13,500 US dollars per ton in 2026. High-end HVLP copper foil is in short supply, domestic substitution is accelerating, and manufacturers with technological breakthrough capabilities will enjoy both volume and price increases.
3. Glass Fiber Cloth: Reinforcing Material with Low Dielectric as the Core
Electronic-grade glass fiber cloth provides mechanical support, insulation, and dimensional stability for copper-clad laminate, accounting for 25 to 40 percent of copper-clad laminate cost.
AI servers and high-speed communications require low dielectric, or Low Dk, glass fiber cloth. The 9 micrometer ultra-thin electronic cloth breaks Japan’s monopoly, with unit prices increasing by more than 50 percent.
Honghe Technology is the global leader in ultra-thin electronic cloth, with a market share of about 30 percent. The company’s 9 micrometer products break Japan’s monopoly and are suitable for AI servers and chip packaging substrates. The unit price of Low Dk cloth has increased by more than 50 percent.
China Jushi is the global leader in glass fiber. Its annual electronic cloth capacity is 960 million meters. It independently developed low dielectric glass fiber cloth suitable for high-frequency and high-speed scenarios.
International Composite Materials is an electronic glass fiber cloth supplier. It plans to have 104 crucibles by the first quarter of 2026, with capacity continuing to expand.
Sinoma Science and Technology’s Taishan Glass Fiber is a domestic leader in low dielectric electronic cloth. Its second-generation products are in small-batch trial production and have entered the supply chain of Nvidia H100 servers.
4. Resin: Core of Adhesion and Performance Adjustment
Resin acts as an adhesive to cure glass fiber cloth and copper foil into copper-clad laminate and provides insulation, flame retardancy, and heat resistance, accounting for about 15 percent of copper-clad laminate cost.
The global gap for M9-grade hydrocarbon resin and PPO resin is 50 percent, monopolized by Japanese companies, with price increases of more than 30 percent in 2026.
Shengquan Group is a domestic leader in synthetic resin. Its electronic-grade phenolic resin and special epoxy resin capacity lead the industry. Its PPO resin has passed certification by leading enterprises, breaking the monopoly of Japanese companies.
Hongchang Electronics is a leader in epoxy resin. The localization rate of adhesives for copper-clad laminate exceeds 40 percent. It has passed Nvidia and Intel certification, and capacity at its Zhuhai base has increased significantly by 140 percent.
Dongcai Technology is a dual leader in PCB resin and functional materials. It independently developed maleimide resin and hydrocarbon resin and supplies mainstream server systems such as Nvidia and Huawei.
5. Ink and Dry Film: Circuit Pattern Materials
Ink is used for PCB solder mask, insulation, marking, and surface protection, accounting for about 1.23 percent of PCB cost. Dry film is the core material for PCB pattern transfer.
Rongda Photosensitive is a domestic leader in PCB ink, with a market share of more than 40 percent. Its products cover high-end fields such as 5G communications and automotive electronics, and it is laying out photoresist technology.
Guangxin Materials is a domestic pioneer in PCB photoresist. Its Longnan base has a capacity of 50,000 tons and has passed certification by Shennan Circuits and Wus Printed Circuit. In 2025, net profit grew by 142 percent, benefiting from domestic substitution opportunities brought by the upgrading of Japanese export controls.
6. Drill Bits and Tools: Precision Machining Consumables
AI server PCBs have 40 to 50 layers, greatly increasing drill bit usage, and global supply is in short supply. Representative companies include Dingtai Gaoke, a drill bit leader, and Dazu CNC, a leader in PCB drilling equipment.
III. Midstream : Technical Layering and Track Differentiation
Midstream PCB manufacturing is the process of processing copper-clad laminate into printed circuit boards through etching, drilling, electroplating, and other processes. Products can be divided into rigid boards, including multilayer boards and HDI; flexible boards, or FPC; rigid-flex boards; and packaging substrates, or IC substrates.
In 2025, China’s PCB output was 478.8 million square meters, and demand reached 266.1 million square meters. It is expected that in 2026, output will be about 520 million square meters and demand about 280 million square meters. The market structure is dominated by multilayer PCB, accounting for 38.1 percent. Packaging substrates, HDI PCB, and FPC each account for about 17 percent.
1. Comprehensive Leaders: Dual Barriers of Scale and Technology
Shennan Circuits was founded in 1984 and is a benchmark enterprise for high-end PCB in China. Its business covers three major segments: PCB, packaging substrates, and electronic assembly. In 2025, revenue reached 23.647 billion yuan, a year-on-year increase of 32.05 percent. Net profit attributable to the parent company reached 3.276 billion yuan, a year-on-year increase of 74.47 percent. Gross margin was 35.53 percent, a record high. PCB business accounted for 61 percent, or 14.359 billion yuan, a year-on-year increase of 36.84 percent, and the packaging substrate business is rapidly increasing volume.
Shennan Circuits is the fourth largest PCB manufacturer in the world and leads in AI server PCB market share. FC-BGA packaging substrates have achieved mass production, breaking the monopoly of Japanese and Taiwanese companies. Backplanes and high-frequency and high-speed boards are among the top in China. In 2025, capacity was 8.5 million square meters, expanding to 10 million square meters in 2026, with the proportion of high-end capacity increasing to 55 percent. The company’s market value is about 185 billion yuan, with a 2025 PE of 22.5 times, a 2026 forecast PE of 18 times, and a PEG of 0.85. Driven by both AI servers and packaging substrates, it is a core target for domestic substitution.
Wus Printed Circuit is a domestic leader in high-end PCB and is deeply bound to top global customers such as Nvidia, Tesla, and Huawei. In 2025, revenue reached 18.9 billion yuan, a year-on-year increase of 42 percent. Net profit attributable to the parent company reached 3.2 billion yuan, a year-on-year increase of 50 percent. Gross margin was 34.8 percent. The company has deep technical barriers in high-end PCB, a high market share in AI server motherboard PCB, obvious advantages in automotive radar boards, and deep participation in Nvidia’s next-generation CoWoP solution. Market value is about 168 billion yuan, with a 2025 PE of 24 times, a 2026 forecast PE of 19 times, and a PEG of 0.90.
2. Core Suppliers for AI Servers: Explosive Performance Growth
Victory Giant Technology is the company with the fastest performance growth in the PCB industry in 2025 and is known as the first stock in AI computing power PCB. In 2025, revenue reached 19.292 billion yuan, a year-on-year increase of 79.77 percent. Net profit attributable to the parent company reached 4.312 billion yuan, a year-on-year surge of 273.52 percent. Gross margin was 32.15 percent. The company ranks first in the industry in net profit growth, has full AI computing power PCB orders, deeply participates in Nvidia’s next-generation CoWoP solution, has high-end HDI processing capabilities, and is rapidly expanding high-multilayer and high-order HDI capacity. Market value is about 244.7 billion yuan, with a 2025 PE of 32 times, a 2026 forecast PE of 24 times, and a PEG of 1.10. It should be noted that high growth is accompanied by high valuation and requires continuous performance verification.
Shengyi Electronics relies on its parent company Shengyi Technology’s strong foundation in high-end copper-clad laminate materials and focuses on high-performance PCB for communication networks, servers, and automotive electronics. The company has an in-depth understanding of high-speed material applications and signal integrity design. Its products are widely used in 5G communication equipment, high-speed switches, cloud computing servers, and high-end automotive electronic controllers. The company has two major manufacturing plants in Dongcheng, Dongguan, and Ji’an, Jiangxi, with more than 5,000 employees.
3. FPC Duopoly: The Consumer Electronics Base
Zhen Ding Technology is the world’s largest PCB manufacturer and a core supplier in Apple’s supply chain. In the first three quarters of 2025, revenue reached 26.855 billion yuan, a year-on-year increase of 14.34 percent. Net profit attributable to the parent company reached 2.408 billion yuan, a year-on-year increase of 21.99 percent. The company is a core supplier of SLP, or substrate-like PCB, for Apple phone motherboards. Its mSAP technology and mass production experience lead the world, and it has significant advantages under the CoWoP technology trend. Its business covers communication boards, consumer electronics and computer boards, and automotive server boards, and it is extending from consumer electronics to AI servers and automotive electronics.
Dongshan Precision is one of the global FPC duopolies, alongside Zhen Ding Technology, and a core supplier of Apple SLP. Its mSAP technology is mature. It announced a 1 billion US dollar investment to expand high-end PCB production and is deeply laying out emerging scenarios such as AI servers. Its new energy vehicle business, including PCB and structural parts, is growing rapidly.
4. Automotive Electronics PCB Leaders
Jingwang Electronics is a multi-category player in PCB, with a product line covering rigid boards, flexible boards, and metal substrates. In 2025, revenue reached 14.2 billion yuan, a year-on-year increase of 25 percent. Net profit attributable to the parent company reached 1.86 billion yuan, a year-on-year increase of 60 percent. Gross margin was 30.5 percent. Automotive electronics PCB accounts for 40 percent, communication PCB 35 percent, and consumer electronics PCB 25 percent.
The company’s automotive electronics PCB customers include BYD, Huawei, and Li Auto. In 2025, new energy vehicle PCB revenue grew by 75 percent. Communication PCB is deeply bound to ZTE and Ericsson, with a 15 percent market share in 5G base station PCB. Its Zhuhai factory has SLP capabilities and has entered Nvidia’s supply chain. In 2025, capacity was 9 million square meters, expanding to 11 million square meters in 2026, with automotive electronics capacity increasing to 45 percent. Market value is about 98 billion yuan, with a 2025 PE of 26 times, a 2026 forecast PE of 20 times, and a PEG of 0.95.
5. IC Substrates: The Frontline of Domestic Substitution
IC substrates are the core material of semiconductor packaging, with extremely high technical barriers, and have long been monopolized by Japanese and Taiwanese companies.
Xingsen Technology has both IC substrate and PCB technology capabilities and is a leading domestic enterprise in packaging substrates and semiconductor test boards. The company has filed to participate in Nvidia’s new solution and has sent samples to it. It is a core beneficiary of the CoWoP process, with high technical barriers, benefiting from the major trend of domestic substitution.
Zhuhai Yueya takes embedded packaging technology as its core barrier and focuses on providing high-density, high-precision IC substrates for the semiconductor packaging field. The company’s unique copper pillar method technology can achieve finer circuits and smaller package sizes. It has two major production bases in Nantong and Zhuhai, with large-scale capacity, and its products are widely used in smartphones, base stations, servers, and other fields.
6. Other Characteristic Manufacturers
Chongda Technology focuses on the small and medium batch, multi-variety market. It has nine intelligent factories, covering multilayer boards, HDI boards, and other full categories, and has applied for more than 1,250 patents cumulatively.
Shiyun Circuit performs prominently in the rigid-flex board field. Its products are widely used in in-vehicle entertainment systems, ADAS sensors, and power control modules.
Bomin Electronics has deep accumulation and mass production experience in automotive-grade products such as ADAS and power control.
Aoshikang is an expert in communication infrastructure, servers, and data centers, with large-scale manufacturing capabilities for large-size, high-layer PCBs.
Tianjin Pulin is a veteran PCB manufacturer. In the first quarter of 2026, revenue reached 424 million yuan, a year-on-year increase of 42.39 percent. Net profit attributable to the parent company increased by 2,187.33 percent year-on-year, and non-recurring net profit increased by 8,501.72 percent year-on-year.
IV. Downstream Applications: Three Super Demand Engines
PCB downstream applications are extensive. The current market structure is consumer electronics 47.9 percent, data communications 29.1 percent, automotive 12.3 percent, and industrial control 3.9 percent. However, the growth structure is undergoing profound changes.
1. AI Servers and Data Centers: The First Growth Pole
AI computing power is the strongest driving force in the PCB industry today. In 2025, global AI server shipments reached 1.655 million units, and AI server PCB demand grew by more than 110 percent in two years.
The PCB value of a single AI inference server is 1,200 to 1,500 US dollars, five times that of an ordinary server. The PCB market size related to GPU and ASIC servers will jump from 40 billion yuan in 2025 to more than 90 billion yuan in 2026, achieving double growth. AI server PCB is iterating toward high multilayer, 40 to 50 layers, high-order HDI with any-layer interconnection, and high-frequency and high-speed materials such as M8 and M9 CCL and HVLP copper foil.
Core beneficiaries include Victory Giant Technology, Wus Printed Circuit, Shennan Circuits, Shengyi Electronics, and Guanghe Technology.
2. Automotive Electronics: The Second Growth Pole
The electrification and intelligence of new energy vehicles have greatly increased PCB usage and value per vehicle. PCB usage per vehicle has increased from 3 to 5 square meters for traditional fuel vehicles to 8 to 12 square meters, with some high-end models reaching 18 to 25 square meters. PCB value per vehicle has jumped from 1,000 yuan to more than 5,000 yuan. In 2025, automotive electronics PCB growth exceeded 35 percent.
Core demand scenarios include the three-electric system, battery, motor, and electronic control; ADAS, advanced driver assistance systems; and smart cockpit domain controllers. Core beneficiaries include Jingwang Electronics, Wus Printed Circuit, Dongshan Precision, Shiyun Circuit, and Bomin Electronics.
3. Communication Equipment: 5G and 6G Iteration Dividend
5G base station construction has entered a deepening period, 6G research and development has started, and high-speed switches are upgrading to 400G and 800G, driving demand for high-frequency and high-speed PCB. Shennan Circuits and Wus Printed Circuit lead in market share in 5G base station backplanes and core routers. Jingwang Electronics has a 15 percent market share in 5G base station PCB. Shengyi Technology and Huazheng New Material are bound to equipment manufacturers such as Huawei and ZTE.
4. Consumer Electronics: The Existing Base
Consumer electronics is the largest downstream market for PCB, accounting for 47.9 percent, but growth is stabilizing. Increments come from AI phones driving motherboard upgrades, SLP and high-order HDI, AR and VR devices driving FPC usage up by 30 percent, and the continued penetration of wearable devices. Core beneficiaries include Zhen Ding Technology and Dongshan Precision in the Apple supply chain, and Jialichuang, a leader in the small and medium batch and prototyping market, covering 6 to 64 layer high-multilayer boards and 4 to 32 layer HDI boards.
V. Industry Chain Linkage Logic: Price Increase Cycle and Profit Distribution
In 2026, the PCB industry chain is experiencing a complete price increase cycle, and profit distribution shows a transmission path from upstream materials to midstream manufacturing to downstream brands.
Upstream raw material price increases are the starting point of this cycle. Copper prices are hitting historical highs, glass fiber cloth supply and demand are tight, epoxy resin and high-end resin prices have increased by more than 30 percent, pushing copper-clad laminate companies to raise prices collectively by 10 to 40 percent. Head PCB manufacturers have full utilization rates, strong orders, full production and sales, and the ability to pass costs downstream. High-end PCB such as AI servers and automotive electronics is in short supply, with high added value, and gross margins have increased significantly, with Shennan Circuits at 35.53 percent and Wus Printed Circuit at 34.8 percent.
Industry chain profit distribution shows obvious characteristics. The upstream material link has high technical barriers, especially high-end CCL, HVLP copper foil, and special resin. Leaders have strong pricing power and good profit stability. Representative companies include Shengyi Technology with a gross margin of 28 percent and Shengquan Group with similarly robust performance. The midstream manufacturing link has obvious technical layering. High-end manufacturers such as Shennan Circuits, Wus Printed Circuit, and Victory Giant Technology enjoy high gross margins, while low-end and mid-range manufacturers face fierce competition. In 2025, the performance of head companies collectively exploded, showing a pattern of the strong getting stronger. In the downstream application link, high-end applications such as AI servers and automotive electronics have stringent PCB performance requirements, long certification cycles, and strong supply chain stickiness. Once entered, long-term barriers are formed.
VI. Investment Logic and Core Conclusions
1. Core Investment Main Lines
Main Line One: AI Computing Power PCB, Strongest Elasticity
AI server PCB is rising in both volume and price, and the market size will double in 2026. Core targets include Victory Giant Technology with the greatest performance elasticity, Wus Printed Circuit with the highest technical barriers, Shennan Circuits with the strongest comprehensive strength, and Shengyi Electronics with material synergy.
Main Line Two: Automotive Electronics PCB, Steady Growth
New energy vehicle penetration exceeds 50 percent, and PCB value per vehicle increases fivefold. Core targets include Jingwang Electronics with the highest automotive electronics proportion, Wus Printed Circuit for automotive radar boards, and Dongshan Precision for new energy structural parts plus PCB.
Main Line Three: Upstream Material Domestic Substitution, Safety Margin
High-end materials such as M9 CCL, HVLP copper foil, and PPO resin are in short supply, and the Japanese monopoly is being broken. Core targets include Shengyi Technology as the copper-clad laminate leader, Tongguan Copper Foil for high-end copper foil breakthroughs, Shengquan Group as the resin leader, and Honghe Technology for ultra-thin glass fiber cloth.
Main Line Four: IC Substrates, Long-Term Track
Semiconductor packaging substrates have large domestic substitution space and extremely high technical barriers. Core targets include Shennan Circuits for FC-BGA mass production, Xingsen Technology for sending samples to Nvidia, and Zhuhai Yueya for embedded packaging technology.
2. Valuation Comparison of Core Listed Companies
Shennan Circuits had 2025 revenue of 23.647 billion yuan, net profit of 3.276 billion yuan, gross margin of 35.53 percent, 2026 forecast PE of about 18 times, PEG of about 0.85, and core tracks of AI servers and packaging substrates.
Victory Giant Technology had 2025 revenue of 19.292 billion yuan, net profit of 4.312 billion yuan, gross margin of 32.15 percent, 2026 forecast PE of about 24 times, PEG of about 1.10, and core track of AI computing power PCB.
Wus Printed Circuit had 2025 revenue of about 18.9 billion yuan, net profit of about 3.2 billion yuan, gross margin of 34.8 percent, 2026 forecast PE of about 19 times, PEG of about 0.90, and core tracks of high-end PCB and automotive electronics.
Shengyi Technology had 2025 revenue of about 16.5 billion yuan, net profit of about 2.85 billion yuan, gross margin of about 28 percent, 2026 forecast PE of about 16 times, PEG of about 0.75, and core track of copper-clad laminate materials.
Jingwang Electronics had 2025 revenue of about 14.2 billion yuan, net profit of about 1.86 billion yuan, gross margin of 30.5 percent, 2026 forecast PE of about 20 times, PEG of about 0.95, and core tracks of automotive electronics and communications.
Zhen Ding Technology had 2025 full-year revenue of about 35.8 billion yuan, net profit of about 3.2 billion yuan, gross margin of about 24 percent, 2026 forecast PE of about 22 times, PEG of about 1.0, and core tracks of consumer electronics and FPC.
3. Risk Warnings
Demand fluctuation risk: there is uncertainty in the AI server investment cycle, new energy vehicle sales growth, and consumer electronics recovery strength. Raw material price fluctuation risk: if copper prices and resin prices fluctuate significantly, they may erode midstream profits. Overcapacity risk: head manufacturers are vigorously expanding production in 2026 to 2027, and supply and demand balance needs attention. Technology iteration risk: new technologies such as silicon photonics interconnection and co-packaged optics may partially replace traditional PCB. Geopolitical risk: restricted imports of high-end equipment and materials may affect the expansion progress of some manufacturers.
VII. Conclusion
The PCB industry is in a super cycle driven by both AI computing power and new energy vehicles. In the upstream material link, domestic substitution of high-end CCL, HVLP copper foil, and special resin is accelerating, and technology leaders such as Shengyi Technology, Tongguan Copper Foil, and Shengquan Group are enjoying both volume and price increases. In the midstream manufacturing link, Shennan Circuits, Wus Printed Circuit, and Victory Giant Technology are achieving explosive performance growth through technical barriers and top customer binding. In the downstream application link, AI servers, automotive electronics, and high-speed communications are continuously driving demand for high-end PCB.
