Hong Kong Stock Concept Tracking|Domestic PCB Companies Continue to Increase Global Share to Drive Localization of the Upstream Industrial Chain (with concept stocks)

The Zhitong Finance App notes that in recent years, the global PCB market is undergoing structural changes, and the growth momentum is shifting from traditional consumer electronics to high-end fields such as high-performance computing and automotive electronics. In terms of sales revenue, the global PCB industry's market size reached US$75 billion in 2024, with a compound annual growth rate of 3.6% from 2020 to 2024.

The agency expects the global PCB industry market to reach US$96.8 billion by 2029, with a compound annual growth rate of 5.2% from 2024 to 2029.

Among them, data communication is the fastest-growing field. The relevant PCB market is expected to grow from US$21.8 billion in 2024 to US$32.7 billion in 2029, with a compound annual growth rate of 8.4%, significantly exceeding the overall growth rate of the industry. This increase was mainly driven by general-purpose server platform upgrades and surging demand for AI servers.

According to the CITIC Construction Investment Research Report, with the demand for orthogonal backboards and the upgrading of the Cowop process, PCBs will be more similar to semiconductors in the future, and their value will steadily increase. Second, the design capabilities of self-developed chips from Amazon, META, Google, etc. are weaker than Nvidia, so the requirements for materials such as PCBs are higher, and the value is more flexible. As the requirements for short-distance data transmission continue to increase, PCBs continue to be upgraded, and the upstream upgrade of the industrial chain is being upgraded from M6/M7 to M8/M9. Along with the continuous increase in the global share of domestic PCB companies, it also drives the localization of the upstream industrial chain, starting with copper-clad plates, and further increasing the domestic share of upstream high-end resins, glass fiber cloth, copper foil, etc.

CICC released a research report saying that the AI-driven upgrade of PCB products to high thickness-diameter ratios and multiple blind burial holes is driving strong demand for AI PCB copper powder consumables. The sharp rise in volume and price is driving the industry's profits to grow rapidly. Long-term growth is certain, and the short-term production capacity of the industry is tight, and the short-term production capacity of the industry is tight, and it will usher in a boom cycle.

PCB related industry chain Hong Kong stocks:

Jiantao Laminate Board (01888): Manufacturers such as Jiantao Laminate have raised product prices several times during the year, and cost pressure and demand dividends have become important drivers of price increases. Recently, the securities department staff of Nanya New Materials and Huazheng New Materials Company both claimed that the current capacity utilization rate is high, and there were price adjustments in October. In addition, some industry manufacturers are still adjusting the prices of different copper-clad plate products in batches.

Jiantao Group (00148): Laying out the entire upstream raw materials and downstream PCB industry chain. The Group has vigorously built a copper-clad panel R&D center equipped with high-precision equipment. The Group has successfully developed a variety of high-frequency high-speed products that can be applied to GPU motherboards in AI servers. Zhang Guorong, chairman of Jiantao Group, said that the rapid development of AI and strong demand for emerging electronic products around the AI concept are driving the Group's demand for copper-clad panel products and printed circuit board products to grow. He said that the group has plans to set up an AI circuit board production line in Kaiping, Guangdong. The investment scale is expected to reach about 800 million to 1 billion yuan. It also indicates that related orders are saturated and are expected to be full in the first half of next year, describing the situation as optimistic.

Higashiyama Precision: Submitted to the Hong Kong Stock Exchange. It is the world's largest supplier of edge AI equipment PCBs.

Shanghai Electric Power Co., Ltd.: Submitted to the Hong Kong Stock Exchange. The data center sector ranks first in the world in terms of PCB revenue.