On April 27, the A-share PCB sector rose collectively, with Kingboard Electronics and Tianjin PRINCO hitting their daily upward limits. Fangbang Co., Ltd. and Yihao New Materials rose by 16.28% and 14.79% respectively, while Shengyi Electronics and Luxshare Precision also rose by more than 7%.
New Wave of Price Increases in PCB Materials
A new wave of price increases has swept through PCB materials recently. For core substrate copper-clad laminates (CCL), major global suppliers have intensively released price increase letters in April. According to reports, high-end PCB material suppliers such as Taiwan Union Technology, Taiyo Ink, and Lien Mei have recently communicated with customers about price increases for high-end CCLs.
Market Impact: Taiyo Ink adjusted its CCL prices starting from April 25, with some product series seeing increases ranging from 20% to 40%. Upstream raw materials for PCBs, including electronic cloth, copper foil, and PPE resin, have also seen varying degrees of price increases.
Since the beginning of this year, the PCB market has shown a trend of both volume and price growth. According to a report by Prismark, the global PCB market size exceeded expectations in 2025, with the final estimated output value raised to approximately $85.152 billion, representing a year-on-year increase of about 15.8%.
China's PCB market is expected to grow at the fastest rate globally in 2025, with a year-on-year increase of about 19.2%, particularly driven by AI in high-layer count (HLC) PCBs, high-density interconnect (HDI) PCBs, and packaging substrates. Prismark predicts that the global PCB market output value will reach $95.78 billion in 2026, with a year-on-year growth of 12.5%.
Founder Securities' research report believes that under the AI computing power wave, the construction of computing power infrastructure is accelerating comprehensively, bringing significant structural growth opportunities to the PCB industry. Demand for high-end PCB products such as high-frequency high-speed, high-layer count, and high-order HDI continues to surge in core computing power equipment like AI servers and high-speed switches.
Over 70% of Companies Report Positive Earnings
According to statistics from Securities Times·Data Bao, there are 45 listed companies in the PCB industry in the A-share market. Currently, 41 have released 2025 annual performance-related announcements. Based on annual reports, performance express reports, and the lower limit of performance forecasts, 4 companies turned losses into profits, 3 reduced losses year-on-year, and 23 saw year-on-year growth in net profit attributable to shareholders, with over 70% reporting positive earnings.
Kingboard Chemical: Expects to achieve net profit attributable to shareholders of 280 million to 360 million yuan in 2025, representing a year-on-year increase of 655.53% to 871.4%, ranking first in growth.
In addition, 20 companies have released their first-quarter 2026 reports or performance forecasts. Among them, 10 expect year-on-year growth in net profit attributable to shareholders, Yihao New Materials turned losses into profits, and Jinbaize reduced losses year-on-year. Tianjin PRINCO and Dongshan Precision both saw year-on-year growth of over 100% in net profit attributable to shareholders in the first quarter.
Tianjin PRINCO achieved net profit attributable to shareholders of 12 million yuan in the first quarter, a year-on-year increase of 2187.33%. The company stated that the revenue growth was mainly due to increased production in the first quarter.
Institutional Funds Rush to Deploy
As the PCB industry faces structural growth opportunities, institutional funds are rushing to deploy. According to annual report data, 10 PCB stocks were heavily held by QFIIs at the end of 2025, with a total market value of holdings reaching 21.447 billion yuan.
Shengyi Technology's annual report shows that Hong Kong Weihua Electronics Co., Ltd. is the company's third-largest tradable shareholder, holding 12.32% of tradable A-shares. The company has a full range of high-speed copper-clad laminates, meeting the needs of applications such as servers, data centers, switches, and optical modules.
Social security funds prefer leading enterprises with prominent scale advantages and strong certainty, heavily holding several large-cap industry leaders. Luxshare Precision, Shennan Circuit, Wus Printed Circuit, and Founder Technology were heavily held by social security funds at the end of 2025.
Luxshare Precision: Continues to deepen expertise in high-end PCB technology, has mass production capabilities for HDI of 6 layers and above, and leads the industry in high-order HDI and SLP technology.