The interim report season is about to begin, with many investors seeking to get ahead of market trends and identify potential performance gaps. Through continuous review of various A-share sectors, I have been pinpointing stocks with significant earnings growth potential. The core screening criteria used are contract liabilities and fixed assets. Today's focus is on the PCB sector, where 20 companies meet the specified conditions!

The specific criteria are as follows: 1. Contract liabilities exceeding 100 million yuan in Q1 2026; 2. Year-over-year growth in contract liabilities exceeding 20% in Q1 2026; 3. Year-over-year growth in fixed assets greater than 0 in Q1 2026. Only 20 PCB-related stocks satisfy all three conditions, as detailed below.

Nuode Investment Co., Ltd. reported contract liabilities of 250 million yuan, up 3807% year-over-year.

Wenzhou Hongfeng Electrical Alloy Co., Ltd. reported contract liabilities of 172 million yuan, up 658% year-over-year.

China Tungsten and Hightech Materials Co., Ltd. reported contract liabilities of 1.676 billion yuan, up 520% year-over-year.

Hongying Intelligence Technology Co., Ltd. reported contract liabilities of 136 million yuan, up 497% year-over-year.

Han's CNC Technology Co., Ltd. reported contract liabilities of 206 million yuan, up 292% year-over-year.

Dongshan Precision Manufacturing Co., Ltd. reported contract liabilities of 468 million yuan, up 238% year-over-year.

Xin Qi Wei Zhuang Technology Co., Ltd. reported contract liabilities of 118 million yuan, up 208% year-over-year.

China Testing & Certification International Group Co., Ltd. reported contract liabilities of 170 million yuan, up 152% year-over-year.

Tongyi Shares Co., Ltd. reported contract liabilities of 151 million yuan, up 113% year-over-year.

Dongwei Technology Co., Ltd. reported contract liabilities of 872 million yuan, up 100% year-over-year.

Rilian Technology Co., Ltd. reported contract liabilities of 141 million yuan, up 95% year-over-year.

Quick Intelligent Equipment Co., Ltd. reported contract liabilities of 128 million yuan, up 91% year-over-year.

Xilong Scientific Co., Ltd. reported contract liabilities of 119 million yuan, up 90% year-over-year.

Qiaofeng Intelligent Equipment Co., Ltd. reported contract liabilities of 246 million yuan, up 59% year-over-year.

Shennan Circuits Co., Ltd. reported contract liabilities of 354 million yuan, up 37% year-over-year.

Heduan Intelligent Technology Co., Ltd. reported contract liabilities of 727 million yuan, up 32% year-over-year.

JPT Opto-electronics Co., Ltd. reported contract liabilities of 156 million yuan, up 26% year-over-year.

Han's Laser Technology Industry Group Co., Ltd. reported contract liabilities of 1.430 billion yuan, up 26% year-over-year.

Qiangrui Technology Co., Ltd. reported contract liabilities of 102 million yuan, up 22% year-over-year.

Tongling Nonferrous Metals Group Co., Ltd. reported contract liabilities of 1.067 billion yuan, up 22% year-over-year.

Reviewing this data, a common question arises: why are industry leaders like Avary Holding (Shenzhen) Co., Limited and Shengyi Technology Co., Ltd. not on the list? The reason is that these companies have very minimal contract liabilities. Conversely, their accounts receivable are substantial, approaching 10 billion yuan.

Contract liabilities represent prepayments from customers for goods, whereas accounts receivable indicate sales made where payment is still outstanding. Clients of Avary Holding and Shengyi Technology are giants like Apple and Nvidia. Securing a spot in their supply chain is an achievement in itself; expecting payment before delivery is unrealistic.

For instance, Shengyi Technology Co., Ltd. reported accounts receivable as high as 9.8 billion yuan in Q1 this year, showing continuous high growth. In contrast, its contract liabilities were only 68 million yuan, a year-over-year decline.

The situation is similar for Avary Holding (Shenzhen) Co., Limited. As of December 31, 2025, the company's accounts receivable stood at 6.1 billion yuan, while contract liabilities were merely 42 million yuan.

The minimal contract liabilities and exceptionally high accounts receivable for these firms highlight a key issue: within this industry chain, these companies hold a relatively weak negotiating position.