Several PCB-listed companies have recently announced expansion plans, drawing market attention.
Multiple PCB-related stocks have undergone intensive institutional research. The focus of these surveys indicates widespread institutional interest in the listed companies' capacity utilization rates and future strategic plans.
Judging by the performance of PCB-related listed companies, the PCB industry chain demonstrated high activity in the first quarter of 2026, strongly driven by AI computing power demand.
**PCB Bancorp (ASX: PCB)**
On the evening of May 29, PCB Bancorp announced plans to issue shares to specific investors to raise no more than 850 million yuan. The net proceeds after deducting issuance costs will be used for the Heshan PCB AI-Use PCB Production Line Renovation and Expansion Project, a digital upgrade construction project, and to supplement working capital.
PCB Bancorp stated that as a key enterprise in the domestic PCB industry, it consistently follows national industrial policy direction, actively fulfills its responsibility for industrial upgrading, and engages in the R&D and production of high-end PCB products. The Heshan AI-Use PCB Production Line Renovation and Expansion Project focuses on high-end PCB products for AI server power supplies, computing power infrastructure, and smart vehicles. It concurrently builds technical reserves in precision manufacturing, system integration (embedded devices), and thick copper substrate power transmission. This aligns with the national strategy for the high-end and autonomous development of the PCB industry. It is both a concrete measure by the company to respond to industrial policy and a crucial action to accelerate breakthroughs in high-end technology and production capacity implementation, which will help the domestic PCB industry break through high-end technical barriers and enhance the overall competitiveness of the industrial chain.
Shennan Circuits stated that the company's capital expenditure in 2026 will primarily focus on its PCB and packaging substrate businesses. Key investments will go towards the Wuxi High-Speed, High-Density, High-Layer Electronic Circuit Products Project, the Guangzhou Packaging Substrate Factory construction, and subsequent payments for the Nantong Phase IV and Thailand factory projects. Concurrently, the company will carry out technical renovations at appropriate times to alleviate bottlenecks and release capacity.
**Performance Shows Strength**
Judging by the performance of PCB-related listed companies, the PCB industry chain demonstrated high activity in the first quarter of 2026, strongly driven by AI computing power demand.
Dongshan Precision achieved operating revenue of approximately 13.138 billion yuan in Q1 2026, a year-on-year increase of 52.72%. Net profit attributable to shareholders of the listed company was about 1.110 billion yuan, surging 143.47% year-on-year.
Shengyi Electronics achieved operating revenue of approximately 2.411 billion yuan in Q1 2026, a year-on-year increase of 52.62%. Net profit attributable to shareholders of the listed company was about 445 million yuan, a significant increase of 122.16% year-on-year.
Regarding the reasons for the performance change, Shengyi Electronics stated that the company thoroughly implemented the "market-led, dual-wheel drive" strategy, precisely targeted the mid-to-high-end market, and strengthened its quality management foundation by increasing R&D investment and advancing capacity expansion and productivity enhancement. This consolidated its market competitive advantage, leading to a substantial year-on-year increase in net profit during the reporting period.
Looking ahead, industry insiders note that the pull from AI computing power on high-end PCB demand remains the primary driver, but caution is warranted regarding internal industry divergence trends. The significant differences in profit growth rates among PCB enterprises mainly stem from their respective revenue proportions of high-end products, production capacity scale, and the timing of their positioning in the high-end market.
**Receiving Intensive Institutional Research**
Multiple PCB-related stocks have undergone intensive institutional research recently. The focus of these surveys indicates widespread institutional interest in the listed companies' capacity utilization rates and future strategic plans.
Aoshikang mentioned during institutional research that the company has successfully established an industrial structure supported by three core production bases in Hunan, Guangdong, and Thailand, fully leveraging the advantages and efficient resource allocation of each base. The Guangdong base is positioned for high-end product manufacturing, focusing on high-layer-count, high-frequency/high-speed, and high-value-added PCB products. The company optimizes domestic and overseas capacity allocation based on regional market demand and customer distribution, improving capacity utilization efficiency and delivery assurance capabilities. The company's Thailand base is currently in the capacity ramp-up phase, with capacity utilization and yield rates continuously improving. Through long-term production and operation, the company has accumulated numerous core technologies capable of meeting downstream clients' quality requirements across different industries. In the future, the company will continue to increase R&D investment around core manufacturing processes and key technologies, strengthen key process capabilities and technical accumulation, and continuously enhance overall manufacturing levels. Regarding capacity structure, the company will continue to optimize its product mix and expand domestic and international client resources, with a key focus on downstream application areas such as data centers and servers, AIPC, and automotive electronics.
Regarding the business expansion across various downstream segments of the PCB business, Shennan Circuits mentioned that its PCB product applications are centered on communication equipment (covering both wireless and wired communication), with a key focus on data centers (including servers) and automotive electronics (focusing on new energy and ADAS). The company also has a long-term presence in industrial control and medical fields. In Q1 2026, the revenue proportion from PCB communication and data centers increased sequentially. Influenced by consumer cycles, the revenue proportion from automotive electronics declined, while other segments remained stable. Recently, the company's overall capacity utilization has been at a high level. Specifically, its PCB business benefited from growing demand for products related to AI computing power infrastructure hardware, maintaining high factory capacity utilization. The packaging substrate business continued the high capacity utilization level seen since Q4 2025, driven by demand for storage and processor chip substrates.