The market spotlight is on printed circuit board (PCB) concept stocks following a significant rally.
On June 16th, more than ten constituent stocks in the PCB sector hit the daily limit-up. Among them, Yihao New Material achieved three consecutive limit-up boards, while Baoding Technology, Nuode Shares, Guanghua Technology, and Huazheng New Material each secured two consecutive limit-up boards.
That same evening, Yihao New Material issued an announcement regarding abnormal stock trading volatility. The announcement stated that on June 15th and June 16th, the cumulative deviation of the company's daily closing price had reached 30% over two consecutive trading days.
The company clarified that regarding the HVLP copper foil, a product currently under significant market focus, its certification progress is slower than some industry peers. It is currently in the stage of sample testing, analysis, and certification. There is considerable uncertainty regarding whether it will pass customer certification, and the related business has not yet generated any revenue. The construction of the second phase of its fundraising project, the "Annual 10,000-Ton High-Precision Electrolytic Copper Foil Project," including the production workshop for 5,500 tons of high-precision electrolytic copper foil, has been completed. The company is currently advancing related work such as the installation and debugging of major production equipment. There is significant uncertainty regarding the specific project commissioning timeline.
Simultaneously, other PCB concept stocks including Baoding Technology, Nuode Shares, Guanghua Technology, and Jiayuan Technology also released volatility announcements on the same evening.
On the news front, the PCB industry witnessed a substantial wave of capacity expansion in the first half of the year. Data shows that as of June 14th, 13 A-share PCB manufacturing companies have announced expansion-related plans this year, with total planned investments nearing 59 billion yuan. Leading PCB manufacturers are heavily concentrating their capital investments in high-end capacities such as "high-layer count, high-frequency/high-speed, HDI/substrate-like PCBs." These are precisely the categories with the most concentrated demand from downstream sectors like AI servers, high-speed switching, and data center infrastructure.
An industry expert commented that this concentrated wave of large-scale expansions by PCB companies represents a rational choice for cyclical industry positioning, supported by a structural boom cycle driven by segments like AI servers and smart automotive electronics. On one hand, the long-term upward trend in AI computing infrastructure construction means a supply-demand gap for high-end, high-speed PCBs will persist in the medium to long term. Preemptively securing capacity helps companies consolidate market share and gain an early advantage in customer certification. On the other hand, the domestic PCB industry has long suffered from overcapacity in low-end segments and insufficient supply in high-end ones. Leading companies focusing expansion on high-end capacity is conducive to accelerating structural consolidation within the industry and propelling the overall sector towards higher value-added segments.
According to forecasts from a prominent global electronics market research firm, the global PCB market output value is expected to reach approximately $95.78 billion in 2026, representing a year-on-year increase of 12.5%. The compound annual growth rate from 2024 to 2029 is projected to be around 5.2%.