With the disclosure of 2025 annual reports yet to begin, several A-share listed companies in the PCB industry have already released positive earnings signals, reflecting a sustained improvement in the industrial chain's prosperity. According to Choice data, as of January 23, approximately 20 PCB-related stocks have disclosed their 2025 performance forecasts, with about 80% reporting net profit growth. This spans various segments of the upstream and downstream industrial chain, including PCB products, materials, and equipment. Companies such as Jinan Guojin and Shenghong Technology are projected to see net profit increases exceeding 250%. It is reported that KB LAMINATES (01888) anticipates its net profit for the year ending December 2025 to grow by over 80%.
Behind the strong performance is the accelerated deployment and implementation scale of AI data centers, which is driving sustained high growth in demand for high-end PCB products. This, in turn, is stimulating simultaneous prosperity in upstream equipment and materials sectors. A research report from Wanlian Securities noted that the Shenwan electronics sector outperformed the CSI 300 Index in 2025, with valuations slightly above the median of recent years. The sector reported favorable earnings in the first three quarters of 2025, with improved profitability. Looking ahead to 2026, the report recommends seizing investment opportunities in AI computing infrastructure and terminal innovation. Regarding AI computing construction, the ongoing AI wave continues to fuel robust demand in key hardware segments. It is advised to focus on high-growth sub-sectors such as memory and PCBs, where strong demand and accelerated capital expenditure present investment opportunities.
Hong Kong-listed PCB industrial chain-related stocks: KB LAMINATES (01888): Guotai Haitong Securities indicated that since the second half of 2025, KB LAMINATES has implemented price increases three times in August, October, and early December, with an additional unexpected hike within December. This suggests that, driven by AI prosperity, the entire industrial chain has entered a favorable price hike cycle. The company is involved in copper foil, electronic glass fabric, and copper-clad laminates (CCL). As an integrated industry leader, it is poised to benefit across all segments from this涨价 cycle.
KINGBOARD HLDG (00148): KINGBOARD HLDG announced that it expects the net profit for the year ending December 31, 2025, to increase by over 165% compared to the same period in 2024, reaching over HK$4.32 billion. This growth is primarily due to increased profits reported by the group's investment business segment and the CCL segment. Strong demand for CCL and its upstream materials, including glass fiber yarn, glass fiber fabric, and copper foil, has led to a general and significant rise in the unit prices of the group's CCL and upstream material products. Sales volume has also increased compared to the same period in 2024, with market demand remaining robust.
HANS CNC (03200): HANS CNC is a provider of specialized PCB production equipment solutions, primarily engaged in the research and development, production, and sales of specialized PCB production equipment. The company offers a wide range of production equipment covering multiple segments of the PCB industry and encompassing several key production processes, such as drilling, exposure, lamination, forming, and inspection. A research report from Soochow Securities pointed out that starting from the fourth quarter of 2024, high capital expenditure by PCB manufacturers has driven performance realization for equipment suppliers. Drill bits with a 40:1 aspect ratio represent the segment with the highest elasticity, and it is recommended to monitor the progress of related companies.
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