Positioning in High-End Track: PCB Listed Companies Frequently Expand Production

On March 18, Pengding Holdings (Shenzhen) Co., Ltd. (hereinafter referred to as “Pengding Holdings”) announced that it has approved its wholly-owned subsidiary Qingding Precision Electronics (Huaian) Co., Ltd. (hereinafter referred to as “Qingding Precision”) to sign a project investment agreement with the Huaian Economic and Technological Development Zone Management Committee, planning to invest 11 billion yuan to build a high-end PCB project production base.

Pengding Holdings’ expansion is not an isolated case; recently, listed companies in the PCB industry have been frequently expanding production. Researcher Fu Yifu from SuShang Bank told Securities Daily, “PCB companies are intensively deploying high-end capacity mainly due to the explosive growth in structural demand for high-end PCBs driven by AI development. AI servers and AI edge products are experiencing a surge in market demand for high-multilayer, high-frequency, high-speed, high-density interconnect PCBs, which has become the industry’s growth engine.”

According to Pengding Holdings’ announcement, Qingding Precision has won the right to use state-owned construction land on the 2025 GGK33 plot in Huai’an City. The investment will be used to build a high-end PCB project production base on this land. Pengding Holdings stated, “This investment is part of the company’s overall strategic plan, aimed at seizing the wave of AI technology development, accelerating the layout of high-end PCB production, and helping to expand the company’s operational scale, promote technological upgrades and product iterations across various product lines, thereby improving the company’s operational efficiency.”

Pengding Holdings’ investment plan in Thailand is also underway. According to a December 2025 announcement, the company plans to invest a total of 4.297 billion yuan to build manufacturing plants and supporting facilities in the Thai park, as well as to expand capacity for high-end products such as HDI (High-Density Interconnect) boards. The project is scheduled to be completed by the end of 2026.

In addition to Pengding Holdings, listed companies such as Shenghong Technology (Huizhou) Co., Ltd. (hereinafter “Shenghong Technology”) and Hushi Electronics Co., Ltd. have recently disclosed investment plans.

Shenghong Technology’s investment plan for 2026, released on March 13, shows that the company and its subsidiaries plan to invest up to 20 billion yuan, with fixed asset investments not exceeding 18 billion yuan. The scope includes new factories, engineering construction, equipment purchases, automation line upgrades, and other projects, with equity investments not exceeding 2 billion yuan.

On March 7, Huidian Co., Ltd. announced that its wholly-owned subsidiary, Kunshan Huli Microelectronics Co., Ltd., has approved a new PCB production project and supporting facilities, producing high-layer, high-frequency, high-speed, high-density interconnect, and QFP (Quad Flat Package) PCBs. The total planned investment for this project is approximately 5.5 billion yuan.

Yuan Shuai, Deputy Secretary-General of the Zhongguancun Internet of Things Industry Alliance, told Securities Daily, “From the perspective of the global PCB industry’s competitive landscape, there is a clear stratification. Competition is fierce in the mid-to-low end, with low product added value; while in the high-end sector, the development of the AI industry demands higher technical and process standards for PCB products, which increases their value. Therefore, positioning in the high-end track will be a key factor for future corporate competitiveness.”

Looking ahead, the concentration of the PCB industry will continue to increase. “Profits will concentrate among leading companies, while smaller players will be phased out more quickly. Companies with technological barriers, customer certifications, and global production capacity will become the main drivers of industry development,” Fu Yifu stated.