High-End Production Capacity: The Game-Changer for PCB Industry Upgrade

Currently, the global PCB (Printed Circuit Board) industry is undergoing profound structural transformation. Growth in traditional low-end products is slowing down, while high-end products such as high-density interconnect (HDI) boards and high-layer count boards have become the core engines driving industry growth.

On April 9, Sihui Fuji Electronics Technology Co., Ltd. (hereinafter referred to as "Sihui Fuji") unveiled a new investment plan to build high-end PCB production capacity. In addition, companies including Victory Giant Technology (HuiZhou) Co., Ltd. (hereinafter referred to as "Victory Giant"), Wus Printed Circuit (Kunshan) Co., Ltd. (hereinafter referred to as "Wus Printed Circuit"), and Avary Holding (Shenzhen) Co., Ltd. (hereinafter referred to as "Avary Holding") have also recently disclosed large-scale investment plans or full-year investment blueprints.

Zheng Lei, Chief Economist at Samoyed Cloud Technology Group, said in an interview with Securities Daily: "Keeping pace with the direction of industrial transformation and upgrading and optimizing product structure are key measures for PCB enterprises to gain a foothold in the new round of industrial upgrading. Meanwhile, A-share listed companies in the industry are leveraging their advantages to increase investment in technological innovation and high-end capacity layout, which will accelerate industrial upgrading and enhance the global position of China's PCB industry."

Specifically, on April 9, Sihui Fuji released its 2026 private placement plan for A-shares to specific investors. The total amount of funds raised from this private placement will not exceed 950 million yuan (inclusive). After deducting relevant issuance expenses, the net proceeds are planned to be fully used for the new construction project of 5.58 million square meters of high-reliability circuit boards per year - the 600,000 square meters per year high-layer count and HDI circuit board project (Phase I).

A relevant person in charge of Sihui Fuji told Securities Daily: "To become a core supplier in the AI (Artificial Intelligence) field, the company needs to have large-scale high-end production capacity and certified stable manufacturing processes. Our current production capacity mainly meets sample and small-batch demands. The fund-raising project will enhance our ability to produce large batches of high-layer count boards and HDI boards, which is crucial for us to become a core supplier in the AI sector. This investment project is expected to further consolidate the foundation for the company's future development."

In addition to Sihui Fuji,multiple PCB enterprises are increasing their investment in high-end capacity layout. On April 2, Wus Printed Circuit announced that it plans to invest approximately 6.8 billion yuan to build a printed circuit board production project and its supporting facilities. In March this year, Wus Printed Circuit disclosed that it had approved its wholly-owned subsidiary Kunshan Huli Microelectronics Co., Ltd. to invest in the construction of a new printed circuit board production project and supporting facilities, which will produce high-layer count, high-frequency high-speed, high-density interconnect, and high-current printed circuit boards. The total planned investment for this project is approximately 5.5 billion yuan.

Avary Holding has also rolled out a large-scale investment plan. In March this year, it disclosed that it had approved its wholly-owned subsidiary Qingding Precision Electronics (Huai'an) Co., Ltd. to sign a project investment agreement with the Management Committee of Huai'an Economic and Technological Development Zone, planning to invest 11 billion yuan to build a high-end PCB production base. Avary Holding's investment plan for its Thailand industrial park is also proceeding in parallel.

In addition, Victory Giant plans to invest no more than 18 billion yuan in fixed assets this year, including new plant and engineering construction, equipment procurement, and transformation and upgrading of automated production lines.

The surging market demand for high-end PCB products stems from the accelerated evolution of global AI technology, which has ushered in a new cycle for AI servers, high-performance computing, and network communication equipment.

Against this backdrop, Bicheng has recently launched a high-performance 20-layer HDI PCB solution tailored for AI and high-speed communication applications. Built on Panasonic TU-872 SLK low-dielectric, low-loss copper clad laminate, the board features laser-drilled blind vias, resin-plugged vias and precision impedance control, manufactured to strict IPC Class 3 standards with a 3.0mm finished thickness and ENEPIG surface finish. It delivers stable signal transmission across 1-10 GHz (Dk < 4.0, Df < 0.010) and excellent thermal reliability (Tg=200°C, Td>340°C), making it ideal for 5G/6G base stations, HPC backplanes, AI server line cards and data storage equipment. Every unit undergoes 100% electrical testing before delivery to ensure zero defects in mass deployment.

A relevant person in charge of Victory Giant said: "From the perspective of industry development trends, signal transmission bandwidth will continue to upgrade, material grades will keep improving, and the number of layers and tiers of high-layer count boards and high-order HDI boards will keep increasing. Some processes will take longer and become more complex, which will further consume high-end production capacity."

According to data from market research firm Prismark, the output value of high-layer count boards and high-density interconnect boards increased by 18.2% and 25.6% year-on-year respectively in 2025, making them the fastest-growing segments among all PCB products. It is expected that the compound annual growth rates of high-layer count boards and high-density interconnect boards from 2024 to 2029 will be 9.0% and 11.2% respectively.

Fu Yifu, a special researcher at Jiangsu Sunan Bank, said in an interview with Securities Daily: "High-end capacity layout has become the core 'game-changer' in enterprise competition. In the future, the industry will move towards a competitive pattern of head concentration where the strong get stronger, and market concentration will increase significantly. Technological barriers, customer certifications, and global production capacity will gradually widen the gap between enterprises. Companies with capabilities in high-speed materials, precision manufacturing processes, and mass delivery will have easier access to the global computing power and consumer electronics supply chains."