Overseas Materials Giants Raise Prices Successively, PCB Concept Surges; Zhongying Technology Rises Over 10%

(Source: Caixin)

AI computing power infrastructure, smart terminals, and automotive electrification are driving triple growth, leading to rapid increases in high-end PCB demand. As processes upgrade, PCB value will steadily rise. Overseas cloud vendors developing their own chips have higher requirements for PCBs, offering greater value elasticity.

On March 13, in the afternoon, PCB concept stocks surged. Zhongying Technology (300936.SZ) rose over 10%, after Hongtong Co., Ltd. (600226.SH) hit the daily limit. Shanghai Electric (002463.SZ), Nanya New Materials (688519.SH), Jinan Guoji (002636.SZ), and Dongcai Technology (601208.SH) also saw significant gains.

News-wise, the supply-side price hike wave continues, further strengthening the logic of rising volume and prices in the PCB industry. According to media reports, Japanese semiconductor material giant Resonac (Resonac Corporation) has raised prices for CCL (copper-clad laminate) and adhesive films since March 1, with increases of up to 30%. Major electronic material manufacturer Mitsubishi Gas Chemical has also followed suit, raising prices for key upstream PCB materials such as copper-clad boards and semi-cured sheets.

As the most critical upstream raw material for PCBs, CCL accounts for over 30% of costs. The significant price hikes by Japanese giants will directly transmit to PCB manufacturing, pushing overall industry prices upward. Industry insiders generally expect this price increase to gradually extend to high-end segments like MLCC, HDI boards, IC substrates, and high-frequency high-speed PCBs, driving the entire industry chain’s price system higher and further expanding profit margins.

CITIC Construction Investment’s research report states that, benefiting from AI, the global PCB industry is entering a new upward cycle. The triple drivers of AI infrastructure, smart terminals, and automotive electrification are fueling rapid demand growth for high-end PCBs. As processes upgrade, PCB value will steadily increase. Overseas cloud vendors’ self-developed chips demand higher PCB quality and offer greater value elasticity.

Open Source Securities believes that the 30% price increase by Resonac will transmit to high-end manufacturing sectors. Nvidia’s LPU inference chips could become a major industry catalyst, promoting process upgrades and value revaluation in PCBs, opening new growth opportunities.

CITIC Securities notes that the incremental growth logic continues to strengthen, and the outlook for the AI PCB sector remains optimistic. Since early 2026, the PCB sector has lagged behind, partly due to weaker overall beta for computing/AI applications, and concerns about application expansion disruptions, delayed upgrades, earnings realization delays, and material price increases. However, the fundamental growth logic of the AI PCB industry remains unchanged and is strengthening. Market concerns are relatively optimistic, with numerous potential catalysts on the horizon, and the incremental visibility for the next one to two years continues to improve. From earnings and valuation perspectives, leading companies’ earnings expectations are gradually being realized, and valuation levels still have room for further upward adjustment. Currently, the outlook for the PCB sector’s future upward momentum remains confident.