China PCB Makers Post Strong Growth on AI Demand

Over 70% of China's STAR Market PCB Firms Report Revenue and Profit Surge

More than 70% of printed circuit board (PCB) companies listed on China's STAR Market (科创板) have reported simultaneous growth in both revenue and net profit, signaling a powerful demand wave driven largely by global AI infrastructure buildout. The strong financial performance underscores how the AI boom is reshaping the entire electronics supply chain — from hyperscale data centers down to the foundational circuit boards that power every server, GPU module, and networking switch.

This trend mirrors what Western analysts have observed across the broader semiconductor ecosystem, where companies like Nvidia, AMD, and TSMC have posted record-breaking quarters. But while chip designers grab headlines, the PCB manufacturers quietly enabling this revolution are now seeing their own financial windfall.

Key Takeaways

• Over 70% of STAR Market-listed PCB companies achieved double growth in revenue and net profit
• AI server demand is the primary growth catalyst, with high-layer-count PCBs seeing the strongest orders
• HDI (High Density Interconnect) and high-frequency PCB segments are outperforming traditional consumer electronics boards
• China's PCB sector now accounts for over 50% of global PCB production value
• Average revenue growth among top performers exceeded 20% year-over-year
• The trend aligns with global capex surges from hyperscalers like Microsoft, Google, Amazon, and Meta

AI Infrastructure Spending Fuels PCB Demand Explosion

The PCB industry sits at a critical juncture in the AI hardware stack. Every AI accelerator — whether it is an Nvidia H100, an AMD MI300X, or a custom Google TPU — requires sophisticated multi-layer PCBs to function. As hyperscale cloud providers pour hundreds of billions of dollars into AI data center construction, PCB manufacturers are direct beneficiaries.

Microsoft alone has committed over $80 billion in AI infrastructure spending for fiscal year 2025. Google, Amazon Web Services, and Meta have each announced capital expenditure plans exceeding $50 billion. This unprecedented spending wave flows downstream to PCB suppliers, particularly those capable of producing the advanced high-layer-count boards (16+ layers) required for AI server motherboards and GPU baseboard designs.

Unlike traditional consumer electronics PCBs — which typically use 4 to 8 layers — AI server PCBs demand 16 to 30+ layers with tighter tolerances, advanced materials like low-loss laminates, and more complex routing. This complexity translates directly into higher average selling prices and fatter margins for manufacturers equipped to deliver.

STAR Market PCB Leaders Outperform Broader Indices

China's STAR Market, often compared to the Nasdaq for its focus on technology and innovation companies, has become a key listing venue for advanced PCB manufacturers.