Recent analysis from Tianfeng Securities' power equipment research team highlights that the PCB industry is broadly benefiting from the strong AI computing cycle, with pricing power gains steadily transmitting through the value chain.
On the high-end front, robust AI infrastructure demand continues to drive exceptional growth. As major cloud service providers ramp up capital expenditures amid rapid AI innovation and iteration, the global PCB market is experiencing remarkable structural expansion. In Q1 2026, worldwide PCB production value climbed 26.3% year-over-year, with particularly strong demand for high-layer-count boards, HDI substrates, and advanced packaging carriers.
AI server PCBs command significantly higher value per unit compared to traditional products. Advanced boards are increasingly adopting ultra-low-loss resins, HVLP copper foils, and specialty fiberglass fabrics, while stringent process barriers and yield constraints have created temporary capacity shortages and tight supply for certain premium raw materials. The industry now exhibits two defining characteristics: structural undersupply in high-end capacity combined with persistent tightness in key material and equipment availability. Given the rigorous supplier qualification processes and extended validation timelines for new vendors, leading customers are expected to consolidate orders toward strategic partners that demonstrate technical leadership, reliable delivery, and collaborative innovation capabilities.
For mainstream PCB products, the price transmission chain is unfolding from upstream to downstream, with benefits expected to materialize in profitability metrics. Since 2025, procurement costs for critical inputs such as copper-clad laminates, copper foils, and copper balls have surged substantially year-over-year. In the first half of 2026, supply-demand imbalances for electronic fiberglass cloth and copper foil have intensified further. 金安国纪's semi-annual report explicitly cites simultaneous volume and price increases for copper-clad laminates, noting "full order books, supply shortages, rising sales volumes, and sustained price appreciation that together boosted gross margins," while upstream electronic fiberglass fabric availability remains constrained.
Meanwhile, 沪电股份, 超声电子, and 兴森科技 have each outlined in their 2026 interim reports the channels through which PCB makers are passing higher costs downstream, including "proactively driving product price adjustments," "effectively transferring cost pressures through price increases," and "including price adjustment clauses in sales contracts."
Relevant listed companies referenced in the report include 胜宏科技, 沪电股份 (covered by Tianfeng Electronics & Communications), 深南电路 (covered by Tianfeng Electronics), 兴森科技, 方正科技, 建滔集团, and 四会富仕.
Risk warnings: The listed companies are provided solely for identification purposes and do not constitute any investment advice. Investors should base their decisions on independent analysis and comprehensive evaluation of each company's fundamentals, industry outlook, and market conditions. Additional risks include technology substitution uncertainty, high PCB supply chain volatility, slower-than-expected AI development, and the possibility that product price increases may fall short of projections.