In terms of the PCB concept, Xiang Stock's net profit in the first quarter of this year increased nearly threefold year-on-year.

Changsha Evening News, Changsha, March 28 (All-media reporter Liu Jun) - On the 27th, the PCB (Printed Circuit Board) concept sector index rose by 1.17%. So far this year, the sector index has increased by 7.77%, with most of the 190 individual stocks seeing price increases. On March 19, PCB welcomed a super catalyst - the release of Nvidia’s LPU inference chip. Industry insiders state that this chip will have a profound impact on the PCB industry, leading to simultaneous increases in quantity and price, process upgrades, material innovations, and enhanced concentration, thus opening up a new market scale for the PCB industry. The reporter’s analysis found that there are 5 Hunan stocks in the PCB concept sector: Okai Yi, Songji Co., Ltd., Zhongke Electric, Aoshikang, and *ST Gauss. This year, all 5 individual stocks have seen price increases, with Okai Yi leading with a rise of 151.42% as of the close on the 27th, and its first-quarter performance growing nearly threefold.

According to reports, the LPU chip achieves a balance of low latency and high throughput and is expected to be launched in the second half of this year. While GPUs excel in AI model training, they often encounter issues of high latency and energy consumption during the inference stage. The LPU is specifically optimized for the inference pipeline, complementing GPUs and addressing the long-standing technical challenge of achieving both “low latency” and “high throughput” simultaneously. The value of the PCB used for a single LPU chip will reach 3,000 yuan, which is 5 to 10 times that of traditional solutions. The total value of PCBs for a single cabinet (including computing boards and backplanes) will reach between 450,000 and 700,000 yuan.

Consulting firm Prismark predicts that the global PCB industry output value will continue to grow at a compound annual growth rate of 5.4%, expecting to exceed $90 billion by 2028, with the HDI board market expected to reach $14.58 billion by 2027. Guosheng Securities believes that AI will drive demand for embedded process PCBs, and the number of PCB layers for LPU is expected to significantly increase, recommending attention to PCB manufacturers and upstream materials. Goldman Sachs believes that AI drives the industry into a super cycle, boosting simultaneous increases in PCB quantity and price, with price hikes expected to continue through 2026 to 2027, maintaining a supply-demand gap for high-end products.

The reporter’s statistics found that as of the 27th, the stock with the largest increase in the PCB concept sector this year is Okai Yi, followed by *ST Gauss, which has risen by 49.78% this year, while the smallest increase is from Songji Co., Ltd., which has risen by 8.09%. Zhongke Electric and Aoshikang have increased by 12.54% and 8.59% respectively this year.

Okai Yi has achieved supply to downstream core customers in the PCB drill rod business, covering various specifications and models of mainstream products.

According to the company’s 2025 performance forecast, the net profit attributable to the parent company’s owners is expected to be between 96 million and 110 million yuan, with a year-on-year change of 67.53% to 91.96%. The net profit after deducting non-recurring items is expected to be between 62 million and 75 million yuan, with a year-on-year change of 135.83% to 185.28%. On the 28th, the company also forecasted its first-quarter 2026 performance, expecting the net profit attributable to the parent company’s owners to be between 180 million and 220 million yuan, with a year-on-year change of 2248.89% to 2770.86%; the net profit after deducting non-recurring items is expected to be between 175 million and 215 million yuan, with a year-on-year change of 13736.18% to 16898.73%. The company stated that the main raw material for hard alloy cutting tools, tungsten carbide, continues to rise sharply, and the company has advantages in funding and scale effects, achieving simultaneous increases in product quantity and price.

Songji Co., Ltd. provides customers with systematic solutions for various new functional coating materials, including paints, inks, and adhesives. The company’s ink products related to integrated circuit chips mainly include PCB solder mask ink and PCB character ink.

According to the company’s 2025 performance forecast, the net profit attributable to the parent company’s owners is expected to be between 20 million and 30 million yuan, with a year-on-year change of -76.85% to -65.28%; the net profit after deducting non-recurring items is expected to be between 10 million and 15 million yuan, with a year-on-year change of -87.34% to -81.02%. The company stated that the current performance fluctuations reflect the company’s proactive layout for the future and solidify the foundation for growth. As the scale effects of the passenger vehicle business are released and various strategic projects gradually land, the company’s overall profitability is expected to recover.

Zhongke Electric’s PCB boards for the electrical control part of the magnetic and electric equipment system are self-researched and designed by the company.

According to the company’s 2025 performance forecast, the net profit attributable to shareholders of the listed company is expected to be between 455 million and 515 million yuan, with a year-on-year change of 50% to 70%; the net profit after deducting non-recurring items is expected to be between 380 million and 483 million yuan, with a year-on-year change of 10.00% to 40.00%. The company stated that demand for downstream new energy vehicles, especially fast-charging models, and the energy storage market continues to grow, resulting in a significant increase in the production and sales volume of its lithium-ion battery anode materials compared to the same period last year. At the same time, the company is implementing cost-reduction and efficiency-enhancement measures, further strengthening its cost control capabilities, showing a growth trend in profit scale compared to the previous year.

Aoshikang’s main business is the research, development, production, and sales of high-precision printed circuit boards (PCBs).

According to the 2025 performance forecast, the net profit attributable to shareholders of the listed company is expected to be between 288 million and 328 million yuan, with a year-on-year change of -18.48% to -7.16%; the net profit after deducting non-recurring items is expected to be between 288 million and 328 million yuan, with a year-on-year change of -15.31% to -3.53%. The company stated that as the production capacity of the Thailand production base is gradually released, it will continue to improve its overseas capacity layout and enhance long-term competitiveness.

*ST Gauss has been in contact with relevant PCB manufacturers for business cooperation after the high-frequency copper-clad boards passed related certifications.

According to the company’s 2025 performance forecast, the net profit attributable to shareholders of the listed company is expected to be between -84 million and -70 million yuan, with a year-on-year change of 35.83% to 46.52%; the net profit after deducting non-recurring items is expected to be between -92 million and -78 million yuan, with a year-on-year change of 33.29% to 43.44%.

The company stated that the gross profit margin of its core main businesses, such as consumer electronics products and copper-clad new materials, has shown a significant increase compared to the same period last year, while the company has achieved refined control over production costs, effectively enhancing overall profitability.

[Source: Changsha Evening News, Changsha]