Thedomestic printed circuit board (PCB) sector has witnessed a pronouncedstructural market trend recently, moving away from broad-based growth. A starkdichotomy has emerged: high-end computing PCBs are in acute shortage, whilemid-to-low-end PCBs for consumer electronics face sustained downward pressure.Booming demand for hardware such as AI servers and high-speed optical moduleshas fueled tight orders for high-layer, high-speed PCBs. In contrast, demandfor conventional PCBs used in consumer electronics remains sluggish amid fiercecompetition, making structural divergence the defining feature of the industry.

Arecent research report from Goldman Sachs has sharply upgraded growth forecastsfor the high-end PCB segment. Released on August 6, the report raised theprojected market size of AI server PCBs for 2026 by 35%. It identifies a shiftin major demand growth from traditional GPU servers to self-developed ASICservers built by cloud vendors, with demand for matching PCBs surging by 60%.At present, the global supply shortfall of high-end high-speed PCBs stands atroughly 30%. Iterations of next-generation computing platforms keep pushing upthe per-unit value of server PCBs, further tightening supply and demand in thehigh-end segment.

Corporateoperational results clearly reflect uneven prosperity across different tracks.Recently, E-Board Technology released its semi-annual report. Driven byexplosive growth in its AI high-speed PCB design business, the firm posted a41.63% year-on-year revenue jump, while net profit attributable to parentcompanies soared more than 15 times year-on-year, leading the industry ingrowth rates. Leading manufacturers including Unimicron and Zhen DingTechnology reported steady revenue growth in July, fueled mainly by high-endbusinesses covering servers and optical modules. Their high-end productionlines are running at full capacity, with order backlogs stretching into early2027. By comparison, small and medium manufacturers focusing on conventionalconsumer PCBs struggle with insufficient orders and shrinking gross profitmargins, operating mid-to-low-end lines at low utilization rates.