Hong Kong Stock Concept Tracker | PCB Industry Chain Enters Earnings Realization Period; Two Companies' Q3 Net Profit Surges Over 10-Fold (with Concept Stocks)

On October 27, 10 listed companies in the PCB industry chain collectively released their Q3 reports, with Nanya New Material Technology and Goldenmax International posting Q3 net profit growth of over 10-fold. Specifically, Nanya New Material Technology's Q3 net profit rose 1,296% year-on-year and 218% quarter-on-quarter; Goldenmax International's Q3 net profit rose 1,031% year-on-year and 105% quarter-on-quarter. In addition, Wus Printed Circuit and Guangdong Goworld saw their first-three-quarter net profits grow 106.87% and 97.52% year-on-year respectively, with Q3 net profit growth rates notably higher than their overall first-three-quarter levels. Nanya New Material Technology said the profit growth was mainly driven by the continued impact of the AI computing power boom and other factors, with the copper-clad laminate industry as a whole in a high-prosperity cycle. Leveraging its strong product technology and customer resources, the company continued to optimize its product mix, with both volume and price of main products rising and overall gross margin continuing to improve. Goldenmax International said the profit change was mainly due to higher copper-clad laminate selling prices and sales growth in the period. Since the start of this year, demand in the PCB sector has been robust, with industry players continuing to deliver on earnings. Analysts believe the most direct driver of the high growth in PCB chain companies' Q3 reports is the upward shift in the industry chain's price center. This round of price increases is not an isolated phenomenon but a chain-wide change starting from upstream electronic yarn and electronic cloth, passing through copper-clad laminates, and then transmitting to finished PCB products. Industry insiders said the rapid ramp-up of AI servers, high-speed switches, optical modules and other computing hardware has turned PCB from a traditional supporting component into an incremental market. As high-end boards have more layers, more complex materials and greater processing difficulty, the PCB value per unit of equipment has risen significantly. In the short term, high-end capacity supply cannot keep up with demand growth, which in turn drives continuous increases in prices of electronic yarn, electronic cloth, copper-clad laminates and finished PCB products. The PCB industry is currently in a triple high-prosperity state of full production, capacity expansion and price increases, with major players across the chain continuing to step up capacity expansion. Institutions generally expect AI computing power demand to maintain high growth in 2026-2027, with the high prosperity of the global semiconductor and PCB industry chains continuing, and the industry's high growth certainty running through the year. With Q3 results now landing, quality names in the industry chain are set for a Davis double-play of earnings and valuation. Sealand said the PCB industry chain's Q3 reports are landing in batches, price increase notices continue to escalate, and Nvidia has published its PTFE PCB supplier list, suggesting attention to the PTFE/mSAP process direction. Continued high growth in AI computing power demand is tightening supply and demand for PCBs, MLCCs, analog chips and power devices, with the price increase trend continuing, and Q3 earnings delivery is expected to further strengthen. Related concept stocks: Victory Giant Technology (02476): Nomura research notes that Victory Giant Technology is regarded as one of Nvidia's most important PCB suppliers and is expected to capture about a 50%-55% share in Nvidia's next-generation Rubin platform (2026-2028). The PCB value per Nvidia GPU is expected to rise from US$400 for Blackwell to over US$1,000 for Rubin Ultra, which will directly drive Victory Giant Technology's revenue share from Nvidia up from 9% in 2024 to 38% in 2028. Shenzhen Han's CNC Technology (03200): As a leading enterprise in PCB-specific equipment, Shenzhen Han's CNC Technology is seizing industry growth opportunities. In response to the technical demand for ultrafast laser processing of M9 and Q cloth materials used in double-sided HDI boards in Rubin and subsequent AI PCB products, the company's ultrafast laser drilling machines hold a significant positioning advantage. The company has begun cooperation and validation with mainstream downstream manufacturers, completed sample deliveries with most manufacturers, and some manufacturers' validation processes are advancing relatively quickly. Among them, the laser drilling machine supporting the M9 solution has passed Nvidia certification, and the product is expected to achieve mass shipments in 2026. KINGBOARD HLDG (00148): A Citi report notes that about 85% of KINGBOARD HLDG's core net profit in 2028 will come from the laminate/printed circuit board business, up from about 60% in 2025. DELTON (01989): The company focuses on the R&D, production and sales of customized printed circuit boards (PCBs) for computing power scenarios, with core products used in computing power servers (including AI servers and general-purpose servers), while also industrial and consumer-scenario PCBs and a small amount of other recyclable materials businesses. DELTON previously issued an earnings forecast, expecting net profit attributable to shareholders of the listed company of RMB1.45 billion to RMB1.5 billion for the first three quarters of 2026, up 100.33% to 107.23% year-on-year.