The Zhitong Finance App learned that the decline in PCB concept stocks increased in the afternoon. As of press release, Jingwang Electronics (03228) fell 9.25% to HK$48.46; Jiantao Laminate (01888) fell 8.32% to HK$33.26; Guanghe Technology (01989) fell 7.60% to HK$56.5; and Shenghong Technology (02476) fell 5.92% to HK$116.1.
According to the news, as financial reports for the third quarter of 2026 were revealed one after another, the net profit of the PCB upstream substrate factory skyrocketed, but the downstream board factory fell into a “no increase in revenue without increasing profit” dilemma. The analysis indicates that the profit structure of the PCB industry is clearly divided. High-end glass fiber cloth and high-grade copper-clad board projects have a long construction cycle and are difficult to expand production. The gap between supply and demand is difficult to fill in the short term, and the profit elasticity is significantly higher than midstream PCB manufacturing. The high-end production capacity layout of low-end racetrack companies is insufficient, and the industry may be in a situation of overcapacity and inflated prices for a long time.
It is worth noting that some domestic and foreign technology leaders reported a month-on-month decline in performance or the fourth quarter guidance fell short of expectations, driving the domestic PCB industry chain to retreat sharply. The market is worried that once the growth rate of demand for terminals such as AI cloud services and large-scale model training slows down, a large number of planned high-end production capacity will be released centrally, and supply and demand will reverse or trigger another price war, suppressing the profit level of the entire industry.