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688630.SH · Circuit Fabology Microelectronics Equipment Co.,Ltd.Circuit Fabology Microelectronics Equipment Co.,Ltd.
🔬 PCB equipment suppliers 大族数控, 芯碁微装, 东威科技 are gaining excess profits from AI server-driven PCB expansion, with strong order backlogs and pricing power
high convictionFirst mentioned May 28, 2026
PCB equipment suppliers 大族数控, 芯碁微装, 东威科技 are gaining excess profits from AI server-driven PCB expansion, with strong order backlogs and pricing power.
Evidence & details
Evidence
- +大族数控: 2025 PCB equipment revenue 57.73B yuan, +72.68%; 26Q1 inventory up 28% sequentially, contract liabilities rising.
- +芯碁微装: 2025 revenue 14.08B yuan, +47.61%; 26Q1 orders exceeded 800M yuan, revenue forecast +91-123%; WLP lithography got mass production orders.
- +东威科技: 2025 revenue 10.98B yuan, +46.45%; 26Q1 contract liabilities 872M yuan, doubled YoY; new plant to add >1B yuan capacity.
Catalysts
- ⚡NVIDIA Vera Rubin platform mass production in H2 2026, increasing PCB value.
- ⚡PCB makers like 沪电 new capacity trial production in Q3 2026, ramping to full in 2027.
- ⚡Sustained equipment procurement cycle as AI server demand continues.
Risks
- −If AI server demand growth slows, concentrated high-end PCB capacity may face utilization issues.
- −Downstream PCB expansion is homogeneous, but upstream equipment suppliers have strong pricing power.
Chart
Post Timeline · 1 posts
new thesishigh
国内头部PCB厂商的资本开支在加速。9家头部企业2025年合计capex 267亿，同比+111%。2026年Q1单季度125亿，同比+182%，斜率还在变陡。鹏鼎2026年全年规划168亿，2025年是66亿。胜宏25Q4单季度接近30亿，环比翻倍。深南25Q4也有14亿，环比+76%。而且目前主要是胜宏、沪电、鹏鼎三家在拉，深南、景旺、方正、广合还没真正放量，后面有接力。 产能扩张去向高度一致。高阶HDI、HLC、mSAP、类载板，全部对准AI服务器和高速交换机。传统消费电子PCB没有新增投入。东南亚建厂同步在落地，鹏鼎泰国43亿，深南泰国12.7…
Thesis: PCB equipment suppliers 大族数控, 芯碁微装, 东威科技 are gaining excess profits from AI server-driven PCB expansion, with strong order backlogs and pricing power.
view on X ↗301200.SZ · 688630.SH · 688700.SH
Current Price
$335.00
via cornerstones
Return from entry
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entry May 28, 2026
Thesis Lifecycle
🟢
openedMay 28, 2026
PCB equipment suppliers 大族数控, 芯碁微装, 东威科技 are gaining excess profits from AI server-driven PCB expansion, with strong order backlogs and pricing power.
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