PCB supply chain boosted by positive factors

2025/09/25

United News Network
September 22, 2025
By Economic Daily News, Reporter Wei Xingzhong / Taipei Report

The PCB supply chain continues to benefit from AI upgrades, driving copper foil, copper foil substrates, and PCB board material specifications, increasing the number of layers, and increasing the area. Analysts remain optimistic about Jinju (8358), Tai Optoelectronics, Taiyao, Golden Image Electronics, and Tripod Technology benefiting from this upgrade trend. Zhending-KY, Dingying, and Huatong, which are actively entering the AI supply chain, also present turnaround opportunities.

Generative AI, increased demand for video streaming, the Internet of Things, and the deployment of data centers are driving increasing data transmission volumes. Cloud operators require high-bandwidth, low-latency network connections to meet data processing needs. Analysts estimate that the total amount of data transmitted by data centers will grow at a rate of 25% annually.

This massive demand growth trend has benefited Taiwanese manufacturers significantly. For example, Jinju has actively entered the specialized copper foil market for AI applications in recent years through its Advanced RTF and HVLP product lines. Next year, new product upgrades, such as PCIe Gen6 material RG313, will drive stronger momentum in the second half of the year than in the first half.

Taiwan Optoelectronics' product portfolio consists of 65-70% infrastructure, 20-25% handheld devices, and 10-15% automotive/industrial applications. With the development of AI servers, analysts predict that 800G shipments will grow quarter by quarter, with the potential for 800G to become mainstream next year. Future development will move towards 1.6T, driving rapid growth in shipments of M8-grade materials.

For Taiyao, analysts indicate that the primary drivers for 2025-2026 will come from 800G switches, ASICs, and low-orbit satellites. 800G switch shipments have doubled, driven by the use of M8-grade CCL, resulting in a significant 50% increase in the average selling price (ASP) compared to the previous generation. This is expected to optimize the product portfolio and boost operational performance.

Golden Image Electronics' product portfolio consists of 70% server boards, 15% network boards, 10% laptop boards, and 5% other components. The main driving force behind this growth is demand for AI-related boards. The company is benefiting from the upgrade of server board specifications, with AI server revenue accounting for approximately 10% in 2023 and doubling to 20% in 2024.

Kuiding's product portfolio consists of server boards (32.4%), automotive boards (21.3%), memory module boards (19.4%), and network communication boards (7.4%). Analysts indicate that the company will continue to benefit from the increasing proportion of AI servers in 2025, up from 15% in 2024, leading to higher ASP and gross profit margins. The company will also benefit from the trend of increasing the number of layers in general server boards.

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