PCB/CCL Update: New Prelim Results from Some Key Local Names

Research evidence excerpt

PCB/CCL Update: New Prelim Results from Some Key Local Names

China (PRC) | Technology EquityJulyResearch13, 2026

Table 1 - China PCB/CCL Earnings SummaryPCB/CCL Update: New Prelim Results from

(Condensed)

Mkt Cap (Rmb Net Profit (YoY)Some Key Local Names Company

bn) 1Q26 2Q26

Major PCB Maker

We update some new major PCB players prelim results, including WUS/ Founder 55 195% 260%

Shennan/SYE all delivering much stronger NP growth vs other non-AI SYEFastprint 10370 122%100% 101%

players. We also include CCL's results, which saw surged NP especially Jove 31 89% Shennan 290 73% 55%

for low-end players ramping up from low bases. Among our coverages, Delton 83 63% 108%

WUS/Sytech beat both sellside/buyside cons, while the progress of next WUSVictory Giant 249267 63%40% 82%

gen material/spec upgrade (e.g. M9/10, PTFE, CoWoP etc.) is crucial for SunshineRedboard 1169 22%12% -14%-20%

sustained structural growth in dollar content. Avary 228 -5%

CEE 11 -17%

Goworld 11 -21%

Update on several new preliminary results. Following our earlier note (Link) on analyzing the Kinwong 69 -28% Kingshine 37 -56%

earnings performance for different types of PCB players, we have another update (summarized Ellington 11 -68%

in Table 2 on next page) given there are multiple key names announcing their 1H26 prelim Welgao 10 -70%

Suntak 22 -72%

results. Basically, the AI players with high exposure to high-end products (WUS, Shennan, SYE) Olympic 30 -80% -77%

continue to deliver strong YoY growth in Q2 NP with solid QoQ ramp, echoing our earlier view Aoshikang 17 -84% -14%

on 1) robust order pipelines fulfilled by continued capacity expansion, and 2) limited impact BominDynamic 1335 -140%-234% -461%

on rising materials cost for these types of names.