DD 滴滴./ (@rtk17025) “PCB Industry & Victory Giant Technology As an investor looking at the hardware s” — TopicDigg

PCB Industry & Victory Giant Technology As an investor looking at the hardware side of artificial intelligence, understanding the physical infrastructure is crucial. Below is a comprehensive breakdown of the technology, the market dynamics, and the specific companies leading the charge. 1. The 2026 PCB Renaissance: From Commodity to Critical Tech To understand why this sector is surging, we must look at the physical demands of AI. A PCB (Printed Circuit Board) is the foundational board that houses and connects all microchips and electronic components in a device. For years, PCBs were viewed as low-margin commodities used in smartphones and laptops. AI servers changed the math completely. To process AI workloads, servers require connecting thousands of chips at lightning speeds. This requires two specific advanced technologies: MLPCB (Multilayer PCB): Instead of a standard 4-to-8 layer board used in consumer electronics, AI servers require stacking 40 to over 70 individual circuit layers into a single, dense board. HDI (High Density Interconnect): An advanced manufacturing technique that uses microscopic, laser-drilled holes (microvias) to pack significantly more wiring into a smaller footprint. Notice how HDI uses tiny, stacked copper connections (microvias) to route signals between specific layers, whereas older technology relies on large, inefficient holes drilled entirely through the board. This miniaturization is mandatory for AI. 2. The Institutional View: Margins and Moats When brokerages like Goldman Sachs evaluate this sector in 2026, they are not looking at sheer volume; they are looking at technical barriers and pricing power. The Margin Premium Producing a 40-layer board requires immense precision. If a manufacturer makes a mistake on layer 39, the entire expensive board is scrapped. This high risk means that companies capable of maintaining high yield rates (the percentage of boards manufactured without defects) can command premium pricing. As a result, the ASP (Average Selling Price) for AI boards is vastly higher, pushing gross margins into the 35–40% range. Upstream Opportunities Data moving at 112 Gbps (gigabits per second) generates extreme heat and is prone to signal loss. Analysts view upstream suppliers—specifically makers of CCL (Copper Clad Laminate), the base raw material of a PCB—as equally critical. Companies like Shengyi Technology are favored because they produce the M9-grade low-loss materials required to keep these ultra-fast AI signals intact. 3. Victory Giant Technology: The Apex Predator Victory Giant Technology has successfully transitioned from a traditional manufacturer into the core enabler of the global AI supply chain. Technological Dominance As of early 2025, they captured 13.8% of the global AI/HPC PCB revenue, up dramatically from just 1.7% in 2024. They are currently mass-producing 24-layer HDI boards and 70-layer MLPCBs, with technology reserves to go beyond 100 layers. This cements their status as a key, strategic supplier to NVIDIA (whose chairman invited Victory Giant as the sole Chinese PCB representative to a recent supply chain event), AMD, and Intel. The "China+1" Strategy Geopolitics play a massive role in hardware manufacturing. To mitigate the risk of US tariffs on Chinese goods, Victory Giant is heavily executing a "China+1" strategy—keeping core R&D in China while building massive new production facilities in Vietnam and Thailand. These Southeast Asian plants are scheduled to ramp up production in 2026, specifically to handle NVIDIA-related international demand safely outside of mainland trade restrictions. 4. Supply Chain & Hong Kong Stock Opportunities The April 2026 Hong Kong IPO of Victory Giant was a watershed moment, raising over HK$20 billion and surging 50% on its debut. This dual listing (already listed in Shenzhen as gives them the international capital required to fund their aggressive factory expansions in Thailand and Vietnam.