In-Depth Analysis: How Shengyi Technology's PCB Business Precisely Aligns with AI Server Iteration Needs

Based on the above data analysis, I provide you with a systematic research report on

.

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Shengyi Technology (600183.SH), as the world’s second-largest copper clad laminate manufacturer, has successfully secured a core position in the AI server supply chain by virtue of its

and . The technical level of the company’s products has fully aligned with that of international leading manufacturer Rogers, and it has completed a for AI server PCBs through its subsidiary Shengyi Electronics.

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Technical Indicator	Traditional Server	H100 Era	B200/GB200 Era	Shengyi Technology’s Level
Transmission Rate	25 Gbps	112 Gbps	224 Gbps	200+ Gbps
Dielectric Constant (Dk)	4.5	3.8	3.5	3.4
Dissipation Factor (Df)	0.020	0.008	0.005	0.004
Thermal Conductivity	0.3 W/mK	0.4 W/mK	0.6 W/mK	0.65 W/mK
Number of Layers	12-16 Layers	24-32 Layers	32-48 Layers	28 Layers
Thermal Design Power (TDP)	300W	700W	1000W	Compatible with 1000W

The

of AI servers for PCB materials have evolved from “basic electrical performance” to a composite indicator system of “ultra-low signal loss + high-efficiency heat dissipation + ultra-high reliability” [0][1].

• Copper Foil Upgrade
  : Demand for HVLP (Very Low Profile Copper Foil) in AI servers has surged, with per-unit usage being
  8 times
  that of traditional servers. NVIDIA’s next-generation Rubin platform clearly adopts 5th-generation HVLP copper foil with PTFE substrates, driving a significant increase in value [1].
• Substrate Iteration
  : M6/M7 materials used in 400G switches can no longer meet the insertion loss standards of 800G switches, requiring
  M8/M9-grade materials
  , which are expected to see mass adoption with NVIDIA’s new architecture in 2026 [2].

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Shengyi Technology established Jiangsu Shengyi in 2016 to focus on the high-frequency high-speed field, and in 2017, through cooperation with Japan’s Zhongxing Kasei, it introduced a complete set of

, becoming the first domestic enterprise to industrialize high-frequency CCLs [0][3].

:

Product Series	Shengyi Technology’s Level	Rogers’ Level	Gap
PTFE High-Frequency Materials	Dk 2.2-3.0, Df 0.001-0.002	Dk 2.2-3.0, Df 0.001-0.002	On Par
Hydrocarbon Series	Dk 2.8-3.4, Df 0.003-0.005	Dk 2.8-3.4, Df 0.003-0.005	On Par
High-Speed Materials (M4-M7)	Mass Produced	Mass Produced	Comparable

According to data from the company’s official website, Shengyi Technology’s products are divided into

, among which are high-end CCLs, accounting for approximately of all part numbers [3][4].

Product Category	AI Demand Matching Degree	Shengyi Technology’s Capability	Application Scenario
High-Frequency Materials (PTFE)	95%	90%	5G Base Stations, Satellite Communications, AI Radar
High-Speed Materials (Low-Dk/Df)	92%	88%	AI Servers, Switches, Optical Modules
High TG Materials	85%	80%	Automotive Electronics, High-Reliability Industrial Applications
Heat Dissipation Materials	88%	75%	GPU/CPU Modules, Power Devices
IC Packaging Substrates	78%	70%	Advanced Packaging, 2.5D/3D Packaging
HDI Materials	82%	78%	High-Density Interconnect, AI Accelerator Cards

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Production Base	Annual Capacity	Main Products	AI-Related
Dongguan Shengyi	30 Million ㎡	Standard CCL	❌
Suzhou Shengyi	24 Million ㎡	HDI Boards	❌
Changshu Shengyi	22 Million ㎡	High-Frequency High-Speed	✅
Jiangsu Shengyi	1.5 Million ㎡	PTFE High-Frequency Materials	✅
Jiangxi Shengyi Phase II	12 Million ㎡	High-End Packaging	✅
Shaanxi Shengyi	8 Million ㎡	Automotive Electronics	❌
Thailand Project	12 Million ㎡	AI/Automotive	✅

:

• The Jiangxi Shengyi Phase II project was put into operation in June 2025, targeting packaging, automotive, smart terminal and other fields
• The Thailand project broke ground in December 2024, targeting high-speed substrates for overseas AI servers and high-end CCLs for chip packaging [0][2][3]

Through its subsidiary

(62.93% stake), the company has achieved from CCL → PCB → AI server complete machine applications:

1. Shengyi Technology
   : Provides high-frequency high-speed CCL materials
2. Shengyi Electronics
   : Undertakes PCB manufacturing for AI server motherboards and accelerator cards
3. End Customers
   : AI server integrators such as Amazon, Microsoft, NVIDIA

:

• Shengyi Electronics has entered
  Amazon’s supply chain
  , with AI supporting motherboard and accelerator card projects already in mass production
• Products are ultimately used by leading manufacturers including Amazon, Microsoft, Cisco, Meta, Google, Intel, NVIDIA, AMD [3][4]

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Indicator	2024	Q1 2025	Q2 2025	Q3 2025	YoY Change
Operating Revenue (CNH 100 Million)	203.88	56.1	70.7	79.3	+39.8%
Net Profit (CNH 100 Million)	17.39	2.4	3.6	4.2	+81.25%
EPS (CNY)	0.72	0.24	0.36	0.42	-
Gross Margin	Approx. 22%	Approx. 24%	Approx. 25%	Approx. 26%	Continuously Improving

:

1. Volume and Price Growth
   : In H1 2025, CCL sales reached 76.2753 million ㎡ (+8.82%), and PCB sales reached 0.7896 million ㎡ (+10.51%)
2. Structural Optimization
   : Increased proportion of high-frequency high-speed products drives continuous improvement in gross margin
3. AI Demand Boom
   : AI server orders are fully booked in 2025, with high-end product orders on backlog [0][2][4]

Indicator	Value	Industry Ranking
Market Capitalization	CNH 166 Billion	1st in CCL Industry
2025 Stock Price Increase	+173.91%	Leading in Electronic Materials Sector
P/E (TTM)	58.88x	Reflects AI Growth Expectations
ROE	18.36%	Above-Average in the Industry

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• Formula Barrier
  : High-frequency high-speed CCLs involve complex formulas such as PTFE modification, ceramic fillers, and resin systems, with a development cycle of 2-5 years
• Certification Barrier
  : First-time certification by downstream terminal equipment manufacturers takes 24 months, and new product certification takes 6-12 months, giving first-mover advantages
• Patent Barrier
  : Obtained core technology authorization through cooperation with Japan’s Zhongxing Kasei, forming a patent protection system [0][3]

Indicator	Shengyi Technology	Industry Average
R&D Expense Ratio (2024)	5.7%	Approx. 3-4%
Absolute R&D Expense	Higher than the sum of domestic comparable companies	-
Percentage of Technical Staff	Approx. 15%	Approx. 10%

AI Server Value Chain
Upstream Materials (Copper Foil/Glass Fiber) → CCL (Shengyi Technology 13%) → PCB Manufacturing (Shengyi Electronics 3%) → AI Server Assembly → Data Center
                      ★Core Position★          ★Collaborative Extension★

The market size of high-frequency high-speed CCLs is expected to grow from

in 2025 to in 2035, with a CAGR of [4][5]. As the world’s second-largest manufacturer, Shengyi Technology will fully benefit from industry growth.

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1. Accelerated AI Computing Infrastructure Construction
   : In 2025, capital expenditure of the world’s top eight cloud service providers is expected to exceed USD 42 billion (+61%), and is expected to reach USD 52 billion in 2026
2. Switch Iteration
   : The upgrade from 800G to 1.6T switches drives demand for M8/M9 materials
3. Deepened Localization
   : The localization rate of high-end PCB copper foil/CCLs is still low, offering vast growth space
4. Thailand Base Production
   : Overseas capacity will be released in 2026 to undertake North American AI server orders

• Technology Iteration Risk
  : If material standards of customers such as NVIDIA are upgraded rapidly, the company’s technological follow-up may lag
• Overcapacity Risk
  : Large-scale industry capacity expansion may intensify price competition
• Downstream Demand Shortfall Risk
  : A slowdown in AI capital expenditure will affect orders

Institution	Target Price	Rating	Rationale
Guosen Securities	CNY 46.97-50.56	“Outperform”	AI demand drives volume and price growth of high-frequency high-speed materials
Guohai Securities	-	“Buy”	Upward cycle & AI demand-driven growth
Huatai Securities	-	“Accumulate”	Continuous increase in proportion of high-end products

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Through three core advantages:

, Shengyi Technology’s PCB business with the iteration needs of AI servers from the H100 to B200 to Rubin architectures. The company has evolved from a “CCL leader” to a “core supplier of electronic circuit materials in the AI era”, and is expected to achieve sustained high growth amid the historic opportunity of booming computing power demand.

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[0] Guosen Securities - In-Depth Research Report on Shengyi Technology (600183.SH): Global CCL Leader, Upward Cycle & AI Demand-Driven Growth (July 2025) (https://pdf.dfcfw.com/pdf/H3_AP202507211713123561_1.pdf)

[1] Tianfeng Securities - In-Depth Research on High-End Copper Foil Localization Driven by AI Server Development (September 2025) (https://pdf.dfcfw.com/pdf/H3_AP202509091740658971_1.pdf)

[2] Securities Market Weekly - Booming Demand for High-End CCLs: Shengyi Technology and Nanya New Material See Surging Performance and Stock Prices (December 2025) (https://static.weeklyonstock.com/25/1203/zbf092028.html)

[3] Guohai Securities - Shengyi Technology (600183): Global CCL Leader, Upward Cycle & AI Demand-Driven Growth (March 2025) (https://aigc.idigital.com.cn/djyanbao/生益科技（600183）：全球覆铜板龙头，周期向上&AI需求驱动成长-2025-03-08.pdf)

[4] Future Market Insights - High Frequency High Speed Copper Clad Laminate (CCL) Market (2025) (https://www.futuremarketinsights.com/reports/high-frequency-high-speed-copper-clad-laminate-ccl-market)

[5] Caizhongshe - AI Wave Ignites High-End Material Demand: Major Opportunity for Localization of Electronic Fabric (January 2026) (https://m.caizhongshe.cn/news-7777665243435447017.html)