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PCB makers start re-quoting as material costs rise; broker sees earnings outlook strengthening
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PCB concept stocks traded actively in Hong Kong, with Kingboard Laminates up 4.12%, Shengyi Technology up 3.32%, and Han's CNC up 2.38%. The move follows a 10% price hike on copper-clad laminates by Jiangxi Hongruixing Technology on September 22, adding to a series of increases since December 2024 by major manufacturers including Kingboard and Nanya, with CCL prices rising 10-20% weekly. Kingboard Laminates alone raised prices seven times this year, with some products seeing cumulative gains over 100%. Guohai Securities noted that PCB manufacturers have begun re-quoting as electronic yarn, copper foil, and CCL prices continue to rise. The brokerage pointed out that board makers face a lag in passing on costs, but expects Q3 2026 to mark an inflection point where product prices, capacity utilization, and order structure improve together. The report added that despite a recent rebound, PCB stocks remain attractive after a 35% peak decline in July.
Source report
Hong Kong, September 22 — PCB concept stocks showed active trading today, with several key players posting gains.
As of press time:
- Kingboard Laminates (01888) rose 4.12% to HK$48.06
- Victory Giant Technology (02476) gained 3.32% to HK$224
- Han's CNC (03200) increased 2.38% to HK$111.9
- Kingboard Holdings (00148) edged up 1.80% to HK$56.55
Market Drivers
On September 22, Jiangxi Hongruixing Technology Co., Ltd. issued a price adjustment notice, raising the ex-factory price of copper-clad laminates (CCL) by 10%. This follows a previous round of price increases by China Jushi, which raised prices for electronic-grade thick and thin fabrics by 15% and 20%, respectively, in September.
Since December last year, major manufacturers including Kingboard and Nanya have issued consecutive price adjustment letters, with CCL prices rising 10% to 20% in a single week. Notably, industry leader Kingboard Laminates has raised prices seven times this year, with some products seeing cumulative increases of over 100%.
Analyst Commentary
According to Guohai Securities, as prices for electronic fabric, copper foil, and CCL continue to rise, PCB manufacturers have begun to initiate re-pricing. Compared to upstream materials, PCB board makers face a certain time lag in passing on costs. The third quarter of 2026 is expected to mark a turning point where product prices, capacity utilization rates, and order structures improve simultaneously.
The note also highlighted that PCB sector stocks recorded a cumulative maximum decline of over 35% in July. Despite a recent rebound, current valuations remain attractive.
Source
智通财经网Regional
Part of this Story
PCB stocks rally in Hong Kong on supply-chain price hikes and AI demand; Kingboard Group up 6%