What are the four core materials in the PCB industry chain and the related companies?

PCBs, as a crucial carrier for interconnecting electronic components, are widely used in communication equipment, AI servers, new energy, industrial control, and integrated circuit substrates. The core of the industry's development lies in upstream raw materials, primarily four core categories: copper-clad laminates (CCLs), copper foil, electronic fiberglass cloth, and epoxy resin. These are also key breakthroughs for achieving domestic substitution in high-end, high-frequency, and high-speed PCBs. With the continuous increase in AI computing power, the demand for high-end PCBs is surging, accelerating technological iteration and capacity expansion in upstream core materials. Leading companies in various sub-sectors are leveraging their technological barriers, production scale, and customer certification advantages to seize industry opportunities.

1. Copper-Clad Laminates (CCLs): CCLs are the core substrate for PCB manufacturing and a crucial factor determining PCB performance, making them the cornerstone of the PCB industry. Current industry development focuses on three main lines: high-frequency, high-speed boards, IC substrate-specific materials, and general-purpose FR-4 basic boards. Among these, high-frequency, high-speed CCLs used in AI servers, high-end communication switches, and optical modules have become the focus of industry competition.

ShengYi Technology, as the absolute leader in domestic CCLs, firmly holds a place in the second tier globally. Nanya New Materials has achieved technological leadership in domestically produced high-frequency, high-speed M8 and M9 series products, deeply partnering with leading PCB and AI server manufacturers, and is a core supplier of high-end communication and computing hardware. Focusing on the high-frequency, high-speed copper-clad laminate (CCL) market, its M-series products have complete certifications and a comprehensive product matrix, precisely targeting high-growth application scenarios such as AI servers and optical modules. Huazheng New Materials specializes in high-end substrates and IC substrate materials, demonstrating outstanding technical strength in high-frequency, high-speed boards and metal substrates, successfully entering the core supply chain of advanced packaging and computing PCBs. Jinan Guoji focuses on medium-thickness FR-4 general-purpose CCLs, leveraging its large production capacity and cost advantages to solidify its core business while steadily extending into high-frequency, high-speed, and high-end categories, completing product structure upgrades.

2. Copper Foil Copper foil is the conductive core of CCLs, accounting for the highest proportion of raw material costs, and is divided into two main categories: PCB electronic circuit copper foil and lithium battery copper foil. AI computing hardware places stringent requirements on PCB copper foil, demanding low profile, ultra-thin dimensions, high heat resistance, and low dielectric constant. High-end HVLP and RTF series copper foils have become industry necessities, and high-end copper foil has become a crucial sector for domestic substitution in the industrial chain.

Tongguan Copper Foil, backed by the complete industrial chain of Tongling Nonferrous Metals, is a leading domestic PCB electronic copper foil enterprise. Its high-end HVLP series has achieved large-scale mass production, deeply integrating with leading copper-clad laminate and AI supply chain manufacturers. Defu Technology has a dual-track strategy in PCB and lithium battery copper foil, successfully entering the AI ​​server supply chain with its high-end HVLP copper foil, leading the industry in both technology and production capacity. Nord Copper and Jiayuan Technology, long-established leaders in lithium battery copper foil, have both ventured into high-end PCB electronic copper foil, leveraging their ultra-thin special copper foil technology to seize the high-end market. Furthermore, Zhongyi Technology and Yihao New Materials, with their dual-business layout and integrated production capacity advantages, are rapidly rising in the PCB circuit copper foil sector, supplying multiple leading PCB manufacturers.

3. Electronic Fiber Cloth Electronic-grade fiberglass cloth is the core framework of copper-clad laminates (CCLs), primarily providing PCBs with insulation, structural rigidity, low expansion rate, and low dielectric properties. The explosive growth of AI high-frequency and high-speed PCBs has driven a surge in demand for ultra-thin, ultra-thin, low-dielectric, and low-thermal-expansion-coefficient high-end electronic cloths, making it a high-growth sub-segment of the fiberglass industry.

Honghe Technology is a global leader in ultra-thin and ultra-thin high-end electronic cloths. Its low-dielectric products are perfectly compatible with AI high-frequency and high-speed boards and have been certified by leading global computing power manufacturers, giving it a significant competitive advantage. China Jushi, as the absolute leader in the global fiberglass industry, possesses advantages in scale, cost, and technology in the fields of electronic yarn and electronic cloth, covering all categories of conventional and high-end low-dielectric electronic cloths. Feilihua specializes in quartz electronic cloth and specialty fiberglass, with products suitable for ultra-high-frequency CCLs and advanced packaging scenarios, highlighting its differentiated advantages. International Composites and Taishan Fiberglass, a subsidiary of Sinoma Science & Technology, are both core suppliers of electronic-grade fiberglass, continuously providing stable supporting services to the CCL industry chain.

4. Resins: Epoxy resins and specialty resins are the core bonding agents for copper-clad laminates (CCLs), directly determining the dielectric properties, heat resistance, and stability of the PCB material. General-purpose PCBs primarily use ordinary epoxy resins, while high-end high-frequency and high-speed PCBs rely on high-end resins such as PPO, hydrocarbon resins, BMI, and low-dielectric specialty epoxy resins. This sector has long been monopolized by overseas companies, but domestic substitution is now accelerating.

Hongchang Electronics, a leading enterprise in electronic-grade epoxy resins, has established a dual-main-business structure of resins and CCLs. Its high-end epoxy products are compatible with various high-frequency and high-speed CCL production processes. Dongcai Technology has achieved significant breakthroughs in the field of high-frequency and high-speed electronic resins, breaking the foreign monopoly with high-end products such as M9-grade hydrocarbon resins and successfully entering the AI ​​high-end material supply chain. Shengquan Group, a long-established company in the synthetic resin industry, leads in electronic-grade PPO, phenolic resins, and specialty epoxy technologies, and is a core resin supplier for domestic CCL companies.

Overall, the AI ​​computing power wave is reshaping the PCB industry supply chain. The four core materials upstream-copper-clad laminates, copper foil, electronic cloth, and specialty resins-represent both the bottleneck and the greatest opportunity for industry development. With the acceleration of domestic substitution of high-end PCB materials, leading companies in niche segments with advantages in technology research and development, customer certification, and production capacity will continue to enjoy the benefits of the industry's high prosperity and become the core link with the greatest growth value in the PCB industry chain.