PCB manufacturers' profitability is expected to quarterly ringgit, bullish PCB more downstream drive into a new growth cycle, pay attention to the progress of localization of upstream materials, expansion of the first indicator of the performance of the equipment manufacturers.

1) consumer electronics vs. soft board FPC: the future with the mass production of Apple's Vision Pro series products, the product is expected to lead the upgrade of the sense of experience of the users of the AR / VR, leading to a new round of consumer Consumer electronics innovation cycle. We continue to optimistic about Apple Vision Pro for the upstream supply chain manufacturers of related products production line construction to promote as well as revenue pull, optimistic about consumer electronics parts & assembly and consumer electronics automation equipment sector opportunities. 

2) AI-related: According to Prismark data forecasts, in 2026 the server PCB output value of up to nearly 13.3 billion U.S. dollars, the five-year CAGR of 11%, faster than other PCB categories. The growth rate is faster than other PCB categories. Considering that the PC segment of consumer electronics is showing weakness, many PCB manufacturers are actively laying out the PCB field for servers, and the increase in sales of AI servers will provide new opportunities for upstream core component manufacturers. 

3) Automotive board: the new development trend of smart car electrification, intelligence, network connectivity and sharing will drive the growth of the overall industry chain. Benefit from the automotive "four" drive, the value of a single car PCB to 1200 yuan -3000 yuan or so. Automotive four is expected to bring new opportunities for domestic PCB manufacturers.