近日，国际知名投行高盛首次覆盖了三家中国PCB（印刷电路板）龙头企业——鹏鼎控股、深南电路和沪电股份，并给予积极评级。这一举动被视为外资机构对中国高端制造及电子产业链长期竞争力的认可。高盛在研报中指出，这三家企业在技术能力、客户结构和产能布局方面均处于行业领先地位。其中，鹏鼎控股作为全球最大的PCB制造商之一，深度绑定苹果等国际大客户；深南电路在通信和服务器用高端多层板领域具有显著优势；沪电股份则受益于AI服务器和高速网络设备的快速增长，订单能见度持续提升。报告还强调，随着AI、5G、汽车电子等新兴应用对高性能PCB需求激增，中国PCB龙头企业正从“成本优势”向“技术+规模”双轮驱动转型。高盛认为，这些企业不仅具备全球交付能力，还在先进封装、HDI（高密度互连）和载板等前沿领域加速布局，有望在全球供应链中占据更重要的位置。此次高盛首次覆盖，不仅提升了市场对PCB板块的关注度，也为全球投资者提供了参与中国高端制造升级的新窗口。
Recently, the global investment bank Goldman Sachs initiated coverage on three leading Chinese PCB (Printed Circuit Board) manufacturers—Unimicron Technology (Pegatron subsidiary), Shennan Circuits, and Wus Printed Circuit (Kunshan)—assigning them positive ratings. This move is widely seen as a vote of confidence from international investors in China’s advanced manufacturing capabilities and the long-term competitiveness of its electronics supply chain.In its research report, Goldman Sachs highlighted that these three companies lead the industry in technological expertise, customer diversification, and production capacity deployment. Unimicron, one of the world’s largest PCB makers, maintains deep partnerships with major global clients like Apple. Shennan Circuits excels in high-end multilayer boards for telecommunications and servers, while Wus Printed Circuit benefits from surging demand driven by AI servers and high-speed networking equipment, resulting in strong order visibility.The report also noted that rising demand for high-performance PCBs from emerging applications—such as AI, 5G, and automotive electronics—is accelerating the shift among Chinese PCB leaders from cost-driven advantages to a dual engine of technology and scale. Goldman Sachs believes these firms not only possess global delivery capabilities but are also rapidly advancing into cutting-edge areas like advanced packaging, HDI (High-Density Interconnect), and substrate-level solutions, positioning themselves for greater roles in the global supply chain.This inaugural coverage by Goldman Sachs has heightened investor interest in the PCB sector and opened a new window for global capital to participate in China’s high-end manufacturing upgrade.
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