Colliding with the AI "super cycle," Victory Macro and peers see collective surge in performance.
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The explosive demand for AI computing power is driving related PCB companies to achieve super growth in their performance.
Recently, Victory Giant Technology's performance forecast shows that its net profit attributable to shareholders in 2025 is expected to be between 4.16 billion and 4.56 billion yuan, a year-on-year surge of 260.35% to 295%.
“With the continuous expansion of global AI infrastructure and computing power demand, the company, relying on industry-leading technological capabilities, quality capabilities, delivery capabilities, and global service capabilities, has become the core partner of many leading tech enterprises both domestically and internationally,” Victory Giant Technology stated. “In key areas such as AI computing power, data centers, and high-performance computing, multiple high-end products have already achieved large-scale mass production, driving the product structure towards higher value and higher technological complexity. The proportion of high-end products has significantly increased, propelling the company’s rapid performance growth.”
Victory Giant Technology's explosive growth is not an isolated case—the wave of AI computing power is spreading across the entire PCB industry chain.
Han’s CNC forecasts a net profit growth in 2025 of 160.64% to 193.84% year-on-year, mainly driven by demand for high-layer HDI boards from AI servers and high-speed switches. Sundy Electronics expects a 48% year-on-year increase in net profit in 2025, also benefiting from new computing scenarios such as high performance servers and artificial intelligence, which are boosting PCB demand.
The industry’s production expansion race has already begun.
Sundy Electronics' high-end PCB expansion project supporting artificial intelligence chips started in late June 2025, and is expected to enter trial production in the second half of 2026. Victory Giant Technology is advancing its Hong Kong IPO, the first-phase upgrade of its Thailand factory was completed in March last year, and the second-phase upgrade is also nearly finished.
However, Goldman Sachs believes that the development and production of the latest generation of AI servers requires extremely high R&D investment for PCBs and other components, and also faces huge capital expenditure burdens, which will effectively limit the number of new entrants.
As a result, the current leading enterprises face a relatively mild competitive environment and are expected to continue to benefit.
According to Goldman Sachs’ model estimates, the global AI server PCB market size is expected to grow from around $3.1 billion in 2024 to $27.1 billion in 2027.
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