[Subscription] Guanghe Technology, PCB narrative + big brother's positive news!
Today we are covering Guanghe Technology, and tomorrow we estimate Feisu Chuangxin, Guomin Jishu will be listed. The new stock calendar is as follows (the latter two are for reference only).
【Guanghe Technology】
Guanghe Technology specializes in customized PCBs, primarily used for computing power servers, adopting the JDM model and deeply involved in customer development processes. In the PCB ranking for the computing power server track, it is number one in China, third globally, with a global market share of 4.9%.
74% of the company's revenue comes fromcomputing power scenario PCBs (AI server PCBs + general server PCBs + data center switch PCBs), with this scenario growing 44.5% year-on-year in 2025; the second-largest consumer scenario (10~15%) shows stable year-on-year growth, with sequential growth accelerating; while the smaller industrial scenario (7~8%) achieved 50.5% year-on-year growth after three years of stability.
The company's product growth mainly comes from PCBs with 8 or more layers (8~16 layers, 18+ layers). This type of multi-layer PCB is mainly used for demand such as CPU motherboards for AI server PCBs, data center switch PCBs, and communication PCBs, which are also the most direct tech narratives at present.
70~80% of the company's revenue comes from overseas. Overseas growth mainly comes from Asia (10%) and the Americas (6.6%), with year-on-year growth of approximately 265% and 223% respectively; mainland business (29%) also shows impressive growth, up 84% year-on-year.
In terms of customers, the company's top five customers are very stable, namely PC Partner Group, Hon Hai Precision (Foxconn), Quanta Computer, Inventec, and Inspur Information. The major end customer is Dell. As for Dell, as early as the 26Q4 earnings report on February 27, it brought Guanghe Technology a big gift package:
Although Dell's 26Q4 AI revenue of $8.95 billion slightly missed expectations, new AI server orders of $34.1 billion far exceeded expectations, with a backlog of $43 billion at the end of the quarter. In the full-year 2027 guidance, AI revenue is expected to reach $50 billion, far exceeding market expectations of less than $40 billion, doubling year-on-year.
Dell's ISG business growth is basically driven by AI servers. Besides the old fundamentals alleviating concerns about storage pressure, the "strong momentum" of AI servers is an absolute highlight. Moreover, this incredible guidance does not even include Dazi's Rubin orders. On the day, DELL surged 22% after earnings, and Guanghe, of course, was also lifted, even more so!
Currently, Guanghe Technology trades at a discount of about 46%. Looking at Dazu Shukong in the same PCB track, there is significant room for upside.
Fundamentals are solid. Revenue, as mentioned above, grew 43% year-on-year in 2025, profit grew 47% year-on-year in 2025, gross margin has been stable at around 33% for the past two years, with industrial pressure offset by high computing power growth. High-margin computing power sales surged in 2025, pushing gross margin to 34.8%.
Cornerstone investors account for 44.95%, with decent quality, including CPE Yuanfeng, Greenwoods, UBS, Mage Prime (Greater Bay Area), Eastspring, Bullying Capital, MYAsian, Dajia Life (China Insurance), ICBC Wealth Management, Value Partners (00806.HK).
【Industry/Concept】8~9 points, strong and ongoing demand for computing power equipment
【Market Position】6~7 points, small share but decent position
【Fundamentals】8+ points, strong growth, pretty good
【Capital】8+ points, high proportion, recognized by many mainstream institutions
【Share Quantity】46,000 lots, medium to high quantity, pretty good
【Sentiment】13x, on the hot side, should reach thousands if tracking continues
【Valuation】Cheap, AH discount around 46%, much more than Dazu Shukong!
【Guanghe Technology Overall Rating】8~10 points, strong computing power server PCB narrative, solid fundamentals, excellent order outlook for major end customer Dell's AI servers, large discount (AH, no greenshoe, next-day inclusion), decent share quantity, really solid!
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