[Global Network Finance Comprehensive Report] After the market closed on June 16, multiple PCB concept stocks disclosed institutional research activities, focusing on capacity utilization, future capacity layout, and expansion into high-end markets.

WUS stated in the research that major global cloud service providers (CSPs) have significantly increased capital expenditures, accelerating the large-scale deployment of computing infrastructure such as AI servers and high-speed network switches, bringing strong structural growth momentum to the PCB industry. Based on predictions of market demand and structure, the company has initiated a series of capacity expansion plans in the first quarter of 2026, aiming for phased capacity upgrades to secure high-quality capacity in advance and better meet the needs of leading customers.

Suntak disclosed that benefiting from the recovery of market prosperity and continuous growth in order demand, the company is actively promoting the optimization of capacity layout. The capacity of the Zhuhai Phase II high multilayer board is continuously ramping up, aiming to improve utilization rates, with unit fixed costs expected to be diluted by scale effects; the Thailand Phase I base is expected to be completed by the end of 2026, providing capacity reserves to undertake overseas customer orders. The company has clearly defined the introduction of overseas computing power customers as one of its core strategies, with relevant customer certifications and project connections progressing as planned, and currently, server-related orders are showing rapid growth.

SCC revealed that the company's overall capacity utilization rate is at a high level, with the PCB business benefiting from the demand for AI computing infrastructure hardware, maintaining high factory capacity utilization; the packaging substrate business continues to see high capacity utilization levels driven by demand for storage and processor chip substrates since the fourth quarter of 2025. Capital expenditures in 2026 will mainly focus on PCB and packaging substrate businesses, with key investments directed towards the Wuxi high-speed high-density project, the Guangzhou packaging substrate factory construction, and subsequent payments for Nantong Phase IV and the Thailand factory, while timely technological transformations will be carried out to release capacity. (Wen Hui)