HK Stock Market Move | Shenzhen Han's CNC Technology (03200) has risen by more than 5%, indicating that the trend of capacity expansion among PCB manufacturers is about to begin. Institutions are optimistic about the increase in the company's AI business revenue this year.

Shenzhen Hans CNC Technology (03200) rose more than 5%, rising by 4.62% to HKD 136, with a turnover of HKD 22.91 million. Citigroup released a research report stating that the expansion of capacity among Chinese PCB manufacturers is about to begin. Victory Giant Technology is the only Chinese PCB manufacturer expanding its capacity by 2025, while other PCB manufacturers that announced capacity expansions in July-August 2025 will start their expansion plans in September-October 2026. In addition to Victory Giant Technology, Shenzhen Kinwong Electronic, Avary Holding, Shengyi Electronics, Suzhou Dongshan Precision Manufacturing, Founder Technology Group, and DELTON all announced capacity expansions in 2025. Based on this, management expects that the AI business revenue of Shenzhen Han's CNC Technology will increase from approximately 30% in 2025 to approximately 60% in 2026 (with Victory Giant Technology contributing 20% and other manufacturers contributing 40%). Citigroup stated that Shenzhen Han's CNC Technology has delivered multiple ultra-high-speed drilling machines to IC substrate manufacturers such as AT&S and AKM Meadville. Currently, the ultra-high-speed equipment is only used for producing mSAP process products for 1.6T optical modules; management believes that whether AIPCB manufacturers adopt ultra-high-speed technology depends on whether NVIDIA adopts M9 copper foil boards + Q glass materials, and this is just a matter of time. Shenwan Hongyuan Group pointed out that the company has built a three-dimensional product matrix covering different segments of the PCB market, including multilayer boards, HDI boards, IC packaging substrates, flexible boards, and rigid-flex boards, and can provide differentiated one-stop process solutions for customers in different segments of the PCB market.