HK Stock Market Move | Shenzhen Han's CNC Technology (03200) rose by over 4% as the outlook for the PCB industry remains strong. The company is expected to benefit from the expansion of top PCB factories.

Shenzhen Han's CNC Technology (03200) rose more than 4%, rising 4.45% as of the time of writing, to 138.4 Hong Kong dollars, with a turnover of 131 million Hong Kong dollars. On the news front, PCB leader Shengyi Electronics released its 2025 report last night. During the reporting period, the proportion of high value-added products increased, leading to a more than three-fold increase in net profit compared to the previous year, reaching the best level since its listing. Citigroup's previous research report pointed out that the wave of capacity expansion by Chinese PCB manufacturers is about to begin. In 2025, only Victory Giant Technology, a Chinese PCB manufacturer, expanded its capacity. The 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, the management expects that the proportion of revenue from Shenzhen Han's CNC Technology's AI business will increase from about 30% in 2025 to about 60% in 2026 (with Victory Giant Technology contributing 20% and other manufacturers contributing 40%).