AI-driven PCB boom lifts Kingboard unit, parent still trades at 34% discount
An analysis republished by TMTPost (written by Jinduan) says AI compute demand has pushed copper-clad laminate (CCL) and PCB demand to a cyclical high: it states the top nine global cloud providers' combined 2026 capex exceeds US$886.7 billion, up nearly 90% year on year, and that the PCB prosperity index rose from roughly 1,000 to 4,800 in under three years. Kingboard Laminates, the CCL leader, reported H1 2026 revenue of HK$12.474 billion (+61.63%) and EBITDA up 172%, giving it a HK$158 billion market value, while parent Kingboard Holdings — holder of 61.69% — is valued at HK$64.7 billion, a discount of at least 34%. The article also flags announced expansions equal to about 70% of existing capacity and more than HK$20 billion of share sales by Kingboard shareholders and executives in 2026.
It offers a concrete case of how AI compute spending filters down to upstream materials and how cyclical suppliers get priced.
（本文作者为 锦缎，钛媒体经授权发布）
文 | 锦缎
判断PCB这轮周期走到哪了，最直接的办法是看龙头。
AI硬件需求爆发，PCB行业迎来景气高点，作为覆铜板（CCL）全球龙头，建滔集团与子公司建滔积层板的市场关注度大大提升。
但有个有意思的现象：按集团持有的建滔积层板股权对应市值倒算，集团自身的市值竟是深度折价的。
建滔集团被错杀了，还是PCB周期已被充分定价？
#Kingboard Holdings#Kingboard Laminates#Shengyi Technology#Nanya New Material#Jin'an Guoji#Nvidia#ByteDance#Tencent#Alibaba#Baidu