China's leading PCB makers are running above 90% capacity utilization and have pushed through roughly 30% price increases this year — 40–50% on high-end boards, about 20% on mid- and low-end lines — as AI demand meets a tight materials chain.
       Third-quarter numbers confirm it. Of 18 listed PCB makers reviewed by Shanghai Securities News, all grew revenue year on year and 14 lifted net profit, driven by fuller order books, higher prices and richer product mixes.
        WUS Printed Circuit (002463) posted nine-month revenue of RMB23.23bn, up 71.9%, and net profit of RMB5.62bn, up 107%. Shennan Circuits (002916) said AI server, high-speed switch and optical-module orders remain full, keeping plant loading high. Kinwong (603228) told investors it has seen no AI order cuts or deferrals, with some deliveries scheduled tightly.
       Capital is chasing the orders. Shennan won approval on Nov 9 for a RMB4.37bn private placement, RMB3.6bn of which funds an AI-focused project in Wuxi. The same day the sector rallied, with Aoshikang, Shiyun and Chaosheng Electronics hitting limit-up.
       The open question is durability. Huachuang's analyst expects further increases in Q4, but smaller than Q3's, and sees mid- and low-end margins fading as competition is ample. High-end effective capacity could nearly double by 2027 — the swing factor for whether today's pricing holds.