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PCB industry performance polarized in the first half of 2022


A shares of various industries in the first half of the business situation is also finally all on display in front of the market. However, a few happy and a few worried.

The performance of 33 PCB companies in the first half of this year, the polarization of the situation, although more than half of the company’s net profit are year-on-year growth, but there are many companies with serious losses according to the disclosure of this half-yearly report.

23 companies showed year-on-year growth

Since this year, commodity prices continue to fall, the LME copper prices continue to reduce, which also gives PCB companies the opportunity to breathe. As we all know, the main raw material for PCB is copper clad board, while the main raw material for copper clad board is copper foil, therefore, the decline in copper prices, for PCB companies, it means a drop in costs.

However, from the first half of this year’s operating results, PCB business performance is divided, although 24 revenue have achieved year-on-year growth, 23 net profit showed growth year-on-year, but there are still 9 companies revenue decline, 10 companies also saw a decline in net profit.

Specifically, in the first half of this year, the revenue and net profit of 20 companies both increased. Among them, the net profit growth rate of SG Circuits and Pengding Holding exceeded 120%, but the former’s revenue growth rate was 37.5 percent, while the latter’s revenue growth rate was 18.6 percent.


In this regard, SG Circuits said, the first half of the upstream raw material price drop overlay internal lean cost reduction results; Pengding said it is pursuing digital transformation while continuing cost control, process improvement and enhanced automation to reduce production costs.

In addition, the net profits of Ellington Electronics, HON-FLEX Electronics, Olympic,SCC and DSBJ all achieved a growth rate of more than 30%. However, only Olympic Circuit and SCC saw a growth rate of more than double digits, respectively 46.71% and 18.55%, while HON-FLEX Electronics saw a year-on-year decline of 3.29%.

HON-FLEX Electronics explained that the consumer electronics business in the first half of the year declined, while the mobile phone business still accounted for a large proportion of the company’s business volume. Revenue fell as a result, but the company’s gross profit margin on sales rose 1.7 percent from a year earlier.

In addition, the net profit growth rate of Camelot Electronics,Suntak and SYE all exceeded 20%, but the revenue growth rate of SYE was only 6.53%, followed by 29.49% and 11.9% respectively.


The net profit growth of Fastprint Technology, TPC, FSQuality, Victory Giant Technology, ASKPCB, Hudian Shares is more than 10%, but the revenue of TPC has declined year-on-year.

TPC said lower downstream demand had led to a drop in its first-half orders compared with the same period last year. However, the price of upstream raw materials began to decline, the company’s manufacturing cost reduction, procurement cost reduction effect initially showed, the company increased by 1.89% year-on-year.
Net profit growth in the number of the main JOVE, GOWORLD,  KINGWONG.

Fangke, KingShine, Mankun technology, Ao Hong electronics. Although the profit growth rate was only in the single digits, the revenue of Sinofortone Circuit and KingShine Shares were both above 20%, and the revenue growth rate of KINGWONG Electronics was 18.22%.

In the first half of the year, the performance of Mankun Technology, a newly listed company, was less than satisfactory. In its first financial report after listing, the company’s revenue fell 4.41 percent year on year and its net profit grew only 1.13 percent. And the company’s share price has fallen since its debut, down nearly 40 percent.

Net profits fell sharply at 10 companies

It is easy to see from the previous article, although because of the industry boom, the decline in demand led to a decline in revenue of three companies, but because of the decline in costs, net profit still achieved year-on-year growth.

However, there are still 11 companies with declining net profits, and six companies with double declines in revenue and net profits, and two companies with net profits plunging more than 100%.


Further, the net profit fell in the range of 20%-50% are Bomin Electronics, Champion Asia,WAZAM, JXPCB,All Favor PCB, King Brother. Among them, only Champion Asia and All Favor PCB revenue growth, 6.26%, 12.69%, respectively, the other four companies have declined in revenue.

Chaohua Technology and CEEPCB net profit declined by 58.17% and 70.86%, respectively, while revenue declined by 10.87% and 9%, respectively.

For the decline in performance, the two companies pointed out that downstream demand has declined, while the company’s costs are still maintained at a high level of operation, the product price conduction ability is weak.

In addition, CEEPCB is the case of revenue growth, net profit plunged 132.64%, while revenue increased 17.55. The company said that the first half of the overall business scale of steady growth, but by the new Zhuhai Fushan plant capacity climbing impact on the company’s overall performance during the reporting period still has a certain negative impact.


Comprehensively, although the upstream raw material copper prices have declined, but due to the different applications of downstream products, as well as the discourse of the industry chain has been different, resulting in the performance of PCB companies divergence.

And,according to the statistics, 33 PCB companies, only 8 companies have improved gross margin, even if the net profit growth of 23 companies year-on-year, there are still 15 companies have declined in gross margin.

This also shows that although copper prices have fallen, but due to the impact of the conduction cycle, the gross profit margin of most PCB companies is still no significant improvement. However, from the report is expected to see, many companies are optimistic about the gross margin in the second half of the year, have said that the decline in raw material costs brought about by the performance improvement, will be reflected in the second half of the year.



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