PCB Manufacturers Accelerate Expansion Amid AI Boom, Capex Soars for Wus, Tripod, and Zhen Ding

Legacy PCB manufacturers Wus (2313-TW) and Kinwong (2368-TW) are accelerating capacity expansion in both Taiwan and Thailand. Notably, Wus recently secured land and a factory in Taoyuan's Guanyin Industrial Park for over NT$2 billion, actively preparing for expansion. With the addition of new factory construction plans in Taiwan, Wus expects its capital expenditure for this year to reach NT$30 billion.

Wus began investing in Thailand early and is currently advancing Phase II construction of its Thai plant. Originally planning NT$12–15 billion in capex for 2026, the company now sees a positive market outlook and expects full-year spending to increase to NT$30 billion, setting a new record.

Meanwhile, PCB manufacturer Tripod (3044-TW) forecasts its capital expenditure this year will exceed NT$10 billion, surpassing the previous high of NT$8 billion and setting a new record. The company is significantly increasing investments in its new facilities in Xiantao, Hubei, and Vietnam, with full-year capex expected to exceed historical highs.

Zhen Ding-KY (4958-TW), the PCB industry leader, is expanding at the fastest pace. The company reports that end-application demand remains strong. With advanced production capacity gradually coming online in Huai'an (China), Thailand, and Kaohsiung (Taiwan), approximately 15 factories are currently under simultaneous construction. Total capital expenditure is expected to exceed NT$80 billion. Analysts anticipate that Zhen Ding-KY will enter a high-growth phase by 2026, with revenue poised to reach new record highs.

Amid continuously expanding demand for AI high-speed computing and geopolitical pressures accelerating supply chain diversification, the PCB industry is set to fully launch a new expansion cycle by 2026. With urgent AI demand, customers require capacity to be ready early to ensure stable order placement, driving multi-layer, HDI, and substrate manufacturers to increase investments. Expansion plans from multiple key players are scheduled to come online between 2026 and 2027, with the PCB industry's capex scale expected to hit a new historical high in 2026.