PCB Makers Jetron and Kinwong Achieve Rapid Revenue Growth, Poised to Surpass NT$100 Billion in 2026

Amid surging demand for server PCBs, Taiwan-listed PCB manufacturers Jetron (3044-TW) and Kinwong (2368-TW) have posted outstanding revenue performance in July 2026. Jetron achieved NT$9.822 billion in revenue, while Kinwong surpassed the NT$10 billion mark with NT$10.015 billion—both setting new monthly records. Given their current production ramp-up pace, both companies are on track to challenge the NT$100 billion annual revenue milestone in 2026.

Both Jetron and Kinwong, which are actively expanding their manufacturing facilities, will announce their latest financial results for the first half of 2026 on August 11. The two PCB makers are expected to join Zhen Ding-KY (4958-TW) and Unimicron (3037-TW) as the next NT$100 billion annual revenue club members in the PCB industry.

Jetron Technology has demonstrated strong performance in revenue and profitability in 2026, defying typical seasonal slowdowns. The company reported July 2026 revenue of NT$9.822 billion, a record high, up 22.74% month-on-month and 56.55% year-on-year. Cumulative revenue from January to July 2026 reached NT$55.643 billion, up 34.71% year-on-year. Based on current trends, Jetron’s Q3 2026 revenue is expected to approach NT$30 billion, with full-year revenue targeting the NT$100 billion threshold.

Kinwong reported July 2026 revenue of NT$10.015 billion, also a record high, up 21.31% MoM and 77.38% YoY. Its cumulative revenue from January to July 2026 reached NT$53.675 billion, up 70.29% YoY.

Jetron’s Q2 2026 revenue reached NT$24.857 billion, surpassing Q1’s previous record of NT$20.964 billion, marking another all-time high with 18.57% quarter-on-quarter and 38.84% year-on-year growth. As economies of scale expand, gross margin in Q2 is expected to rise significantly from Q1’s 26.51%.

Cumulative revenue for the first half of 2026 was NT$45.822 billion, up 30.8% YoY.

A PCB industry executive noted that monthly shipment volumes can fluctuate significantly, primarily due to component shortages. With strong market demand, whether EMS providers can secure sufficient materials to complete assembly directly affects their willingness to pull in components.

Jetron plans to increase its 2026 capital expenditure beyond NT$10 billion, surpassing the previous annual high of NT$8 billion, setting a new record. The investment will focus on expanding facilities in Xiantao, Hubei Province, and a new plant in Vietnam.

In Q1 2026, Jetron reported revenue of NT$20.964 billion, gross margin of 26.51% (up 1.04 and 1.54 percentage points QoQ and YoY, respectively), and net profit of NT$2.946 billion—its highest for the period—up 19.22% QoQ and 25.06% YoY, translating to EPS of NT$5.61. With Q2 revenue rising further, gross margin is expected to improve notably from Q1 levels.

Demand for server and memory-related products remains strong at Jetron, with order visibility extending into the second half of 2026. As major PCB suppliers focus on high-end AI servers for GPUs and ASICs, general server orders are increasingly shifting to Jetron. Additionally, pricing for memory module PCBs is gradually reflecting rising gold prices, resulting in stronger-than-expected order growth.

Jetron is part of Apple’s PCB supply chain, producing PCBs for memory modules, hard drives, notebooks, optoelectronics, smartphones, servers, and automotive applications. It supplies PCBs to Huawei, Samsung, and Xiaomi smartphones. Manufacturing bases are located in Pingzhen, Taiwan; Wuxi, Jiangsu; and Xiantao, Hubei. The company has completed the acquisition of a Japanese-owned PCB plant in Dong Nai, Vietnam, and is nearing completion of a new factory in Chau Duc, Vietnam, which is close to commencing operations.

Jetron’s dividend of NT$12.7 per share was ex-dividend on July 9, with an ex-dividend reference price of NT$459.5. The stock closed at NT$401.5 today, still trading at a significant discount. Daily trading volume was 2,047 shares.