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COMPANY RESEARCH / 688183.SS

Shengyi Electronics

PCBs for AI servers and high-speed switches

Published by FyncaResearch checked How we research

Where it fits in an AI server rack

Server boards were over 60% of 2025 sales revenue, with AI-server products the main growth engine, and it reports deep cooperation with several leading domestic and overseas AI-server companies; its 1.6T switch boards reached the sample stage (2025 annual report). 2025 revenue was RMB9.49B, up 102.6% (parent Shengyi Technology’s annual report).

What the evidence establishes

AI-rack evidence

Disclosed: Shengyi Electronics’ 2025 annual report says server boards exceeded 60% of revenue and AI-server products drove growth.

An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.

Component rolePCBs for AI servers and high-speed switches
EvidenceDisclosed: Shengyi Electronics’ 2025 annual report says server boards exceeded 60% of revenue and AI-server products drove growth.
How we knowDisclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so.
Primary sourceShengyi Electronics — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

No customer is named and the AI-server share of revenue is not given. Shengyi Technology controls 63.56% of the votes, so the two stocks overlap.

Specialist business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Tray motherboard

A high-layer-count printed circuit board built on low-loss laminate. It routes high-speed links and heavy power currents between the chips, connectors and power stages.

Scope of the company links: Board fabricators first, then laminate makers (upstream). Victory Giant, WUS and Shengyi Electronics disclose AI-server board revenue or share; Gold Circuit and TTM disclose AI-server or AI-driven data-center boards without naming customers. Elite Material, Shengyi Technology, Taiwan Union and Panasonic (MEGTRON) make the low-loss copper-clad laminate the boards are built on; they are upstream enablers, not board suppliers. No source names the fabricator or laminate of a specific NVL72 tray, and reports that Victory Giant supplies NVIDIA are press claims. Doosan and Kingboard Laminates were not verified.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

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