The semiconductor materials sector experienced a sudden surge, with Tiancheng Technology rising over 10%.

On April 8, the semiconductor materials sector saw unusual strength and surged upward. As of the time this report was issued, Tiancheng Technology rose 10.46%, to 85.66 yuan, with a turnover rate of 7.68% and trading volume of 300 million yuan.

On the news front, institutions pointed out that the continued ramp-up of AI computing power, data centers, and smart terminals has kept the global semiconductor industry at a relatively high level of business momentum. Compared with the equipment segment, materials have a “consumption attribute + repurchase characteristics.” During the industry’s upturn phase, materials offer stronger order elasticity and earnings certainty, making them an important direction in this AI industrial chain that combines growth potential with defensive attributes.

As a leading domestic supplier of functional wet electronic chemicals specialized for PCBs, Tiancheng Technology’s business has a degree of scarcity. The company has long focused on core process areas such as through-copper deposition, electroplating, and copper surface treatment. Around high-end HDI, SLP, class-carrier boards, and high-frequency high-speed boards, it has built a complete product system. According to data from Yangtze Business Daily, as of the mid-2023 period, the company’s market share in China’s high-end PCB market was about 20%, ranking second in the industry. Downstream customers include first-tier manufacturers such as Dongshan Precision, Shenzhen Nan Dian, Kingwon Electronics, and Shengyi Electronics. Its stable customer base provides process reserves and market support for extending into the semiconductor materials sector.

Downstream demand structure is being reshaped by AI infrastructure buildout. As the penetration rate of high-layer-count boards and high-density interconnect boards rapidly increases in areas such as AI servers, switches, and storage, the trend toward high-end board types directly drives demand for key chemicals such as through-copper deposition, electroplated copper, and roughening. According to WISEGUY’s forecast, the global market size for PCB-specific chemicals will grow from 6.98 billion USD in 2024 to 10.2 billion USD in 2032, with an estimated CAGR of about 4.86%.

In the semiconductor front-end and advanced packaging fields, the company’s technology reserves have entered an accelerated phase toward industrialization. In 2023, the company completed the development of key electroplating systems such as TSV, RDL, Bumping, and TGV, and passed validation of core indicators. In 2024, it officially established a semiconductor business unit and continued to advance key areas including TGV on glass substrates, wafer-level interconnects, and the Damascus system. Currently, the localization rate of domestic IC wet chemicals is about 44%. As the market size of advanced packaging expands from 45 billion USD in 2024 to 80 billion USD in 2030, an import-substitution window for high-end electroplating solutions is opening. Relying on its SkyCopp horizontal through-copper deposition and SkyPlate pulse electroplating systems, the company has passed validation at key AI PCB customers and is gradually moving into mass production.

A research report from Huachuang Securities states that as the leading supplier of functional wet electronic chemicals specialized for PCBs, the company is expected to fully benefit from trends in AI PCB capacity expansion and materials localization. At the same time, it has proactively planned semiconductor electroplating additives for advanced packaging and the Damascus system, as well as mixed bonding, forming a growth framework driven by “PCB + semiconductor” dual engines. The research report expects the company’s operating revenue from 2025 to 2027 to reach 492 million yuan, 660 million yuan, and 901 million yuan, respectively, corresponding to attributable net profits of 92 million yuan, 146 million yuan, and 225 million yuan. The growth logic is shifting from cycle repair to structural improvement.