大族激光 sees PCB equipment surge on AI server demand, 3D printing unit poised for Apple foldable titanium parts

大族激光, the Shenzhen-headquartered laser equipment conglomerate, reported Q1 2026 revenue of RMB 5.14 billion, up 74.4% year-on-year, and net profit of RMB 354 million, up 116.6%. The growth is driven by its PCB equipment subsidiary 大族数控, which posted 2025 revenue of RMB 5.77 billion, a 72.7% increase, as AI server buildouts for NVIDIA's Rubin and Rubin Ultra architectures drive demand for high-layer-count PCBs and the associated drilling and imaging tools. Separately, the company's 3D printing subsidiary 大族聚维 has commissioned a dedicated additive manufacturing factory in 2025 and is positioned to supply titanium-alloy hinge covers and midframes for Apple's anticipated foldable iPhone, expected to launch later in 2026.

The PCB equipment surge reflects a structural shift: AI server architectures are replacing copper cables with PCB midplanes and orthogonal backplanes, increasing the layer count and value of each board. 大族数控, already China's largest PCB process-equipment supplier, is the primary beneficiary of this capex cycle, with its CCD back-drilling and ultrafast laser drilling machines commanding premium pricing. On the AM side, 大族聚维's differentiation lies in green-wavelength lasers and ring-beam optics for high-precision Ti-6Al-4V printing, a capability that aligns with consumer electronics' demand for defect-free, thin-wall titanium parts. This mirrors the pattern seen in Apple's Watch Ultra and iPhone Air, where AM adoption moves from speculative to production-scale once the OEM embeds the process into its supply chain.

For investors, the key execution risk is whether 大族聚维 can scale from prototype runs to the volume and yield required for a flagship foldable launch — a transition that has tripped up many AM suppliers in consumer electronics. The PCB business, however, offers a more predictable near-term earnings trajectory, with AI-driven capex cycles typically lasting 18–24 months. The company's blended profile — cyclical laser equipment, structural PCB growth, and optionality in AM — justifies the premium valuation only if the 3D printing revenue materializes in 2027.