Gold Circuit Electronics set for double-digit growth on AI server demand

Gold Circuit Electronics (TSE: 2368) is poised to deliver robust growth in 2025, as surging demand for printed circuit boards (PCBs) used in AI and data center servers fuels a sharp rise in orders.

The Taiwan-based manufacturer is expected to report a +40% year-on-year increase in revenue to NT$54.6 billion, according to Visible Alpha consensus estimates. The growth is set to be led by its Server segment — the company’s key growth driver — which is projected to grow +46% to NT$39 billion. Shipments in this division are forecast to rise +35%, reflecting growing demand for AI-optimized and high-performance computing servers.

Gold Circuit’s Networking segment is also expected to benefit from infrastructure upgrades, with revenue forecast to grow +45% to NT$8.4 billion and shipments rising +40%. The segment is riding the wave of telecom network modernization and a broader industry shift to 800G architecture, both of which require more complex, multi-layer PCBs.

Meanwhile, the Notebook segment — which has seen declining shipments and revenue for the past three years — is expected to stage a modest recovery. A rebound in consumer electronics and corporate IT refresh cycles is set to lift shipment volumes by +13%, with revenue from the segment projected to increase +15% toNT$4.3 billion in 2025.