Electronics & SemiconductorsSilver report

Published October 2025Insight Research16 min read2025-202711 sources, 4 primary-gradeStrong source depth

KCE: PCB Cycle and the Automotive-Electronics Rotation

KCE Electronics FY2024 revenue THB 15,210M (-8.8% YoY) and net profit THB 1,648M; ~70-75% automotive end-application; Europe ~50% of revenue; 3Q25 net profit recovered +37.5% YoY as European auto registrations turned.

Key takeaways

1
FY2024 consolidated revenue (- YoY); net profit (- YoY); product-sales revenue .
2
PCB sales - in USD terms to FY2024 — volume drop, ASP drop on weak demand.
3
Capacity utilisation slid (1Q24) to (1Q25); gross profit margin to .
4
1H25 net profit fell YoY to ; 3Q25 net profit recovered + YoY to as European auto registrations turned.
5
~ revenue automotive end-application; Europe ~ of revenue; first-tier auto-supplier customer concentration (Bosch, Continental tier).
6
Global automotive-PCB market projected (2024) to (2030) at CAGR — EV and ADAS structural compounding.

Questions this report answers

Where is KCE in the automotive-PCB cycle? FY2024 revenue contracted YoY to with PCB volume - and ASP -. 1H25 was the trough with net profit - YoY; 3Q25 inflected with net profit + YoY to . The recovery is European-customer-led — Europe is ~ of revenue.^{[, , ]}

What is the customer concentration risk? More than of customers are first-tier automotive-electronics suppliers (Bosch, Continental and peers). KCE is an eighth-largest automotive PCB maker globally and a tier-2 player; the customer-by-customer revenue split is not disclosed. The first-tier-concentration model amplifies cycle-trough volatility but provides relationship-rooted recovery momentum.^{[, ]}

Does the EV/ADAS structural tailwind compound through this cycle? Global automotive PCB market is projected from (2024) to (2030) at CAGR, driven by EV production, ADAS, and vehicle connectivity, with Asia-Pacific leading growth. KCE's EV-specific PCB revenue versus ICE is not separately disclosed but the multilayer/HDI/flex content-per-vehicle uplift is the structural read.^[]

What does the 2025-2027 capex and capacity profile look like? Management targets relatively flat 2025 revenue with gross margin recovery as utilisation lifts; the company held a net cash position of at end-1Q25, supporting capacity-flexibility through the trough. Plant footprint covers Bangpoo, Lat Krabang, and Rojana Industrial Park.^{[, ]}

Kaohoon, DBSV, KCE One Report, MarketScreener, Valuates Reports

Data as of: FY2024-3Q25

Executive summary

KCE Electronics (SET: KCE) is the largest PCB manufacturer in Southeast Asia and ranks among the top five global automotive-PCB suppliers, with a tier-2 auto-PCB position behind the Japanese and Taiwanese leaders. The company manufactures across Bangpoo, Lat Krabang, and Rojana Industrial Park; product mix spans PCBs, prepreg, and laminate; the customer base concentrates in first-tier auto-electronics suppliers (Bosch, Continental, peers) accounting for more than of customers.^{[, ]}

FY2024 was a soft year. Consolidated revenue fell YoY to ; net profit fell YoY to . PCB sales declined in USD terms to on a drop in volume and a drop in average selling price. The 1Q25 trough showed gross margin compression from to as utilisation slid from to . 2Q25 followed with a YoY net profit drop to as the Thai baht strengthened against USD and EUR.^{[, , , ]}

3Q25 was the inflection. Net profit recovered to (+ YoY); sales reached approximately (- YoY but + QoQ); the recovery was traced to European auto-registration momentum. Looking through to 2026-2027, the structural read is whether EV and ADAS content-per-vehicle compounding (global automotive-PCB market 2024 to 2030 at CAGR) lifts KCE's volume and mix faster than the Thai-baht / European-cycle headwinds drag revenue.^{[, ]}

Kaohoon, DBSV, MarketScreener, KCE filings, Valuates Reports

Data as of: FY2024-3Q25

KCE quarterly revenue trajectory (THB millions)

FY2023 (revenue)

Revenue (THB M)

16,344

YoY

n/a (base)

Notes

Pre-cycle base; product-sales revenue per One Report 2023.

FY2024 (revenue)

Revenue (THB M)

15,210

YoY

-8.8%

Notes

Cycle softening; PCB sales -8% USD on 5% volume / 3% ASP drop.

1Q25 (revenue)

Revenue (THB M)

~3,500

YoY

-15-20% est.

Notes

Trough quarter; utilisation 67%; GP margin 17.4%.

2Q25 (product sales)

Revenue (THB M)

3,285

YoY

-18.1%

Notes

THB strength vs USD and EUR amplified pressure.

3Q25 (sales target)

Revenue (THB M)

~3,500

YoY

-7%

Notes

+8% QoQ; net profit +37.5% YoY; European recovery.

Period	Revenue (THB M)	YoY	Notes
FY2023 (revenue)	16,344	n/a (base)	Pre-cycle base; product-sales revenue per One Report 2023.
FY2024 (revenue)	15,210	-8.8%	Cycle softening; PCB sales -8% USD on 5% volume / 3% ASP drop.
1Q25 (revenue)	~3,500	-15-20% est.	Trough quarter; utilisation 67%; GP margin 17.4%.
2Q25 (product sales)	3,285	-18.1%	THB strength vs USD and EUR amplified pressure.
3Q25 (sales target)	~3,500	-7%	+8% QoQ; net profit +37.5% YoY; European recovery.

Kaohoon, DBSV, KCE One Report 2023

Data as of: FY2023-3Q25

Capacity utilisation cycle

1Q24

Utilisation %

74%

GP margin %

23.4%

Notes

Pre-cycle peak utilisation; healthy gross margin.

1Q25

Utilisation %

67%

GP margin %

17.4%

Notes

Trough; demand softening, ASP compression.

2026 recovery target

Utilisation %

~78%

GP margin %

20-22% est.

Notes

Management implied recovery anchored on European auto rebound, EV ADAS volume.

Period	Utilisation %	GP margin %	Notes
1Q24	74%	23.4%	Pre-cycle peak utilisation; healthy gross margin.
1Q25	67%	17.4%	Trough; demand softening, ASP compression.
2026 recovery target	~78%	20-22% est.	Management implied recovery anchored on European auto rebound, EV ADAS volume.

DBSV 1Q25 broker note; KCE management commentary

Data as of: 1Q24-1Q25

Analyst framing

Why this report matters

KCE is the highest-quality buyer-side proxy for the Thai automotive-PCB exposure thesis: tier-2 globally, top-five in auto PCBs, ~70-75% auto end-application, ~50% Europe revenue, currency-sensitive. The 1H25 trough is locked in; the 3Q25 inflection is observable; the 2026-2027 question is whether EV/ADAS content-per-vehicle compounds faster than baht / European-cycle drag.

Auto-PCB cycle playbook

KCE's revenue model concentrates on the first-tier automotive-electronics supplier base (Bosch, Continental and peers represent more than 70% of customers per the company's investor-relations disclosure). This produces a structural amplification of the global auto-electronics cycle: when Tier-1 suppliers cut orders, KCE feels it before final-OEM volume data shows it; when they restock, KCE's volume turns first. The 1H25 trough (gross margin 17.4%, utilisation 67%) was the textbook signal; 3Q25 net profit +37.5% YoY is the corroborating restock signature.

Capital structure supports cycle-flexibility. End-1Q25 net cash position was THB 1.28B; capex through the trough remained discretionary; management guided to relatively flat 2025 revenue with gross-margin recovery as utilisation lifts. The plant footprint (Bangpoo, Lat Krabang, Rojana Industrial Park) provides multi-site redundancy; product mix spans multilayer, HDI, and flex PCBs alongside prepreg and laminate inputs — the vertical-integration depth is the cost-advantage moat against pure tier-2 PCB peers.

EV / ADAS rotation thesis

The structural pull-through is content-per-vehicle expansion. Valuates Reports projects the global automotive-PCB market from USD 7,592.1M in 2024 to USD 11,910M in 2030 at a 7.8% CAGR, driven by EV production, ADAS adoption, and vehicle-connectivity rollout. EV powertrains require multilayer high-voltage PCBs; ADAS sensor stacks require HDI and flex; both lift the per-vehicle PCB content meaningfully versus ICE-powered vehicles with conventional electronics.

KCE has not separately disclosed EV-specific PCB revenue versus ICE — that is the single largest open question on the structural thesis. What is observable: KCE's tier-2 global ranking (eighth-largest auto-PCB maker), top-five global supplier status to auto Tier-1s, and product-mix breadth (multilayer / HDI / flex / prepreg / laminate) position it to capture the EV/ADAS content-per-vehicle uplift if the customer-base mix follows the global auto OEM EV-share migration. The 2025-2027 watch indicators are: KCE EV-share disclosure (if it appears), Bosch / Continental EV-PCB tender awards, and Asia-Pacific automotive PCB market share.

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