Citigroup raises its expectations for the Chinese AI-PCB market, expecting Google TPU demand to surpass Nvidia by 2028

Citigroup has raised its forecast for the AI-PCB market size from 2026 to 2028 to 152 billion yuan, 307 billion yuan, and 562 billion yuan. It is expected that Google's TPU related PCB procurement will reach 16 billion US dollars in 2028, exceeding Nvidia's GPU related demand. Citigroup has raised its target price for Shanghai Electric Power Co., Ltd. from 119 yuan to 189 yuan, with expected net profits of 6.7 billion yuan, 12.1 billion yuan, and 23.2 billion yuan from 2026 to 2028, respectively; Raise the target price of Shenghong Technology from 415 yuan to 456 yuan, and introduce for the first time a net profit forecast of 23.2 billion yuan in 2028.