He Xun Cai Jing·2025-07-29 12:33Core Viewpoint - The PCB industry is experiencing a significant expansion phase driven by strong demand from downstream manufacturers, which is also impacting the upstream PCB equipment sector. This expansion cycle is expected to lead to a notable increase in equipment order volumes and an upgrade in high-end PCB production lines, resulting in improved performance for PCB equipment manufacturers [1][2]. Group 1: Industry Expansion - Downstream PCB manufacturers are actively expanding production to meet demand, with several companies announcing new expansion projects in recent months, including notable projects from Huadian Co., Shennan Circuit, and Guanghe Technology [1]. - The capital expenditure guidance from companies like Pengding Holdings indicates a 51.5% year-on-year increase, reflecting the industry's high growth potential and sustainable future growth [1]. Group 2: Supply Chain Dynamics - Some upstream PCB equipment suppliers are experiencing supply tightness due to the rapid growth in global AI computing demand, which is accelerating the technological upgrades and capacity expansions for high-layer PCBs and high-end HDI boards [1][2]. - Chip Quik's order delivery schedule has extended to the third quarter of 2025, indicating a fully loaded production capacity and an optimistic business outlook [2]. Group 3: Technological Upgrades - AI's requirements for PCB performance are driving upgrades in layers, materials, and manufacturing processes, with AI server PCBs typically exceeding 20 layers, compared to traditional servers [3]. - Advanced manufacturing processes such as back drilling and resin-filled holes are being adopted to enhance the reliability and stability of PCBs, leading to increased value [3]. - The complexity of high-layer HDI boards is pushing for advancements in related equipment, with companies like Dazhu CNC developing new technologies to improve processing precision [3]. Group 4: Beneficiary Companies - Recommended beneficiaries in the PCB exposure equipment sector include Chip Quik [4]. - Dazhu CNC is highlighted for its drilling, exposure, forming, and testing equipment, while Dongwei Technology is noted for its PCB plating equipment [4]. - Ding Tai Gao Ke is recognized for its PCB drilling needles [4].