Core Viewpoint - The report from Kaiyuan Securities indicates that the sustained high capital expenditure from overseas AI giants is driving strong demand for high-end AI server PCBs, leading to supply tightness in the market [1] Group 1: Industry Expansion - The PCB industry is entering a period of intensive expansion, with several PCB manufacturers announcing new expansion projects, including notable projects from Huadian Co., Shenzhen South Circuit, and Guanghe Technology [2] - The capital expenditure for PCB manufacturers is expected to increase significantly, with Pengding Holdings guiding a capital expenditure of 5 billion yuan for 2025, a year-on-year increase of 51.5% [2] - The acceleration of expansion and increased capital expenditure reflect the current high prosperity of the industry and indicate sustainable future growth [2] Group 2: Supply Chain Dynamics - Some upstream PCB equipment suppliers are experiencing supply tightness due to the active expansion plans of downstream manufacturers [2] - The rapid growth in global AI computing power demand is accelerating the technological upgrades and capacity expansions of high-layer PCBs and high-end HDI boards [2] - Chip Quik's order delivery schedule has extended to the third quarter of 2025, with its capacity running at full load and optimistic business development prospects [2] Group 3: Technological Upgrades - AI's requirements for PCB performance are driving upgrades in layers, materials, and processes, with AI server PCBs typically having over 20 layers, compared to traditional servers which have 6-16 layers [3] - Advanced manufacturing processes such as back drilling and resin-filled holes are necessary to enhance the reliability and stability of AI server PCBs [3] - The complexity of high-layer HDI board structures is increasing, necessitating upgrades in related equipment, such as the introduction of advanced testing machines and drilling technologies by companies like Dazhu CNC [3] Group 4: Beneficiary Companies - Recommended beneficiaries in the PCB exposure equipment sector include Chip Quik [4] - Dazhu CNC is highlighted as a beneficiary in PCB drilling, exposure, forming, and testing equipment [4] - Dongwei Technology is identified as a beneficiary in PCB electroplating equipment, while Ding Tai Gao Ke is noted for PCB drilling needles [4]