中金：AI PCB迎创新扩产周期 看好设备及耗材卖铲人受益

Group 1 - The core viewpoint is that the PCB industry has entered a capital expenditure expansion cycle driven by global AI server demand since Q4 2024, with a focus on investment opportunities in PCB equipment and consumables [1][2] - The current PCB capital expenditure expansion cycle differs from the previous one in 2021-2022, with variations in demand sources, expansion entities, and technological iterations [2] - The capital expenditure cycle is expected to last around two years, but the demand for computing infrastructure may extend the prosperity cycle [2] Group 2 - The equipment landscape is characterized by a clear oligopoly, with domestic leading companies holding 50%-70% market share, while the degree of localization for exposure equipment remains relatively low [2] - The high-layer PCB will increase drill consumption, leading to a rise in both quantity and price of drills, benefiting drill leaders [1][2] - The MSAP process presents challenges primarily in the electroplating and drilling stages, which are expected to significantly increase the value added in these segments [3] Group 3 - The global PCB equipment market is projected to reach $7.7 billion by 2025, with drilling, exposure, inspection, and electroplating accounting for 21%, 17%, 15%, and 7% of the market, respectively [3] - The MSAP process requires advanced filling and electroplating equipment due to the increased complexity of manufacturing, which presents high technical barriers and value potential [3]