Core Viewpoint - The report from CICC indicates that the demand for overseas computing power is high, driving both the volume and price of PCBs to rise, with the market scale expected to reach $5.6 billion and $10 billion in the AI PCB market by 2025 and 2026 respectively [1][2] Group 1: Market Dynamics - The global demand for computing power is experiencing systematic expansion, with significant growth in GPU and ASIC volumes, alongside the application of advanced materials and designs, which is expected to enhance the value of single boards and drive the PCB industry's volume and price increase [1] - The PCB and CCL market continues to thrive due to strong demand from AI for computing infrastructure, with core suppliers accelerating capacity expansion, totaling approximately 32 billion yuan in investments for PCB capacity expansion among seven listed companies [2] Group 2: Capacity and Supply Chain - Despite the acceleration in PCB capacity expansion, the efficiency of capacity release is lagging behind the growth rate of AI demand, leading to a sustained supply-demand gap in the medium term [2] - The local supply chain in Southeast Asia is still maturing, which may further impact the efficiency of capacity release [2] Group 3: Technological Innovations - As AI computing hardware evolves towards high density and high bandwidth, reducing dielectric constant (dk) and dielectric loss (df) will be key to overcoming transmission bottlenecks, with potential future innovations in PCB technology including structural integration, functional upgrades, and material breakthroughs [3] Group 4: Related Companies - Companies to watch that are likely to benefit from the increased demand for PCBs and CCLs driven by AI include: Shengyi Technology (600183.SH), Shenzhen South Circuit (002916.SZ), Xingsen Technology (002436.SZ), Pengding Holdings (002938.SZ), Dongshan Precision (002384.SZ), Shenghong Technology (300476.SZ), Huitian Technology (002463.SZ), Shengyi Electronics (688183.SH), Jingwang Electronics (603228.SH), Founder Technology (600601.SH), and Guanghe Technology (001389.SZ) [4]
中金:高端PCB需求跃迁 算力基座价值重构