方正证券：PCB行业迎来拐点 高端PCB需求快速增长

Group 1 - The global PCB market size is expected to decline by 15% to $69.517 billion in 2023 due to global inventory pressure and interest rate hikes aimed at curbing inflation, but it is projected to enter a new growth cycle in 2024 with a total output value of $73.565 billion, representing a year-on-year growth of 5.8% [1] - In 2024, the output value and production of 18+ layer multilayer boards are expected to grow by 25.2% and 35.4% respectively, making them the fastest-growing products in the PCB segment [2] - The demand for HDI boards is driven by applications in AI servers, high-speed networks, and satellite communications, leading to an 18.8% year-on-year growth in HDI [2] Group 2 - The global PCB equipment market is projected to reach approximately $7.085 billion in 2024, with a CAGR of about 4.9% from 2020 to 2024, and is expected to grow to $10.765 billion by 2029, with a CAGR of 8.7% [3] - Drilling and exposure processes account for the highest value proportions in PCB processing equipment, at 20.7% and 17% respectively, followed by testing equipment at 15% [3] - The demand for high-precision boards like HDI is increasing, which raises the requirements for processing technology and equipment, particularly in drilling, exposure, and electroplating [4]