SCS(SH:601555) Zhi Tong Cai Jing·2025-08-15 13:37Group 1 - The core viewpoint is that the demand for computing power is driving the growth of the PCB industry, with global server sales expected to reach $95.2 billion in Q1 2025, a year-on-year increase of 134.1%, and the global server market projected to reach $366 billion in 2025, up 44.6% year-on-year [1] - The PCB market is expected to grow from 73.565 billion yuan in 2024, a year-on-year increase of 5.8%, to 78.562 billion yuan in 2025, with a further increase in growth rate to 6.8% [1] - The server/storage segment is projected to generate a revenue of 10.916 billion yuan in 2024, a year-on-year increase of 33%, accounting for approximately 15% of the PCB market [1] Group 2 - The drilling, exposure, and testing processes are identified as the core stages of PCB production, with drilling equipment accounting for about 20% of the total industry value, while exposure and testing equipment account for 17% and 15%, respectively [2] - The demand for multilayer boards, HDI, and high-frequency boards is increasing due to the high growth in PCB demand driven by computing server needs, with HDI boards requiring higher precision in drilling, exposure, and plating processes [2] - The CoWoP process is emerging as a new packaging technology that simplifies the manufacturing steps and requires PCBs to have high-density wiring and precision, leading to increased demands on drilling, exposure, and plating processes [3]