

Core Insights - The PCB industry is entering a new upcycle characterized by high-end product demand, factory establishment in Southeast Asia, and increased equipment upgrade needs driven by AI technology [1][3][4] Group 1: Industry Trends - The global PCB industry is expected to recover in 2024, with a projected market value of $73.565 billion, reflecting a year-on-year growth of 5.8% [3] - High-end products such as HDI and multilayer boards are anticipated to see significant demand growth, particularly driven by AI applications in sectors like telecommunications and automotive [4] - Southeast Asia is becoming a key beneficiary of the PCB industry's shift, with over 25% of the top 100 global PCB suppliers likely to establish production bases in Vietnam or Thailand by 2025 [4] Group 2: Company Developments - Jingwang Electronics plans to invest RMB 5 billion in expanding its Zhuhai Jinwan base to enhance production capacity for high-end HDI and SLP products [2] - Pengding Holdings has approved an investment of RMB 8 billion for the construction of a new industrial park in Huai'an, focusing on SLP and high-end HDI products [2] Group 3: Equipment Demand - The demand for PCB equipment is expected to surge due to the need for upgrades in drilling, exposure, electroplating, and testing processes, which are critical for improving circuit board performance [5] - AI advancements are raising the bar for PCB manufacturing processes, necessitating more sophisticated techniques in drilling and exposure to meet the requirements of high-density interconnections [5] Group 4: Key Players in Equipment - Major companies involved in the drilling segment include Dazhu CNC, Dingtai High-Tech, and Zhongtung High-Tech [6] - Key players in the exposure segment are Xinqi Micro-Assembly and Tianzhun Technology, while Dongwei Technology is notable in the electroplating segment [6]