Caitong Securities(SH:601108) 智通财经网·2025-09-01 08:18Group 1: AI Server Demand and PCB Market Growth - The rapid development of artificial intelligence technology is driving strong demand for AI servers, with global shipments expected to reach 1.98 million units in 2024, accounting for 12.1% of the overall server market [1] - PCB market value is projected to be $73.565 billion in 2024, with a year-on-year growth of 5.8%, and is expected to reach $94.661 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [1] Group 2: Technological Advancements in Electronic Fabrics - The ongoing iteration of technology in the downstream sector is driving upgrades in electronic fabric products, with the third generation of electronic fabrics expected to see accelerated demand as chip manufacturers research 224G high-speed interconnect technology [2] - The global market for third-generation electronic fabrics is anticipated to reach $720 million in 2024, with sales projected to grow to $3.127 billion by 2031, representing a CAGR of 23.3% from 2025 to 2031 [2] Group 3: Domestic Replacement Progress and Key Companies - China Jushi is actively advancing the development of specialty electronic fabric products and is expected to continue its momentum due to its advantages in R&D and cost control [3] - China National Materials Technology has established itself as a domestic leader in Low-DK fabric, with plans to increase production capacity from 26 million meters to 35 million meters by 2025 [3] - Honghe Technology has successfully validated its first and second generation low dielectric electronic fabrics and plans to invest 720 million yuan in high-performance glass fiber production lines [3] - International Composites is a pioneer in the development of low dielectric glass fiber products, with its second-generation LDK products showing a 20% reduction in dielectric loss compared to the first generation [3]