Zhi Tong Cai Jing·2025-09-03 03:55Group 1 - The global AI infrastructure is experiencing significant growth due to the expansion of AI applications, leading to a substantial increase in PCB demand [1] - The global server/data storage market is projected to reach $291 billion in 2024, with a year-on-year growth of 45.5%, and is expected to maintain a growth rate of 36.1% in 2025 [1] - The demand for AIPCB is driven by the increasing requirements for PCB layers in AI servers and high-end switches, with the PCB value for each AI server expected to be 5 to 7 times higher than that of traditional servers [1] Group 2 - Leading PCB companies are ramping up production, but actual capacity release is lagging behind demand growth due to high-end equipment delivery and key process verification challenges [2] - Domestic manufacturers are expected to capture market share more quickly than overseas competitors due to their faster expansion capabilities [2] Group 3 - The ongoing expansion of AIPCB is directly impacting PCB processing, leading to increased volume and more complex processing requirements, which in turn drives up both the quantity and price of equipment and materials [3] - The demand for key equipment and materials is anticipated to grow in tandem with the rising requirements for AIPCB [3] Group 4 - Domestic manufacturers are advancing in technology iteration and expansion, with a notable supply gap in high-end drilling equipment, while foreign suppliers are facing demand shortages [4] - Domestic suppliers are leading in expansion capabilities and are increasingly replacing foreign suppliers in the mid-to-low-end market [4] Group 5 - Investment recommendations include focusing on technology-leading suppliers such as Chipbond Technology and Dazhong CNC, as well as materials suppliers like Dingtai High-Tech and Zhongtung High-Tech due to the increasing demand for drilling tools [5] - Attention is also recommended for companies involved in the PCBA segment, such as Kaige Precision Machinery and Jintuo Co., Ltd [5]