信达证券：AI硬件需求景气 关注PCB专用设备

Group 1: Industry Overview - The global PCB industry is expected to see a rapid recovery in demand, driven primarily by the development of AI technologies, with a projected growth of 6.8% in 2024, reaching a market value of $73.6 billion [1] - The server/storage segment is anticipated to grow at a rate of 10%, increasing its market share from 14.8% in 2024 to 18.3% by 2029 [1] - Following a decline of 14.9% in 2023 due to weak consumer electronics, the PCB market is expected to rebound with a growth of 5.9% in 2024 [1] Group 2: Capital Expenditure by PCB Manufacturers - PCB manufacturers are accelerating capital expenditures, particularly in AI-related production capacities [2] - Huadian Co. plans to invest approximately 4.3 billion RMB in a new project for high-end PCBs supporting AI chips, aiming for an annual production of about 290,000 square meters [2] - Shenghong Technology announced a $250 million investment in its Thai subsidiary to expand overseas production capacity [2] - Dongshan Precision is set to invest up to $1 billion in high-end PCB projects to meet long-term demand in AI and high-speed computing servers [2][3] - Shenyang Electronics plans to invest around 1.9 billion RMB in a smart manufacturing project for multi-layer PCBs, targeting an annual output of 700,000 square meters [3] - The combined capital expenditure of selected PCB companies is projected to reach 12.468 billion RMB in the first half of 2025, marking an 80.2% year-on-year increase [3] Group 3: Demand for PCB Specialized Equipment - The expansion of PCB manufacturers is driving demand for specialized equipment, particularly in drilling, exposure, and testing processes [4] - The global market for PCB specialized equipment is expected to reach $7.085 billion in 2024, with significant contributions from drilling ($1.47 billion), exposure ($1.2 billion), and testing ($1.06 billion) [4] - The PCB specialized equipment market is projected to grow at a compound annual growth rate (CAGR) of 8.7%, reaching $10.765 billion by 2029 [4]