Kunshan Dongwei Technology (SH:688700) Chan Ye Xin Xi Wang·2025-09-28 01:26Core Viewpoint - The PCB industry is experiencing a strong recovery driven by the continuous growth in downstream demand from AI servers, 5G, cloud computing, and automotive sectors, leading to increased investment in PCB plating equipment [1][4]. Industry Overview - PCB plating equipment is essential for the manufacturing process of printed circuit boards (PCBs), forming metal layers on PCB surfaces to enhance electrical conductivity and other properties [2]. - The market for PCB plating equipment includes various types such as traditional gantry plating equipment, lift-type plating equipment, horizontal continuous plating equipment, and vertical continuous plating equipment [2]. Industry Value Chain - The upstream of the PCB plating equipment industry includes raw materials and components like hardware, steel, copper foil, and electronic components [2]. - The midstream involves the production and manufacturing of PCB plating equipment, while the downstream is primarily the PCB manufacturing industry, with applications in 5G communication, consumer electronics, automotive electronics, and more [2]. Market Size - The Chinese PCB plating equipment market is projected to reach 3.1 billion yuan in 2024, representing a year-on-year growth of 11.71% [4]. - The global PCB plating equipment market is expected to be approximately 520 million USD in 2024, with a year-on-year growth of 9.55% [4]. Key Companies - Dongwei Technology (688700) is a leading player in the PCB plating equipment industry, known for its advanced technology in plating uniformity and through-hole plating rates [5][7]. - Other notable companies include Jingming Machinery from Taiwan and Germany's Amitec, which also offer competitive products in the vertical and horizontal continuous plating equipment sectors [5][9]. Industry Development Trends 1. Technological Upgrades: The industry is moving towards high precision and intelligent development, with innovations like the third-generation horizontal plating equipment achieving significant breakthroughs in plating uniformity [10]. 2. Expanding Downstream Demand: The demand for high-frequency and high-speed PCBs in emerging fields like AI servers and automotive electronics is driving investment in plating equipment [11]. 3. Sustainability Focus: There is a growing emphasis on environmentally friendly and energy-efficient equipment, with vertical continuous plating equipment expected to gain more market favor due to its resource-saving capabilities [12].