Xi Niu Cai Jing·2025-09-28 06:54Core Insights - The consumer electronics industry is gradually recovering this year, driven by rapid advancements in artificial intelligence (AI) technology, leading to increased demand for high-value printed circuit board (PCB) products. The overall PCB market is showing a positive acceleration, with Prismark predicting a 6.8% growth in global PCB industry output value for the year [1]. Industry Overview - The PCB industry is facing challenges in high-end sectors, with domestic high-end PCB equipment localization rate below 30% and a 65% reliance on imports for key materials like ABF film. The focus is on high-end packaging substrate technology, ultra-precision processing equipment, and special material systems [1]. - However, the overall capability for self-sufficiency is rapidly improving, with the government prioritizing high-performance PCBs as part of its industrial strengthening initiatives. R&D expense deductions have been increased to 120%, and a 20 billion yuan fund has been established in the Pearl River Delta to support breakthroughs in critical technologies [1]. Market Dynamics - The Chinese PCB industry has achieved 100% self-sufficiency in mid-to-low-end products, with expectations to increase the localization rate in high-end sectors to 45% by 2026. Leading companies are achieving gross margins of 35-40%, and technological advancements are closing the gap with Japanese and Korean firms. By 2028, the PCB industry chain is expected to achieve near-complete self-sufficiency, except for a few specialized materials [1]. Future Prospects - The PCB industry is anticipated to enter a new growth cycle as market inventory adjustments and weak consumer electronics demand are concluding, alongside accelerated AI application development. The industry faced a contraction in 2023 due to inventory destocking pressures and interest rate hikes, but is now poised for recovery [8]. - According to Prismark, the global PCB output value is projected to reach $73.565 billion in 2024, representing a 5.8% year-on-year increase. By 2029, the global PCB output value is expected to reach $94.661 billion, with a CAGR of 5.2% from 2024 to 2029, indicating a stable growth trend [10]. Company Analysis - Dazhu CNC (301200) focuses on the R&D, production, and sales of PCB-specific equipment, covering various key devices in the PCB production process. The company serves 80% of the top 100 global PCB companies as per the 2024 Prismark ranking, with a market share of 6.5%. For the first half of 2025, Dazhu CNC reported a revenue of 2.382 billion yuan, a 52.26% increase year-on-year, and a net profit of 263 million yuan, up 83.82% [13]. - Dongwei Technology (688700) is a leading manufacturer of electroplating equipment, primarily serving the PCB electroplating sector. The company holds over 50% market share in vertical continuous electroplating equipment in China. In the first half of 2025, Dongwei reported a revenue of 443 million yuan, a 13.07% increase, but a net profit decline of 23.66% to 42.503 million yuan [15]. - Chipbond Technology (688630) specializes in equipment used in the exposure stages of PCB processing. The company is expanding from low-end to high-end markets, driven by the rapid iteration of AI servers. In the first half of 2025, Chipbond reported a revenue of 654 million yuan, a 45.59% increase, and a net profit of 142 million yuan, up 41.05% [17].