华金证券：AI算力硬件迭代催生PCB行业结构性增长机遇 高性能PCB需求将大幅增长

Core Viewpoint - The PCB industry is experiencing new growth momentum driven by artificial intelligence (AI), with a continuous upward trend in industry prosperity [1][2] Group 1: Market Growth - The global PCB market size is projected to grow from $62 billion in 2020 to $75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9% from 2020 to 2024 [1] - By 2029, the global PCB market sales revenue is expected to reach $93.7 billion, with a CAGR of 4.6% from 2024 to 2029 [1] Group 2: Demand for High-Performance PCBs - The demand for high-performance PCBs is anticipated to increase significantly due to the high value of AI server PCBs compared to traditional servers [2] - The global sales revenue of high multi-layer PCBs is expected to reach $171 billion by 2029, with the share of high-end HDI PCBs in the global market rising from 47% in 2024 to 57% in 2029, reaching $9.6 billion by 2029 [2] Group 3: Material Considerations - For high-speed PCBs, the use of low roughness copper foil is becoming more common due to skin effect issues, with materials like MidLoss and LowLoss adopting reverse (RTF) copper foil as standard [2] - Low dielectric constant and low loss tangent materials are deemed most suitable for achieving high frequency and speed in PCBs, with Q fabric performance significantly surpassing that of second-generation fabric, potentially disrupting traditional fiberglass material routes [2] Group 4: Companies to Watch - Companies to focus on in the PCB sector include: Huadian Co., Shenghong Technology, Dongshan Precision, Pengding Holdings, Shennan Circuit, Jingwang Electronics, Shenyin Electronics, Guanghe Technology, Nanya New Material, Aoshikang, Shiyun Circuit, Xingsen Technology, Weiergao, Zhongfu Circuit, and Chongda Technology [3] - In the equipment sector: Chipbond Microelectronics, Dazhu CNC, and Dongwei Technology are notable [3] - In the materials sector: Electronic fabric companies like Honghe Technology, Feilihua, and Dongcai Technology, as well as copper foil companies like Tongguan Copper Foil and Defu Technology are recommended [3]