智通财经网·2025-10-27 01:27Core Viewpoint - The report from CITIC Securities indicates that the PCB sector has experienced a pullback since late September, primarily due to market sentiment cooling and concerns over short-term performance disruptions among leading companies, changes in industry competition, and delays in new applications [1] Group 1: Market Concerns - Key concerns in the market include short-term performance disruptions, changes in industry competition, and delays in new applications [1] - The CITIC PCB index has declined approximately 16% from its peak in late September, reflecting a mismatch between the performance of leading PCB companies and market expectations [1] - The industry is witnessing an influx of leading PCB manufacturers entering the AI PCB market, which may lead to increased competition and supply saturation [2] Group 2: Industry Growth Logic - The underlying growth logic of the AI PCB industry remains intact, with expected increases in demand driven by the growth of computing chips and the rising cost share of PCBs in AI servers [2] - The demand and capacity for AI PCBs are projected to remain strong, with estimates suggesting a market demand and high-end capacity in the range of 120 billion to 130 billion yuan before 2027 [2] - Short-term performance fluctuations are considered normal, and the long-term profit visibility for leading companies is expected to remain strong [2] Group 3: New Applications and Development - The rollout of new applications, such as the orthogonal backplane, is still in the sampling process, with further optimizations needed in PCB processes and materials [3] - The development of high-integration and strong interconnectivity solutions in PCBs is seen as essential for adapting to computing facilities, indicating a necessary and certain expansion of applications [3] Group 4: Future Catalysts - Upcoming events, such as the NVIDIA GTC Washington conference and updates on AI chip orders and production schedules, are expected to provide insights into demand trends [4] - The orthogonal backplane solution is currently undergoing iteration and validation, with feedback anticipated in the next 1-2 months, which could catalyze recovery in the AI PCB sector [4] - The Rubin chip from NVIDIA has already been taped out, and further clarity on its PCB solutions is expected, which may support upward movement in the sector [4]