Core Viewpoint - The PCB industry is expected to benefit from AI demand and the continuous growth in the market for high-end PCBs, with global PCB output projected to reach $94.661 billion by 2029, reflecting a CAGR of 5.2% from 2024 to 2029 [1] Market Space - The global PCB market is projected to reach $73.6 billion in 2024, representing a year-on-year growth of 5.8%, with China holding the largest production capacity [1] - The third round of capital expenditure is expected to explode, with eight leading domestic PCB companies projected to spend a total of 16.3 billion yuan in the first three quarters of 2025, an increase of 85% year-on-year [1] Equipment Demand - The global PCB equipment market is expected to grow from $5.84 billion in 2020 to $7.085 billion in 2024, with a CAGR of 4.95%, while the Chinese PCB equipment market is projected to reach 29.442 billion yuan in 2024, with a CAGR of 5.6% from 2020 to 2024 [1] - The demand for PCB equipment is expected to rise due to AI-driven needs for high-layer boards, HDI boards, and IC packaging substrates [1] Competitive Landscape - The industry concentration is relatively low, with the top five companies in China holding a combined market share of 23.9%, and Dazhu CNC leading with approximately 10.1% market share domestically [2] - The domestic high-end PCB equipment localization rate is below 30%, indicating significant room for growth [2] Focus Areas - The global market for drilling equipment is expected to exceed 10 billion yuan in 2024, driven by the increasing demand for high-layer PCBs [3] - The global PCB drilling needle market is projected to reach $836 million in 2024, with AI driving demand towards high-end products [3] - Exposure equipment is expected to benefit from the trends of higher precision, lower costs, and faster iterations in AIPCB [3] - Plating equipment will benefit from the increase in PCB layers, which raises the complexity and quality requirements of the equipment [3]