Guosen Securities(SZ:002736) 智通财经网·2025-12-01 02:36Core Viewpoint - The PCB industry is entering a new AI-driven cycle, characterized by a fundamental shift in demand structure, with both volume and price increasing due to advancements in technology and regional rebalancing [1][2]. Group 1: AI-Driven Demand and Market Growth - The AI server cluster construction is leading to simultaneous upgrades in PCB demand for components like power boards, switches, and optical modules, resulting in increased demand and prices for PCBs [1]. - The wired communication PCB market is projected to reach 206.9 billion yuan by 2027, with a compound annual growth rate (CAGR) of 20% over the next two years [1]. Group 2: High-End PCB Production and Capacity Expansion - Major PCB manufacturers are aggressively expanding production capacities, particularly in Southeast Asia, to meet overseas demand while enhancing domestic high-end production capabilities [2]. - The combined output of 13 leading PCB companies is expected to reach 186 billion yuan by 2027, with a CAGR of 54% from 2025 to 2027 [2]. Group 3: Technological Advancements and Material Upgrades - The rapid adoption of mSAP technology in AI servers and switches is driving the need for advanced materials that meet stringent requirements for low dielectric loss and high signal density [3]. - The industry is witnessing a three-dimensional iteration of materials, processes, and architectures, driven by AI architecture advancements [3]. Group 4: Opportunities for Domestic Material Substitution - The increase in copper prices and the competitive landscape of copper-clad laminates are allowing manufacturers to pass costs downstream, improving profitability [4]. - There is a significant opportunity for domestic manufacturers to replace high-end materials in the PCB supply chain, with a notable supply gap in Low-DK second-generation fabrics [4]. Group 5: High-Density Connection Restructuring - Innovations such as the Kyber structure concept by Nvidia are reshaping high-density connection frameworks, with PCBs replacing traditional copper cables [5]. - The value of PCBs in new architectures is significantly higher, with estimates indicating that a single Vera Rubin GPU corresponds to a PCB value of 8,000 yuan [5].