Group 1: Core Insights - The rapid development of AI infrastructure is driving demand for high-end PCB, with global PCB industry value expected to grow from $73.6 billion in 2024 to $96.4 billion by 2029, reflecting a CAGR of 5.6% [1] Group 2: PCB Equipment Market - The PCB equipment sector is entering a golden age due to AI, with significant growth expected across various equipment types: - The global drilling equipment market is projected to grow from $1.47 billion to $2.40 billion from 2024 to 2029, with a CAGR of 10.3% [2] - The global exposure equipment market is expected to increase from $1.20 billion to $1.94 billion, with a CAGR of 10.0% [2] - The global electroplating equipment market is anticipated to rise from $508 million to $811 million, with a CAGR of 9.8% [2] - Key trends include narrower line widths, increased layer counts, and higher precision requirements for AIPCB boards, which will demand more advanced PCB equipment [2] Group 3: PCB Drill Needles - The global PCB drill needle market is expected to grow from ¥4.5 billion in 2024 to ¥9.1 billion by 2029, with a CAGR of 15.0% [3] - Major players include Ding Tai High-Tech, Japan's Youneng, and Zhongtung High-Tech, with Ding Tai High-Tech holding the largest market share [3] - The trend towards high-layer and high-density applications in AI servers is driving the development of advanced drill needles, while the high operational demands from leading companies like NVIDIA may stimulate upgrades and production expansions in drill needles [3] Group 4: SMT Equipment Market - The global SMT market is projected to reach $5.595 billion by 2025, with surface mount technology (SMT) equipment such as placement machines and printing equipment being key components [4] - Although domestic companies are competitive in printing, welding, and inspection, the high-end placement machine market remains dominated by a few foreign manufacturers [4] - The trend towards miniaturization and lightweight electronic components due to AI advancements is raising performance and precision requirements for SMT equipment [4]
华创证券：AI基建拉动高端PCB需求 设备与耗材迎黄金机遇