高盛大幅上调PCB市场规模预期：量价齐升+规格升级，今明两年复合增长有望突破140%！

Core Insights - Goldman Sachs has significantly raised the Total Addressable Market (TAM) for AI PCB and CCL, with projections for AI PCB increasing from $17.4 billion to $26.6 billion and CCL from $8 billion to $18.3 billion by 2027, indicating a compound annual growth rate (CAGR) of 140% and 178% respectively from 2025 to 2027 [1][2] Group 1: Market Dynamics - The growth is attributed to structural changes driven by NVIDIA's new architecture (VR200/300), which replaces traditional cabling with more complex PCB/CCL components, improving cost structures and increasing the value of PCBs [1][2] - The demand for new mid-boards and back-boards is expected to surge in the second half of 2026 and 2027, leading to a multiplicative increase in PCB/CCL value per GPU [2] Group 2: Industry Challenges and Opportunities - The transition to more complex PCBs is creating a "cleaning" effect in the industry, where only top manufacturers capable of handling lower yield challenges will dominate the market, as production yields are projected to decline from 73% in 2025 to 65% and 62% in 2026 and 2027 respectively [2][3] - The GPU-related PCB/CCL market is expected to grow nearly tenfold in two years, while the ASIC market is also projected to double, despite increased competition among PCB suppliers [3] Group 3: Investment Recommendations - Goldman Sachs maintains "buy" ratings for key Taiwanese suppliers such as TSMC, GCE, and TUC, raising target prices across the board, indicating that these companies are positioned to be the biggest winners in the ongoing AI infrastructure boom [3]