印刷电路板行业专题研究：全球PCB产业迎来复苏，国内企业积极抓住AI发展机遇

Investment Rating - The report gives an investment rating of "Positive" for the PCB industry [5]. Core Insights - The global PCB industry is expected to recover, driven primarily by demand from the server and automotive electronics sectors. The projected market value for 2024 is approximately $73 billion globally and$39.3 billion in China, representing year-on-year growth of about 5.0% and 4.1% respectively [2][9]. - High-performance electronic products are driving the demand for high-end PCB products, particularly HDI boards and packaging substrates, which are increasingly used in high-end consumer electronics, servers, and chips [3][13]. - The rapid development of the artificial intelligence (AI) industry is a major driver for the recovery of the PCB industry, with significant growth expected in AI server shipments [4][17]. Summary by Sections 1. Global PCB Industry Recovery - The global PCB industry is projected to rebound in 2024 after a decline in 2023 due to macroeconomic factors and poor electronic industry performance. The estimated market value for 2023 was around $69.5 billion, down approximately 15.0% year-on-year [9][10]. 2. Demand for High-End PCB Products - The demand for high-end PCB products is increasing due to the growth of high-performance electronic products. The market share of HDI boards and packaging substrates is expected to rise, driven by the need for higher integration and complexity in PCB products [3][15]. 3. AI Industry as a Key Driver - The AI industry's rapid growth is expected to significantly boost the demand for PCBs, particularly with the anticipated increase in AI server shipments, which are projected to reach 72.5 thousand units for standard AI servers and 54.3 thousand units for high-end AI servers in 2024 [4][17]. 4. Domestic PCB Manufacturers' Competitive Position - Domestic PCB manufacturers are becoming increasingly competitive on a global scale, with companies like Shenzhen South Circuit Technology, Huada Empyrean, and others actively expanding their high-end production capacity [19][20]. 5. Key Companies to Watch - The report highlights several key companies in the PCB sector, including Shenzhen South Circuit Technology, Huada Empyrean, Shengyi Technology, and Dongshan Precision, all of which are expected to benefit from the industry's recovery and growth opportunities [5][28].