电子：800G以太网交换机有望放量，高速PCB需求爆发

Industry Investment Rating - The report maintains an Overweight rating on the electronic components industry, particularly focusing on the high-speed Ethernet switch and PCB sectors [1] Core Viewpoints - 800G Ethernet Switches: The report highlights the potential for 800G Ethernet switches to experience significant growth, driven by AI data center demands and the need for higher bandwidth and lower latency [1][7] - High-Speed PCB Demand: With the rise of 800G and future 1.6T Ethernet switches, the demand for high-speed PCBs is expected to surge, particularly for multi-layer PCBs with advanced materials and manufacturing processes [1][35] - Market Growth: The global Ethernet switch market reached $44.2 billion in 2023, with a 20.1% YoY growth, driven by data center expansion and AI infrastructure needs [12] Key Companies and Recommendations - Hudian Co., Ltd. (沪电股份): Rated Overweight, the company is a leading supplier of high-speed PCBs for Ethernet switches and AI servers, with strong growth in revenue and profitability [1][43] - Shennan Circuits (深南电路): Rated Overweight, the company benefits from the AI-driven demand for high-speed PCBs and has shown significant revenue growth in its PCB and packaging substrate businesses [1][48] - Shengyi Electronics (生益电子): The company is recommended for its focus on high-speed PCB products for 800G switches and AI servers, with a strong recovery in revenue and profitability [52][55] - Founder Technology (方正科技): The company is noted for its growth in the PCB market, particularly in high-layer PCBs for data centers and AI applications, with improving profitability [56][57] Industry Trends and Drivers - Ethernet vs. InfiniBand: Ethernet and InfiniBand are the two dominant networking technologies in AI data centers, with Ethernet gaining traction due to its cost-effectiveness and compatibility advantages [9][14] - 800G and 1.6T Switches: The report predicts that 800G switches will see rapid adoption starting in 2025, with 1.6T switches following suit, driven by AI and data center needs [28][29] - PCB Layer and Material Upgrades: As transmission rates increase, PCB layers and materials must evolve to meet higher performance requirements, with 800G switches requiring PCBs with 30+ layers and advanced CCL materials [35][36] Market Opportunities - AI Data Center Expansion: The growth of AI data centers is a key driver for the Ethernet switch and PCB markets, with major cloud service providers increasing capital expenditures to meet AI infrastructure demands [31][32] - High-Speed PCB Market: The high-speed PCB market is expected to benefit significantly from the adoption of 800G and 1.6T switches, with high barriers to entry and strong demand for advanced manufacturing capabilities [35][37]