海外电子报告：日本封装基板行业景气度持续向上

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The packaging substrate industry in Japan is experiencing a continuous upward trend, driven by demand from Nvidia's AI servers, leading to both volume and price increases [2][4] - In North America, the PCB book-to-bill ratio was 0.99 in August 2024, with a year-on-year shipment volume increase of 22.3% and a decline in order volume by 10.3% [1] - Taiwan's PCB industry maintains high prosperity, with manufacturers across PCB manufacturing, equipment, and materials all achieving year-on-year growth [3] Summary by Sections North America PCB Market - The North American PCB book-to-bill ratio for April to August 2024 fluctuated between 0.95 and 1.06, indicating no significant recovery [1] - August 2024's shipment volume increased by 22.3% year-on-year, while order volume decreased by 10.3% [1] Japan PCB Market - Japan's overall PCB output value in August 2024 was 449 billion yen, down 2.3% year-on-year, with the packaging substrate segment showing an 11% increase [2] - The average selling price (ASP) for packaging substrates has shown consistent month-on-month growth, reaching 36.5 million yen per square meter in August 2024 [2] - The shipment area for packaging substrates has also seen steady growth, with a year-on-year increase in shipment area for the first eight months of 2024 [2] Taiwan PCB Market - Taiwan's PCB manufacturers reported revenues of 623 billion to 720 billion New Taiwan dollars from January to September 2024, with an overall year-on-year growth of 9.3% [3] - The revenue for hardboard and carrier board manufacturers showed a year-on-year increase of 12.7% to 16.3% during the same period [3] - Equipment and materials manufacturers in Taiwan also reported positive growth, breaking a trend of decline that lasted for over a year [3] Investment Recommendations - The report suggests focusing on Ibiden, as the packaging substrate industry in Japan is expected to achieve steady growth due to the influence of high-end AI servers from Nvidia [4]