国君电子|印刷电路板行业-AI及智驾拉动高阶HDI需求,国内企业积极布局

Investment Rating - The report indicates a positive investment outlook for the HDI industry, driven by the expansion of application fields and the increasing demand for high-level HDI products due to advancements in AI computing power and automotive intelligence [1][4]. Core Insights - The demand for HDI is rapidly increasing due to AI computing and automotive intelligence, leading to significant growth in high-level HDI applications [4]. - Domestic companies in China are enhancing their technical capabilities and expanding production capacity, positioning themselves to capitalize on the surging demand in the HDI market [2][7]. - The global HDI market is dominated by companies from Europe, the United States, and Taiwan, but Chinese firms are actively entering the market with significant investments and partnerships [2][4]. Summary by Sections Supply Side - Chinese companies are improving their technical strength and production capacity, allowing them to grow rapidly during the demand surge in the HDI market [2]. - Major global HDI manufacturers include AT&S, Huazhong, Xinxing, and TTM, while Chinese companies like Shenghong Technology, Huidian Co., and others are making significant strides in the HDI sector [2]. Demand Side - The demand for HDI is driven by the need for high-frequency, high-speed signal transmission in AI servers, which require more advanced PCB specifications [4]. - The automotive sector is also a key driver, as HDI offers advantages in miniaturization and high density, making it suitable for advanced driver-assistance systems and in-vehicle entertainment systems [4][7]. Market Dynamics - The global HDI market accounts for approximately 16% of the total PCB market, with high-level HDI experiencing faster growth due to increasing circuit density and the need for higher functionality in limited space [7]. - The complexity of manufacturing high-level HDI, including challenges in inter-layer alignment and the intricacies of blind and buried vias, is increasing, necessitating more advanced production capabilities [7].