国君电子|AI及智驾拉动高阶HDI需求,国内企业积极布局

Investment Rating - The report highlights a positive outlook for the HDI industry, driven by expanding application fields and rapid growth in AI computing power and automotive intelligence [1][3] Core Viewpoints - The HDI industry is experiencing significant growth due to increasing demand from AI servers and automotive intelligence, leading to accelerated product specification upgrades [1][3] - Mainland Chinese companies are enhancing their technological capabilities and expanding production capacity to capitalize on the demand surge [2] - High-end HDI products are growing faster due to their ability to integrate more functions and performance within limited space, which requires more complex manufacturing processes [7] Industry Overview - The global HDI market accounts for approximately 16% of the total PCB market [7] - HDI products are categorized based on lamination and laser drilling processes, including 1-step HDI, 2-step HDI, 3-step HDI, 4-step and above HDI, AnyLayer HDI, and SLP [7] - High-end HDI faces greater challenges in interlayer alignment accuracy and the complexity of blind and buried via fabrication [7] Demand Drivers - AI servers are driving demand for high-end HDI due to requirements for high-frequency signal transmission, high chip integration, complex interconnect structures, and efficient heat dissipation [3] - NVIDIA's AI computing chips, from A100 to H100 and GB200, have significantly increased in area, connection methods, bandwidth, and memory capacity, leading to higher HDI usage [3] - Automotive intelligence is boosting HDI demand, particularly for applications in autonomous driving systems, driver assistance devices, in-car radar, and entertainment systems [3] - Automotive HDI is transitioning from 2-step/3-step to 4-step and above to meet the needs of complex sensors and controllers [3] Supply Landscape - The HDI market is currently dominated by European, American, and Taiwanese manufacturers, with global leaders including AT&S, Unimicron, Zhen Ding Technology, and TTM [2] - Mainland Chinese companies such as Shenghong Technology, Wus Printed Circuit, Shennan Circuits, Shengyi Electronics, Founder Technology, Kingboard Laminates, Shijiazhuang Sier Electronics, and Avary Holding are actively expanding their presence in the HDI market [2] - Shengyi Technology is collaborating with international clients in the high-frequency, high-speed, ultra-low-loss CCL segment for AI server HDI [2] Technological Advancements - High-end HDI products require more lamination, copper reduction, and laser drilling processes, significantly increasing production capacity utilization [7] - The complexity of manufacturing high-end HDI is driving the need for advanced technological capabilities and production capacity expansion [7]