基础化工：高频高速树脂行业点评-AI服务器作为算力基建带动材料需求革新，高频高速树脂加速放量

Investment Rating - The industry is rated as "Positive" [2] Core Insights - The long-term trend of increasing computing power demand continues, with AI servers driving the demand for upstream components and materials, significantly enhancing the value of PCBs and CCLs [2] - The performance requirements for PCBs are increasing due to the strong growth in the AI sector, leading to a focus on high-frequency and high-speed resins [2] - Key resin types such as BMI, PPO, and OPE are emerging as critical materials for enhancing CCL performance, with domestic companies expected to gain market share [2] - Shengquan Group is a leading supplier of PPO resins, with a strong production capacity and new product launches expected to drive growth [2] - Dongcai Technology is a leading supplier of BMI resins, with significant production capacity and plans for expansion in electronic materials [2] Summary by Sections Industry Overview - AI server shipments are projected to reach 1.67 million units in 2024, representing a year-on-year growth rate of 41.5% [2] - The upgrade from PCIe 4.0 to PCIe 5.0 is expected to further stimulate the high-speed CCL market [2] Key Companies - Shengquan Group has a strong foothold in the synthetic resin industry, with a focus on high-end electronic resins and a projected increase in production capacity [2] - Dongcai Technology is expanding its product offerings in insulation materials and electronic resins, with a focus on the growing demand for optical film materials [2] Investment Analysis - The report highlights Shengquan Group (leading in PPO and OPE resins) and Dongcai Technology (leading in BMI resins) as key companies to watch in the industry [2]