Orient Securities·2025-05-09 09:42Investment Rating - The report maintains a "Positive" outlook on the high-speed copper-clad laminate resin materials industry [5]. Core Viewpoints - The demand for high-speed resin materials is driven by the explosive growth of AI servers, which require advanced materials to meet higher electrical performance standards [7][10]. - Domestic resin manufacturers are positioned to capitalize on the opportunities presented by the AI server market, with companies like Dongcai Technology and Shengquan Group leading the way in high-end electronic resin production [3][11]. Summary by Sections 1. Introduction - The development of AI models necessitates high-performance hardware, leading to increased demand for advanced materials. Traditional epoxy resins are inadequate for the electrical performance required by AI servers, prompting the shift to low-dielectric resins such as BMI, PPO, and hydrocarbon resins [10][11]. 2. AI Server Volume and Upgrades - The global AI server shipment is projected to grow by approximately 46% in 2024, with further growth expected in 2025. This surge will drive demand for high-speed copper-clad laminates and, consequently, high-end electronic resins [12][29]. 2.1. Performance Requirements Driving Material Upgrades - AI servers require materials that minimize signal loss and energy dissipation, leading to a preference for low Dk and Df materials. The shift from traditional epoxy resins to advanced materials is essential for meeting these performance standards [15][22]. 2.2. Demand Space Estimation for High-Speed Resins - The estimated market size for high-speed resin materials is projected to reach around 3 billion yuan by 2026, driven by the increasing demand from AI servers and upgraded server platforms [28][29]. 2.3. Opportunities from Industry Concentration and Market Changes - The concentration of the copper-clad laminate industry in mainland China presents opportunities for domestic resin suppliers to enter and expand in the market, especially as the demand for high-speed laminates grows [31][32]. 3. High-End Electronic Resins with High Technical Barriers - The high-end electronic resin market is characterized by significant technical barriers, with leading companies in Japan and the US currently dominating the sector. However, domestic companies are making strides in developing competitive products [40][41]. 3.1. BMI Resins: Domestic Companies Making Progress - Domestic manufacturers like Dongcai Technology and Shengquan Group are advancing in the production of BMI resins, with significant capacity and growth projections [49][50]. 3.2. PPO Resins: Awaiting Demand from M7 and M8 High-Speed Boards - The development of PPO resins is crucial as demand for M7 and M8 high-speed boards increases, with domestic companies actively working on improving production capabilities [51][64].