牛市产业主线系列1：PCB：AI算力的基石

Strategy Overview - The AI industry wave is driving a recovery in PCB demand and technological advancement, with AI computing, edge AI, and new energy vehicles becoming core growth engines for the PCB industry. The demand for multilayer boards with more than 18 layers and HDI is expected to grow by 40.3% and 18.8% year-on-year in 2024, respectively, with a five-year CAGR of 15.7% and 6.4% projected [3][12][26]. Electronics Sector - PCB is known as the "mother of electronic products" and is widely used in various electronic devices. The rapid growth of AI computing is significantly boosting the demand for server-related products, with the server/storage PCB market expected to see a year-on-year growth of 33.1% in 2024, outpacing the overall PCB market growth of 5.8% [43][29][56]. - Recommended stocks in the PCB sector include Jingwang Electronics, Shenghong Technology, Dongshan Precision, and others, while CCL and copper foil sectors also have recommended stocks such as Shengyi Technology and Tongguan Copper Foil [5][12][37]. Machinery Sector - The demand for high-performance servers, GPUs, and advanced PCBs is surging due to the rapid iteration of AI models and smart hardware applications. This has led to increased demand for PCB-specific equipment and materials, with a focus on companies like Dazhu CNC and Chip Quik [6][13]. - The complexity and precision requirements for PCB manufacturing are increasing, leading to higher demand for specialized equipment and materials, particularly in the areas of drilling and solder paste printing [6][13]. Chemical Sector - The growth trend of AI servers is confirmed, leading to higher demands for core materials such as CCL, resin, copper foil, and electronic cloth. This upgrade not only involves physical characteristics but also enhances value and supply chain dynamics [7][13]. - Recommended stocks in the chemical sector include Lianrui New Materials and Dongcai Technology, which are expected to benefit from these trends [7][13]. Market Dynamics - The global PCB market is projected to reach a value of $94.7 billion by 2029, with China accounting for approximately 53% of this market. The demand for high-end PCBs is particularly strong in AI computing and new energy vehicles, which are expected to drive significant growth in the coming years [17][20][59]. - The PCB industry is entering a high prosperity cycle driven by AI computing, automotive electronics, and edge AI, with significant increases in revenue and net profit observed in the first quarter of 2025 compared to the previous year [32][38].