AI硬件需求景气，关注PCB专用设备

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The demand for printed circuit boards (PCB) is experiencing rapid recovery, with AI development expected to be a core driving factor. The global PCB market value is projected to decline by 14.9% in 2023 but is expected to grow by 5.9% to $73.6 billion in 2024. The overall PCB market demand is showing an accelerated trend due to the recovery in consumer electronics and the growth in AI-related high-value PCB products, with a projected global market value growth of 6.8% for the year [2][3] - From 2024 to 2029, the global PCB market is expected to have a compound annual growth rate (CAGR) of 5.6%, with the server/storage application segment projected to grow at a CAGR of 10.0%, increasing its market share from 14.8% in 2024 to 18.3% in 2029 [2] Summary by Sections Capital Expenditure Trends - PCB manufacturers are accelerating capital expenditures, particularly in AI-related production capacity. Notable investments include: 1. Huadian Co. plans to invest approximately 4.3 billion RMB to build high-end PCB production for AI chips, targeting an annual output of 290,000 square meters [3] 2. Shenghong Technology is investing $250 million in its Thai subsidiary to expand overseas capacity [3] 3. Dongshan Precision is investing up to $1 billion in high-end PCB projects to meet long-term demand in AI and high-speed computing [3] 4. Shenyin Electronics is investing approximately 1.9 billion RMB in smart manufacturing for multi-layer PCBs to meet high-end market demand [3] - The total capital expenditure of selected PCB companies reached 12.468 billion RMB in the first half of 2025, a year-on-year increase of 80.2% [4] PCB Equipment Market - The demand for PCB specialized equipment is expected to rise due to the expansion of PCB manufacturers. The global PCB specialized equipment market is projected to reach $7.085 billion in 2024, with a CAGR of 8.7% from 2024 to 2029 [5] - Key segments of the equipment market include drilling, exposure, and testing, which have significant value contributions [5] Company Highlights 1. Dazhuo CNC: The largest supplier of PCB specialized equipment, with a market share of 6.5%. The company reported a revenue of 2.382 billion RMB in the first half of 2025, a year-on-year increase of 52.26% [7][8] 2. Ding Tai High-Tech: A leading global supplier of PCB drilling needles, with a revenue of 904 million RMB in the first half of 2025, up 26.9% year-on-year [8][9] 3. Keg Precision Machinery: Provides printing and dispensing equipment for electronic assembly, reporting a revenue of 454 million RMB in the first half of 2025, a year-on-year increase of 26.22% [9][10] 4. Chip Microelectronics: A leading manufacturer of direct-write lithography equipment, achieving a revenue of 654 million RMB in the first half of 2025, a year-on-year increase of 45.59% [10][11] 5. Dongwei Technology: A leading manufacturer of electroplating equipment, reporting a revenue of 443 million RMB in the first half of 2025, a year-on-year increase of 13.07% [11]