2025-12-19 06:10Investment Rating - The report maintains a positive outlook on the industry, indicating a strong long-term growth potential driven by the demand for AI PCB copper plating materials [2][4]. Core Insights - The demand for AI PCB copper plating materials is expected to surge due to the upgrade of PCB products towards higher aspect ratios and increased blind buried holes, leading to a significant rise in both volume and price, thus driving rapid profit growth in the industry [2]. - The report forecasts that the proportion of PCB copper powder consumables in electroplating materials will increase from 15% currently to over 27% by 2029, reflecting a growing trend in copper powder usage [2]. - The industry is currently experiencing a tight supply-demand balance, with signs of potential price increases in processing fees for copper powder due to strong downstream demand before new capacities come online [2]. Summary by Sections 1. PCB Electroplating and Consumables Introduction - Electroplating is a core process in PCB manufacturing, directly affecting the final product's performance, including signal transmission loss and power network integrity [7][10]. - The increasing complexity of AI PCBs, characterized by smaller hole diameters and higher layer counts, raises the requirements for electroplating materials [7][19]. 2. Changes in Demand and Technology - The report highlights a shift in the electroplating process from traditional copper balls to high-purity electronic-grade copper powder, driven by the need for improved plating uniformity and depth filling capabilities [28][30]. - The processing fee for copper powder is approximately five times that of copper balls, indicating a significant shift in the value chain towards higher-end materials [30][31]. 3. Market Size and Growth Projections - The global PCB electroplating copper material market is projected to reach $6.56 billion by 2029, with steady growth anticipated from $4.81 billion in 2025 [43][44]. - The report estimates that the copper value per square meter for PCBs used in AI servers is approximately $1.75, significantly higher than the $0.52 for traditional PCBs, reflecting the increased complexity and value of AI PCBs [32][33]. 4. Supply Landscape - The domestic supply landscape is characterized by major players such as Jiangnan New Materials and Guanghua Technology, while Japanese and Korean companies maintain a technological edge in high-end markets [35][36]. - The report notes that domestic manufacturers are rapidly increasing their production capacities, with significant expansions planned for the coming years [39][40].