Shenwan Hongyuan Securities·2026-02-10 05:40Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [7]. Core Insights - The demand for AI PCB drill bits is expected to surge due to accelerated capital expenditures in AI computing, alongside technological innovations driven by upgrades in PCB materials [2]. - The global PCB drill bit market is dominated by leading companies, with DingTai High-Tech holding a 28.9% market share, producing 500 million units, and benefiting from scale effects amid a supply shortage [2][3]. - The report highlights the strategic acquisitions and expansions of companies like Minbao Optoelectronics and Xiamen Maida, which are enhancing their production capabilities and technological advancements in the PCB drill bit sector [2]. Summary by Sections Industry Overview - The report discusses the recent acquisition by Minbao Optoelectronics of a 100% stake in Xiamen Maida, which specializes in the production of tungsten steel micro-drills for PCB applications, indicating a consolidation trend in the industry [1]. - The report emphasizes the increasing complexity of PCB manufacturing processes, which necessitates higher performance drill bits, leading to a significant increase in demand [2]. Key Companies - DingTai High-Tech: The company leads the global PCB drill bit market with a production volume of 500 million units and a market share of 28.9%. It is well-positioned to benefit from the demand surge due to its scale and in-house manufacturing capabilities [2][3]. - Zhongtung High-Tech: Focuses on high-end PCB drill bits, with plans to expand production capacity significantly in the coming years, aiming for a monthly output of 50 million units [2]. - World: The company is advancing its diamond micro-drill technology for PCB and semiconductor applications, with promising internal validation results for high-precision drilling [2]. Financial Projections - Financial forecasts for key companies indicate robust growth, with DingTai High-Tech projected to achieve a net profit of 686 million yuan in 2026, while Zhongtung High-Tech is expected to reach 1.895 billion yuan [3].