BOHAI SECURITIES·2026-03-19 04:14Investment Rating - The investment rating for the specialized equipment sub-industry is positive, indicating a favorable outlook for PCB equipment due to rising downstream demand and capital expenditure trends [2]. Core Insights - The global PCB industry market size is expected to reach USD 84.89 billion by 2025, growing at a rate of 15.4% year-on-year, driven by strong demand in sectors such as AI servers and data storage [15][16]. - The PCB equipment market is entering a high prosperity cycle, with significant growth anticipated in drilling, exposure, plating, and testing equipment segments [3][22]. - Capital expenditures among A-share PCB manufacturers are on the rise, with a total of CNY 30.70 billion in the first three quarters of 2025, surpassing the total for 2024 [15][19]. Summary by Sections PCB Market Overview - PCB, known as the "mother of electronic products," is widely used across various industries including communication, consumer electronics, automotive, medical devices, industrial control, and aerospace [14]. - The market is projected to benefit significantly from AI-driven demand, particularly in the server and data storage sectors, which are expected to grow at a compound annual growth rate (CAGR) of 18.7% from 2024 to 2029 [16][19]. Equipment Market Dynamics - The global PCB specialized equipment market is projected to grow from USD 7.085 billion in 2024 to USD 10.765 billion by 2029, with a CAGR of 8.73% [3][23]. - China remains the largest market for PCB specialized equipment, accounting for over 50% of the global market share [23]. Drilling Equipment - The global PCB drilling equipment market is expected to reach USD 1.470 billion in 2024, representing over 20% of the specialized equipment market, with a projected CAGR of 10.29% [31]. - Domestic manufacturers are rapidly catching up in the drilling equipment sector, particularly in laser drilling technology, which is gaining traction due to its precision and efficiency [35][36]. Exposure Equipment - The global PCB exposure equipment market is anticipated to grow to USD 1.204 billion in 2024, with a CAGR of 9.99% expected through 2029 [39]. - The market is currently dominated by foreign companies, but domestic firms are making significant progress in the mid-to-low-end segments [43]. Plating Equipment - The global PCB plating equipment market is projected to reach USD 564 million in 2025, with a CAGR of 9.51% expected until 2029 [50]. - China continues to be the largest market for PCB plating equipment, maintaining over 80% of the global market share [50]. Testing Equipment - The global PCB testing equipment market is expected to grow to USD 1.063 billion in 2024, with a CAGR of 9.48% projected through 2029 [53]. - The increasing complexity of PCB designs necessitates advanced automated testing solutions to ensure product quality [53]. Company Profiles Dazhu CNC - Dazhu CNC is a leading player in the PCB specialized equipment market, with a comprehensive product line covering various PCB manufacturing processes [58]. - The company has shown a significant rebound in performance, with a projected revenue of CNY 39.03 billion in the first three quarters of 2025, reflecting a year-on-year growth of 66.53% [59]. Ding Tai High-Tech - Ding Tai High-Tech has experienced steady revenue growth, with expectations of a net profit increase of 80.72% to 102.76% in 2025, driven by rising demand in the high-end PCB market [66]. - The company maintains a stable profit margin, with a projected gross margin of 40.62% in 2025 [68].