Shenwan Hongyuan Securities·2026-03-19 09:42Core Insights - The demand for PCB is driven by scale, speed, and integration, with a focus on the progress of substrate integration, backplane development, and optical-copper fusion [3][6] - The data center PCB market is projected to grow from $12.5 billion in 2024 to $23 billion by 2030, with a CAGR of 10.7% from 2024 to 2030 [13] - Key technological advancements include substrate integration with CoWoP, backplane applications in Kyber racks, and the integration of optical systems in EOCB [18][23][34] PCB Sector - The expansion of computing clusters is leading to increased demand for high-layer, high-density, and high-speed interconnect PCBs [6][12] - The integration of complex functions through substrate and backplane technologies is enhancing PCB capabilities [6][12] - The introduction of CoWoP technology by Nvidia aims to improve signal integrity and reduce power loss, although challenges remain in mSAP process and supply chain constraints [18][19] CCL Sector - The transition to M9-M10 specifications is driven by the need for higher speed and cost-driven price increases [5][37] - The dielectric performance of CCL must be upgraded to ensure signal integrity as speeds and frequencies increase [5][37] - The main materials for CCL are expected to see significant price increases due to supply constraints and rising demand from AI applications [58][63] Key Companies - Key players in the PCB sector include Huadian Co., Shennan Circuit, Shenghong Technology, and others, with a focus on high-layer and high-density PCB production [76] - Huadian Co. is a core supplier for switches and ASIC PCBs, while Shennan Circuit leads in data communication PCBs and packaging substrates [76] - Shenghong Technology is involved in Nvidia's interconnect definitions, focusing on capacity expansion and breakthroughs in ASIC and switch technologies [76] Investment Opportunities - The report highlights the importance of monitoring the progress of high-speed CCL certification and the sustainability of price increases [3][5] - Companies like Huadian Co. and Shenghong Technology are positioned to benefit from advancements in AI and high-speed interconnect technologies [76] - The focus on high-end materials and technologies in the PCB and CCL sectors presents significant investment opportunities as demand continues to rise [58][63]