招商电子·2025-06-16 09:23Core Viewpoint - The PCB/CCL industry is experiencing a positive demand trend driven by AI computing power, with high utilization rates and expectations for continued growth in the second quarter of 2025. The overall demand is expected to remain strong due to advancements in AI applications and the increasing need for high-end products in the market [2][3][4]. Group 1: Industry Trends - The industry is in an expansion phase, with downstream AI innovations driving demand upward. The overall demand for consumer electronics, automotive, and server upgrades is expected to improve [3][16]. - PCB manufacturers are operating at a capacity utilization rate of 90-95% in Q1 2025, with expectations for continued upward trends in Q2. The industry is entering a new capacity expansion phase, focusing on high-end HDI and multilayer boards [3][24][23]. - The global PCB market is projected to grow by 6.8% in 2025, with significant contributions from AI-related applications [33][35]. Group 2: Demand Drivers - AI computing power is driving rapid growth in high-end HDI and multilayer demand, with a tight supply-demand relationship expected to persist [4][43]. - The demand for CCL materials is increasing, particularly for high-frequency and high-speed applications, with leading domestic manufacturers poised to benefit significantly [5][29]. - The automotive sector is also seeing a trend towards smart technology, which is expected to drive demand for upgraded PCB specifications [6][20]. Group 3: Investment Opportunities - Investment opportunities are identified in the PCB supply chain, particularly in high-end boards, CCL, and domestic replacements. The ongoing AI-driven technological innovation cycle is expected to create broader market demand [8][9]. - Companies involved in high-end PCB production, such as those focusing on AI server applications, are recommended for investment due to the anticipated growth in this segment [8][9]. - The domestic PCB industry is expanding its high-end capacity and increasing its overseas presence, indicating a positive outlook for future performance [24][25].