新战场！一场围绕“电路板”的全球竞争正在升级

Core Viewpoint - The PCB industry is experiencing a technological revolution driven by the demand from AI data centers, electric vehicles, foldable phones, and robotics, leading to a significant increase in PCB demand and domestic manufacturers accelerating high-end capacity expansion [1] Group 1: AI Servers - AI servers require advanced PCBs with increased layers, leading to a cost increase of 3 times compared to traditional boards, with prices for specialized materials being over 5 times that of standard materials [2][4] - Major manufacturers like Shenghong Technology and Huadian Co. have AI server PCB orders booked until Q1 2026, with some companies operating at full capacity 24/7 [4] - The global market for high-layer PCBs (18 layers and above) is expected to grow at a rate of 41.7% by 2025 [4] Group 2: Electric Vehicles - The value of PCBs in electric vehicles has doubled, with a single vehicle's PCB value reaching 1500-2000 RMB, which is twice that of traditional fuel vehicles [5] - Advanced driving systems require 16-layer HDI boards, with prices exceeding 5000 RMB, and domestic market share for these boards has increased from 30% in 2023 to 45% [6] - The global automotive PCB market is projected to reach 9.4 billion USD by 2025, driven by the production of 77GHz radar boards for Tesla's Robotaxi [9] Group 3: Consumer Electronics - The integration level in consumer electronics is increasing, with the mainboard area of the iPhone 16 Pro reduced by 20.7% while accommodating more AI chips, thanks to SLP technology [10] - Companies like Pengding Holdings are investing significantly in expanding high-end HDI production lines, with a 50% increase in capacity at their Huai'an factory [10] - The penetration rate of HDI boards in consumer electronics is expected to exceed 35% due to the rise of AI PCs, with monthly order growth of 20% for AI PC PCBs [10] Group 4: Robotics - The demand for PCBs in the robotics sector is structurally increasing, with companies like Yushu Technology and UBTECH focusing on high-density and high-reliability PCB requirements [11] - The robotics industry is pushing for upgrades in PCB technology, indicating a broad long-term growth potential [11] Group 5: Industry Outlook - The global PCB market is expected to grow at a CAGR of 5.2% from 2024 to 2029, with AI servers, 800G switches, and robotics applications driving a 3-5 percentage point increase in industry gross margins [13] - The PCB industry is currently in a dual-cycle resonance period of "technological upgrades and domestic substitution," with companies like Shenghong Technology and Shengyi Technology poised for breakthroughs in AI computing, automotive electronics, and robotics [13]