Shengquan Group(SH:605589) 材料汇·2025-07-30 15:34Core Viewpoint - The article discusses the growth and dynamics of the PCB (Printed Circuit Board) industry, particularly focusing on the demand for high-frequency and high-speed PCBs driven by advancements in AI servers and other electronic applications [6][21]. PCB Industry Overview - PCB serves as a crucial electronic interconnect component, connecting various electronic parts to form predetermined circuits [7]. - The upstream of PCB includes raw materials such as copper foil, fiberglass cloth, and resin, while the downstream encompasses various electronic products including communication devices, consumer electronics, and automotive applications [8]. Copper Clad Laminate (CCL) Insights - CCL is identified as the core intermediate product for PCB manufacturing, providing essential functions of conductivity, insulation, and support [10]. - The cost structure of PCB indicates that direct costs account for nearly 60%, with CCL representing the highest cost share at 27.31% [15]. Performance Metrics of CCL - Electrical performance is highlighted as a core indicator for CCL quality, impacting PCB performance, manufacturing costs, and long-term reliability [16]. - High-frequency and high-speed PCBs are increasingly utilized in applications such as 5G base stations and AI server GPU clusters, with signal transmission rates exceeding 112 Gbps [16]. Market Demand for High-End PCBs - The global AI infrastructure market is projected to grow significantly, with the market size expected to reach $124.03 billion by 2033, driven by rapid AI application deployment [25]. - AI server shipments are anticipated to rise sharply, with a forecasted shipment of 213.1 million units in 2025, reflecting a year-on-year growth of 27.6% [24]. Upgrading Server Requirements - The demand for PCBs is increasing as ordinary servers upgrade their specifications, necessitating higher performance CCLs [31]. - The global server shipment is expected to grow from 13.6 million units in 2020 to 16.3 million units by 2025, with a compound annual growth rate of 4.15% [31]. Market Growth Projections - The PCB market is projected to experience substantial growth, particularly in the server segment, with a compound annual growth rate of 11.6% from 2023 to 2028 [37]. - The high-end CCL market is expected to expand rapidly, with projections indicating a market size increase from under $4 billion to over $6 billion between 2024 and 2026, reflecting a compound annual growth rate of 28% [37]. Competitive Landscape - Japanese and Taiwanese companies hold significant advantages in the high-end CCL market, with major players like Panasonic and Rogers leading in high-frequency and high-speed CCL technology [38]. - The market for rigid special CCL is dominated by a few key players, with 13 companies accounting for approximately 93% of global sales [38].