AI的下一战：高端PCB材料，一个千亿级的国产替代新战场（附60页PPT与解读、投资逻辑）

Core Viewpoint - The report highlights that AI applications are driving the PCB industry into a growth cycle, with expectations for both volume and price increases in the PCB market due to rising demand from end-user electronics, 5G, and AI servers [1][21]. Group 1: AI Driving PCB Growth - AI applications are expected to lead to a significant increase in demand for high-end PCBs, particularly HDI and 18+ layer boards, with global market value CAGR projected at 6.4% and 15.7% respectively from 2024 to 2029 [1][6][39]. - The PCB industry is entering a new growth phase, with AI servers requiring more layers and advanced materials, resulting in a value increase that is several times higher than traditional servers [6][52]. Group 2: Core Material - Copper Clad Laminate (CCL) - CCL accounts for approximately 27% of PCB manufacturing costs, with key raw materials being copper foil, resin, and fiberglass cloth [2][6]. - The demand for high-frequency and high-speed CCL is expected to grow rapidly, driven by applications in AI and 5G [2][6]. Group 3: Evolving Demand for Electronic Resins - Electronic resins are crucial for enhancing the properties of CCL and PCBs, with a shift towards high-performance resins such as PTFE, PPO, and hydrocarbon resins [2][7][12]. - The demand for high-performance electronic resins is increasing as traditional epoxy resins fail to meet the high-speed requirements due to signal loss issues [5][12]. Group 4: Rapid Growth of High-Performance Silica Micro Powder - The demand for silica micro powder is expected to grow rapidly, with projections indicating a 13.2% year-on-year increase, reaching 473,000 tons by 2025 [2][12]. - Silica micro powder is essential for enhancing the performance of high-frequency and high-speed CCL, particularly in AI server applications [12][94]. Group 5: Market Dynamics and Trends - The PCB market is projected to recover with a growth rate of 5.8% in 2024, driven by new AI demands creating a new growth curve rather than just a cyclical recovery [21][29]. - China is the largest PCB manufacturing base globally, accounting for 56% of the market value, which provides a significant advantage for upstream material companies [29][24]. Group 6: Investment Insights - Investors are advised to focus on material companies that are positioned in high-growth segments such as HDI, IC substrates, and high-frequency boards, rather than those targeting low-end rigid boards [30][39]. - Companies capable of producing 18-layer and above PCBs, along with those providing corresponding CCL and materials, are expected to benefit the most from the current market dynamics [39][49].