【国信电子|PCB十问十答】AI算力与终端创新共振，PCB重塑高密度连接格局

Core Viewpoint - The PCB industry is entering a new AI-driven cycle, fundamentally changing the demand structure. The construction of AI server clusters is driving simultaneous upgrades in PCB demand and pricing, with AI expected to be the main growth driver for the PCB industry over the next 3-5 years. The wired communication PCB market is projected to reach 206.9 billion yuan by 2027, with a CAGR of 20% over the next two years [3][8]. Group 1: Industry Trends - The current AI cycle differs from the previous 5G cycle, showing a long-term trend of "technology iteration driving continuous penetration" rather than a "peak-recession" pattern [3][8]. - Major manufacturers are actively expanding production capacity, with many A-share PCB companies announcing aggressive expansion plans compared to last year [3][8]. - The high-end PCB market is expected to remain tight until 2027, with a projected total output value of 186 billion yuan from 13 leading PCB manufacturers by 2027, reflecting a CAGR of 54% from 2025 to 2027 [3][8]. Group 2: Technological Advancements - The industry is experiencing significant acceleration in high-end trends due to advancements in processes and materials. The mSAP process is rapidly being adopted in AI servers and switch mainboards to meet the demands for finer line widths [3][8]. - The transition from traditional copper cables to orthogonal backplanes is being driven by the need for higher density and efficiency in AI server architectures, as demonstrated by Nvidia's new Kyber structure [3][8]. Group 3: Market Opportunities - The demand surge and profit improvement in the PCB upstream materials sector present opportunities for domestic substitution. The recent increase in copper prices has led to a general rise in prices for mid-to-low-end products, while high-frequency and high-speed AI PCBs face limited short-term price increases due to customer bargaining power [3][8]. - The domestic manufacturers are making significant progress in the resin and silicon powder sectors, accelerating the localization of second-generation low-DK materials, which opens up rapid domestic substitution opportunities in the high-end copper-clad laminate industry [3][8]. Group 4: Company Expansion Plans - Major PCB companies are planning significant expansions, including investments in new production bases in Southeast Asia and upgrades to domestic high-end capacities. For example, Shenghong Technology plans to invest 2.79 billion yuan in Thailand for a new factory with an annual capacity of 1.5 million square meters [3][8]. - Other companies like Huidian and Dongshan Precision are also announcing substantial capital expenditures for expanding high-end PCB production capabilities, with plans to focus on AI and automotive electronics [3][8].