猛兽派选股·2025-12-25 16:01Core Viewpoint - The article discusses the core processes and key equipment in high-end PCB manufacturing, highlighting the competitive landscape, market share, and recent performance of leading companies in drilling, plating, and blind hole formation processes. Group 1: Drilling Process - The drilling process includes mechanical and laser drilling, with key equipment such as mechanical drilling machines and CO₂/UV/ultrafast laser drilling machines. The domestic market share for mechanical drilling is approximately 70%, while laser drilling is rapidly increasing but still faces foreign competition [2]. - Leading domestic company Dazhu CNC (301200) holds a leading market share in mechanical drilling and has reported a revenue of 3.343 billion yuan in 2024, a 104.56% increase, and a net profit of 301 million yuan, a 122.20% increase [3]. - Mitsubishi Electric is a global benchmark for laser drilling machines, but faces challenges with long delivery times and high prices, leading to accelerated domestic substitution [4]. - Haoshi Electromechanical (300503) leads in high-speed air-floating spindles for PCB drilling, benefiting from high-end PCB expansion with increased shipment volume and price [5]. - Ding Tai Gao Ke (301377) holds the top global market share in PCB drill bits, with a projected 2024 share of approximately 26.8% [6]. - Chip Microelectronics (688630) is gaining traction with CO₂ laser drilling machines, targeting major clients and showing rapid growth in orders and shipments [7]. Group 2: Plating Process - Dongwei Technology (688700) is a domestic leader in vertical continuous plating (VCP) with over 50% market share, reporting a revenue of 757 million yuan in the first three quarters of 2025, a 30.58% increase [8]. - German company Amtech is a benchmark for high-end horizontal plating and IC substrate wet process equipment, but faces competition from domestic manufacturers like Dongwei in terms of cost and localization [9]. - Jingming (Taiwan) is an established player in VCP and plating lines, competing with Dongwei, which has superior uniformity and cost advantages [10]. Group 3: Blind Hole Formation Process - Dazhu CNC leads in routing/V-Cut forming machines, supporting pre-drilling and back drilling for blind holes, with high growth in orders and shipments expected in 2024-2025 [11][12]. - German company Berke-Faranna is a benchmark for high-end laminating machines used in blind hole lamination, but faces long delivery times and high prices, with domestic manufacturers catching up [13]. - Dongwei Technology supports blind hole filling with VCP and horizontal filling plating lines, achieving a filling fullness rate of over 98% [14].