【高端制造】AI引领PCB资本开支浪潮，关注龙头PCB设备&耗材商——PCB设备系列跟踪报告（二）（黄帅斌/庄晓波/陈奇凡）

Core Viewpoint - The demand for high-end PCB products is significantly increasing due to the expansion of AI computing power, leading to a notable rise in PCB equipment demand [4]. Group 1: PCB Equipment Market Overview - The global PCB specialized equipment market is projected to reach $10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029 [5]. - Key equipment segments in 2024 include drilling (21%), exposure (17%), inspection (15%), and electroplating (7%) [5]. - The demand for mechanical and laser drilling equipment is expected to coexist, with domestic manufacturers likely to capture high-end mechanical drilling equipment replacement demand [5]. Group 2: Specific Equipment Insights - In the exposure equipment sector, LDI equipment is a critical competitive area, with market share concentrated among leading companies [5]. - The electroplating equipment sector features diverse technological routes, with domestic firms holding an advantage in vertical continuous electroplating [5]. - The inspection field is becoming increasingly competitive, moving towards 3D and online capabilities [5]. Group 3: Emerging Trends and Innovations - The introduction of NVIDIA's Rubin architecture is expected to reshape the demand and landscape for drilling equipment and drill bits [6][7]. - The anticipated use of M9-grade copper-clad laminates in PCBs will significantly increase processing difficulty and costs, leading to a projected multi-fold increase in demand for AI PCB drill bits [7]. - The short-term market for tungsten-cobalt alloy-coated drill bits will remain dominant for processing M9 materials, while the commercialization of diamond drill bits is still pending [7].