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电子布专家:Cowop工艺利好CTE布,行业趋势怎么看?
2025-07-30 02:32
Summary of Conference Call Records Industry Overview - The conference call discusses the PCB (Printed Circuit Board) industry, focusing on advancements in technology and materials driven by companies like NVIDIA and Huawei [1][2][3]. Key Points and Arguments New PCB Solutions and Technology - NVIDIA's new solution integrates chip packaging directly onto the PCB, eliminating the need for traditional ABF substrates, which enhances efficiency and reduces costs [2][6]. - The new PCB design requires high-density interconnect (HDI) technology, with GB200 using 5-layer HDI and GB300 potentially reaching 6 or 7 layers, increasing line density and reducing hole size [1][5]. Material Requirements - The new PCB solutions demand higher uniformity in copper plating and improved properties in glass fiber cloth (low CTE and low DK materials) [1][3][8]. - For 7-layer HDI, approximately 15-16 square meters of glass cloth is needed per square meter of accelerated card, with 9-layer HDI requiring 18 times more [8]. Market Demand and Projections - By Q4 2026, the demand for low e glass cloth is projected to reach 10 million square meters due to the Roping 27 platform [1][9]. - NVIDIA's server demand for the new COVO process is estimated at 10 million meters, with an additional 1 million square meters needed for switches [13]. Cost and Performance Implications - The new PCB solutions, while having a higher unit price, are expected to improve overall performance and signal integrity due to reduced transfer steps [6]. - The price of high-end HDI PCBs can be two to three times higher than traditional boards, with current prices ranging from 10,000 to 12,000 yuan per square meter [16][17]. Competitive Landscape - Major manufacturers capable of producing high-end HDI PCBs include Shenghong, Pengding Holdings, Dongshan Precision, and Shennan Circuit [19]. - Shenghong holds a 75% market share in the accelerator card market, indicating a strong competitive position [21]. Future Trends - The industry is expected to see continued advancements in high-end HDI technology, with potential for 9-layer HDI and further optimization of low TK glass cloth [7]. - The adoption of MSAP (Modified Semi-Additive Process) is anticipated to increase the demand for low-expansion materials by approximately 10 million square meters annually [23]. Specific Applications and Innovations - Huawei's 384 super orthogonal backplane is manufactured by leading domestic companies, with a high production cost of around 200,000 yuan per square meter [12][31]. - The new COVO process requires resin with higher expansion coefficients and improved copper foil uniformity, enhancing performance for high-speed PCBs [14]. Additional Important Insights - The transition from ADF narrow boards to advanced PCB solutions is expected to significantly increase the demand for low CTE glass cloth [23]. - The new packaging method, which integrates chips with larger PCBs, is still in the experimental phase and has not yet reached mass production [29]. This summary encapsulates the critical developments and projections within the PCB industry as discussed in the conference call, highlighting the technological advancements, material requirements, market dynamics, and competitive landscape.