Core Viewpoint - The company Bowei Alloy (601137.SH) does not supply directly to Oracle Corporation in the United States [1] Group 1: Company Operations - In the AI computing server sector, the company's materials are primarily used in high-speed connector materials for copper connections in AI computing servers [1] - The company also provides specialized cooling materials for GB300 liquid cooling plates [1] - Additionally, the company supplies power distribution materials used in computing servers [1]

Core Viewpoint - The company does not supply directly to Oracle Corporation in the AI computing server sector, focusing instead on specific materials used in various components [1] Group 1: Company Operations - The company's materials are primarily applied in AI computing server copper connectors, which utilize high-speed connector materials [1] - The company also provides specialized cooling materials for GB300 liquid cooling plates [1] - Additionally, the company supplies power distribution materials used in computing servers [1]

Core Viewpoint - The company has established mature mass production capabilities in the high-end release film sector, with stable production and supply of related products [1] Group 1: Product Development and Applications - The company is exploring the application of ultra-thin high-end release films in small-sized MLCCs and is aware of their potential impact on the performance enhancement of AI computing servers [1] - The company is actively monitoring advancements in the electronic skin technology field and maintains technical exchanges and information communication with various parties [1] Group 2: Future Collaborations - The company will announce any substantial cooperation progress in the electronic skin field that meets disclosure standards in a timely manner [1]

Summary of Conference Call on PCB Industry and NVIDIA's Impact Industry Overview - The conference call focuses on the PCB (Printed Circuit Board) industry, particularly in relation to AI computing servers driven by companies like NVIDIA [1][2][6]. Key Points and Arguments - **NVIDIA's High-Density Interconnect (HDI) Demand**: NVIDIA's GB200 server utilizes advanced HDI boards with structures of 5+12+5 for compute trays and 6+12+6 for switch trays, indicating a shift towards higher density circuit integration [1][2][4]. - **Future Developments**: The upcoming GB300 server is expected to continue using high-level HDI and may incorporate new materials like Ma 9, potentially replacing copper connections with orthogonal backplanes, which will further increase PCB usage [1][4][6]. - **High-End PCB Trends**: The demand for high-end PCBs is driven by the need for higher performance in AI computing, with traditional PCBs being inadequate for these requirements [2][6]. - **Investment in Production Lines**: Investment in high-level HDI and multilayer PCB production lines is significantly increasing, with a 5-stage 22-layer HDI production line requiring approximately 130 million yuan, much higher than traditional through-hole boards [2][10]. - **Drilling Equipment's Role**: Drilling equipment is crucial for achieving electrical connectivity in PCBs, with increased demand for various types of drilling machines due to the complexity of high-level HDI and multilayer boards [2][9][11]. Additional Important Insights - **Market Dynamics**: The drilling equipment market is currently facing supply shortages, particularly for key components, with major suppliers struggling to meet demand [11][12]. - **Technological Advancements**: Companies like Dazhu CNC are focusing on ultra-fast laser drilling technology to capture market share in new materials, which is expected to be a significant growth area [15][17]. - **Investment Recommendations**: The PCB industry is projected to grow due to the demand from AI computing servers, with specific recommendations for companies like Dazhu CNC, Ding Tai High-Tech, and Zhong Tung High-Tech, which have competitive advantages in production capacity and cost control [18][19][20]. Conclusion - The PCB industry is evolving towards higher-end products driven by AI computing needs, with significant investments in production capabilities and technological advancements. Companies that adapt to these changes are likely to benefit from the growing market demand.

Core Insights - The price increase of copper-clad laminates reflects the rising demand in the PCB industry, driven by the growth in AI computing servers [2][3] - Major copper-clad laminate manufacturers, including Weilibang, Jiantao Laminates, and Hongruixing, have announced price hikes due to high raw material costs and increased bargaining power from strong demand [2][3] Industry Overview - The global server sales reached $95.2 billion in Q1 2025, a year-on-year increase of 134.1%, with expectations for the global server market to reach $366 billion in 2025, a 44.6% increase [3] - The PCB market is projected to grow from $73.57 billion in 2024 to $78.56 billion in 2025, with a year-on-year growth of 6.8% [3] - The demand for high-layer multi-layer boards and HDI boards is significantly outpacing the overall PCB industry growth, with multi-layer boards expected to grow by 40.2% and HDI boards by 18.8% in 2024 [3] Production Insights - Key production processes in PCB manufacturing include drilling, exposure, and testing, with drilling equipment accounting for approximately 20% of the total industry value [4] - The increasing complexity of HDI boards necessitates advancements in drilling, exposure, and plating processes, leading to higher demand for precision equipment [4] - Domestic production rates are high for mechanical drilling, while opportunities for domestic substitution exist in laser drilling and imaging processes [4] Investment Recommendations - Focus on core production processes: for drilling, consider Dazhu CNC (301200.SZ) and consumables from Dingtai High-Tech (301377.SZ) and Zhongtung High-Tech (000657.SZ); for exposure, look at Chipbond Technology (688630.SH) and Tianzhun Technology (688003.SH); for plating, Eastway Technology (688700.SH) is recommended; for solder paste printing, Keg Precision (301338.SZ) is suggested [5]

Investment Rating - The report maintains an "Add" rating for the mechanical equipment industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The price increase of copper-clad laminates reflects the high demand in the PCB industry, driven by strong terminal demand and rising raw material costs [1]. - The AI server market is significantly contributing to the incremental demand for PCBs, with global server sales reaching $95.2 billion in Q1 2025, a year-on-year increase of 134.1% [2]. - The global PCB market is projected to grow from $73.565 billion in 2024 to $78.562 billion in 2025, with a growth rate of 6.8% [2]. - Key production processes in PCB manufacturing, such as drilling, exposure, and testing, are becoming more complex due to the increasing demand for high-density interconnect (HDI) boards and multilayer boards [3]. - Investment opportunities are highlighted in the core processes of PCB production, particularly in drilling, exposure, and electroplating equipment [4]. Summary by Sections Price Trends and Demand - Recent price hikes by multiple copper-clad laminate manufacturers indicate a sustained increase in PCB industry demand, primarily due to high raw material prices and strong demand from AI server applications [1][2]. Market Growth Projections - The global server market is expected to reach $366 billion by 2025, with PCB demand driven by the server/storage sector, which is projected to grow by 33% year-on-year in 2024 [2]. - The production value of multilayer boards with 18 layers or more is expected to increase by 40.2% in 2024, significantly outpacing the overall PCB industry growth [2]. Production Process Insights - The drilling, exposure, and testing stages are critical in PCB production, with drilling equipment accounting for approximately 20% of the total industry value [3]. - The increasing complexity of HDI boards necessitates advancements in drilling and exposure technologies, presenting opportunities for domestic equipment manufacturers [3]. Investment Recommendations - The report suggests focusing on companies involved in the core processes of PCB production, including drilling (e.g., Dazhu CNC, Tianzhun Technology), exposure (e.g., Chipbond), and electroplating (e.g., Dongwei Technology) [4].