Core Viewpoint - The article highlights the significant performance growth of several A-share listed companies in their semi-annual reports, with notable increases in net profits and revenues, indicating a positive trend in the market. Group 1: Company Performance Highlights - Zhenray Technology reported a net profit increase of 1006.99% and a revenue growth of 73.64% year-on-year, driven by substantial growth in its main business [3][2] - Pengding Holdings achieved a revenue of 16.375 billion yuan, up 24.75% year-on-year, and a net profit of 1.233 billion yuan, reflecting a 57.22% increase [3] - Jinlongyu's revenue reached 115.682 billion yuan, a 5.67% increase, with a net profit of 1.756 billion yuan, up 60.07% [4] - Zhuhai Group's revenue was 10.412 billion yuan, growing 14.89%, and its net profit increased by 57.83% to 585 million yuan [4] - Kweichow Moutai reported total revenue of 91.094 billion yuan, a 9.16% increase, and a net profit of 45.403 billion yuan, up 8.89% [6][5] Group 2: Strategic Developments - Zhenray Technology is focusing on emerging industries such as commercial aerospace and low-altitude economy, leveraging its technological advantages and strong customer relationships to drive growth [3] - Kweichow Moutai is enhancing its digital marketing through the "i Moutai" platform, which generated 10.76 billion yuan in revenue, contributing to brand rejuvenation and increased user engagement [7] - The company is also expanding its international market presence, with overseas revenue of approximately 2.9 billion yuan, accounting for 3.24% of total revenue [7] Group 3: Turnaround Stories - Zhongke Sanhuan reported a revenue of 2.922 billion yuan, down 11.17%, but achieved a net profit of 44 million yuan, recovering from a loss of 72 million yuan in the previous year [9] - Yangfan New Materials saw a revenue increase of 47.9% to 473 million yuan and turned a loss of 21.24 million yuan into a profit of 23.14 million yuan [9] - Haineng Technology achieved a revenue of 136 million yuan, up 34.87%, and a net profit of 547,150 yuan, recovering from a loss of 1.401 million yuan [10]

Core Viewpoint - The demand for AI computing power is driving a significant increase in both volume and price in the PCB market, with expectations for the AI PCB market to reach $5.6 billion in 2025 and $10 billion in 2026 [2][8]. Demand Side - AI-driven computing infrastructure and smart device innovations are expected to boost the global PCB market value to $73.57 billion in 2024, representing a year-on-year growth of 5.8% [5][7]. - The demand for AI servers and GPUs/ASICs is projected to provide new momentum for long-term growth in the PCB market, with a forecasted compound annual growth rate (CAGR) of 4.8% from 2025 to 2029, reaching $94.7 billion by 2029 [5][8]. - The penetration rate of AI servers is expected to reach 15% by 2026, with shipments projected to exceed 2.1 million units [7]. Supply Side - PCB manufacturers are accelerating capacity expansion, with a total investment of approximately 32 billion yuan announced by seven listed companies for PCB capacity expansion [2][35]. - Despite the acceleration in capacity expansion, the efficiency of capacity release is expected to lag behind the growth rate of AI demand, leading to a sustained supply-demand gap in the medium term [2][35]. Technological Innovations - Continuous iterations in technology are anticipated, with a focus on reducing dielectric constant (dk) and dielectric loss (df) to overcome transmission bottlenecks [4][52]. - The integration of advanced materials and new processes, such as CoWoP and substrate-like PCBs, is expected to drive further growth in the PCB market [4][52]. Market Dynamics - The global PCB market is heavily concentrated in Asia, with China leading in market share. The Asian PCB market is projected to reach $67.9 billion in 2024, accounting for 93.1% of the global market [35][38]. - The demand for high-layer and HDI PCBs is increasing due to the requirements of AI servers, which typically have more than 20 layers and require ultra-low loss materials [35][42]. CCL Market - The CCL (Copper Clad Laminate) market is also experiencing high demand, with the global market expected to reach $15.08 billion in 2024. Major suppliers include companies like Kingboard and Shengyi Technology [37][40]. - The leading CCL manufacturers are expanding their production capacity to meet the rising demand driven by AI infrastructure [40][41].

AIPCB 技术迭代，规模高速增长，上游 CCL、铜箔等环节 迎量价双升 20250811 摘要 AI 服务器推动 PCB 向高多层（18 层以上，复合增速预计 15.7%）和 HDI（高密度互连）方向发展，以满足高性能和低损耗需求，设计难度 和生产挑战增加。 英伟达 AI 服务器架构演进，从 UBB 母板+GPU+OAM 板卡到采用 22 层 5 阶 HDI computer tray，再到 Rubin Ultra 的正交背板方案替代铜 缆，旨在提升速率、散热和维修效率。 英伟达材料选择从 PTFE 转向马久材料，以平衡性能和可制造性。同时 探索 COOP 封装方案以减少信号损耗，但该方案仍处于早期阶段，需进 一步验证。 谷歌和亚马逊在 ASIC 服务器设计上采用机柜方案，增加 PCB 用量，单 卡 PCB 价值量较高，ASIC 服务器对 PCB 需求显著增长，成为市场主要 驱动力。 Meta 和 OpenAI 计划在未来几年量产双芯片计算托盘和单芯片设计的 AI 服务器，将进一步提高对 PCB 的用量和规格要求。 Q&A PCB 行业目前的市场规模和发展趋势如何？ PCB 行业是一个非常庞大的市场，整体市 ...

Summary of Key Points from Conference Call Industry Overview - The global PCB market is expected to grow significantly, from $73.565 billion in 2024 to $100 billion by 2026, driven primarily by the AI server market, which is growing faster than the overall AI server growth rate [1][2][4]. Core Insights and Arguments - AI computing demand is driving the PCB industry through increased shipments of GPUs and ASICs, with ASICs requiring higher performance and power efficiency, leading to greater demand for high-end PCB products [1][5]. - GPU shipments are projected to reach 6.76 million units in 2026, a growth of approximately 20% to 30% compared to 5.76 million units in 2025 [1][9]. - Major cloud computing companies are optimistic about the acceleration of AI commercialization, increasing their capital expenditures (CAPEX). For instance, the total CAPEX of the four major North American cloud computing firms is expected to reach $366.1 billion in 2025, a nearly 50% year-over-year increase, and further increase to $426.2 billion in 2026 [1][18]. Specific Company Insights - NVIDIA's demand for PCBs is expected to grow rapidly from $850 million in 2024 to $1.53 billion in 2025, and then to $2.64 billion in 2026, reflecting the increasing demand for high-performance computing devices [3][16]. - Google and Amazon are rapidly advancing in ASIC chip development, with Google expected to ship 2 million ASIC chips in 2025 and 3.3 million in 2026, significantly increasing PCB usage from $1 billion to $2 billion [19]. - Meta is projected to increase its PCB procurement from $1.1 billion in 2025 to $2 billion in 2026, while Microsoft is also ramping up its investments in computing infrastructure [20]. Emerging Technologies and Trends - New technologies such as COWOP (Chip-on-Wafer-on-Substrate) are being adopted, with a shift towards modular designs that enhance performance and cost-effectiveness [6][14]. - The introduction of high-frequency and high-speed materials, such as Ma9 and PTFE, is expected to significantly increase the value of PCBs and CCLs (Copper Clad Laminates) [7][33]. - The market for orthogonal backplanes is projected to reach $2 billion, driven by NVIDIA's new Rubin Ultra solution, which emphasizes the importance of PCB connections over traditional copper connections [30]. Supply Chain and Capacity Issues - Domestic PCB companies in China are experiencing a growth trend in CAPEX, with expectations of reaching 25 to 30 billion RMB in 2025, but face challenges such as long ramp-up cycles for high-end products and immature supply chains in Southeast Asia [27]. - Upstream CCL companies are also expanding capacity, but high-end materials remain in short supply, which could become a bottleneck for PCB manufacturers [28]. Market Demand and Economic Impact - The demand for AI-related PCBs is projected to grow from $5.6 billion in 2025 to $10 billion in 2026, significantly contributing to GDP growth [25]. - The optical module market is also expected to see substantial growth, with PCB demand rising from $1.6 billion in 2025 to nearly $3 billion in 2026 [26]. Conclusion - The PCB industry is poised for significant growth driven by advancements in AI computing, increased demand for high-performance computing devices, and the adoption of new technologies. However, supply chain challenges and capacity constraints may impact the pace of this growth.

Group 1 - The PCB concept index rose by 2.85%, ranking 9th among concept sectors, with 139 stocks increasing in value [1] - Notable gainers included Weier High-Tech, which surged by 20% to hit the daily limit, along with Ultrasonic Electronics, Huazheng New Materials, and Dazhu Laser, all reaching the daily limit as well [1] - The top gainers in the PCB sector were Tiancheng Technology, Luwei Optoelectronics, and Jintuo Co., which increased by 13.38%, 11.05%, and 10.80% respectively [1] Group 2 - The PCB sector saw a net inflow of 4.488 billion yuan, with 88 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflows [2] - Shenghong Technology led the net inflow with 663 million yuan, followed by Dazhu Laser, Dongshan Precision, and Deep Kangjia A, which received net inflows of 617 million yuan, 602 million yuan, and 463 million yuan respectively [2] - The top stocks by net inflow ratio included Deep Kangjia A, Huazheng New Materials, and Ultrasonic Electronics, with net inflow ratios of 36.03%, 27.42%, and 22.78% respectively [3] Group 3 - The PCB concept sector had a total of 139 stocks that increased, while notable decliners included Songji Co., Bojie Co., and Kangda New Materials, which fell by 5.64%, 4.97%, and 2.70% respectively [1][2] - The overall market performance showed a mixed trend, with various sectors experiencing both gains and losses, indicating a diverse investment landscape [2][3]

Summary of Conference Call on PCB Industry and AI-Driven Developments Industry Overview - The conference call discusses the PCB (Printed Circuit Board) industry, particularly focusing on the impact of AI server demand on PCB materials and production processes [1][2][3]. Key Points and Arguments - **AI Server Demand and PCB Upgrades**: The demand for AI servers is driving upgrades in PCB materials, with the downstream value expected to exceed $70 billion in 2024. The storage segment of servers is projected to account for approximately 1/7 of this value, with China contributing over 55% [1][2]. - **Technological Requirements**: AI servers require PCBs with lower loss and higher transmission speeds, leading to a shift from traditional copper-clad laminates to MM8/MM9 materials. This change necessitates finer drill bits and increased laser drilling, which will enhance the value of drilling, exposure, and plating processes [1][3]. - **Market Size and Equipment Concentration**: The global market for PCB-specific equipment is estimated to be around $7 billion in 2024, with drilling equipment accounting for over 20% of this market. The concentration of drilling and exposure equipment is high, while detection equipment remains more generalized [5][16]. - **Drill Bit Demand and Supply**: The demand for drill bits is increasing due to the rise of high-layer and thick HDI (High-Density Interconnect) boards. The lifespan of micro-drills has decreased significantly, and prices for coated drill bits are approximately 30% higher than standard ones. Overall, AI-related drill bits are expected to see price increases of 30-60% [6][9]. - **Production Process Importance**: The PCB production process involves multiple stages, including lamination, drilling, plating, and exposure. The increase in multilayer boards correlates strongly with the need for investment in related equipment, particularly in drilling, which holds the highest value in the production process [7][8]. Additional Important Insights - **Investment Opportunities**: The drilling market presents several investment opportunities, particularly for companies that can quickly and reliably expand production capacity. Companies like Ding Tai and Zhong Wu are highlighted for their potential to benefit from AI-related orders [10][12]. - **Future Supply Gaps**: Despite ongoing expansions in the drill bit market, significant supply gaps are expected to persist in the short term, particularly in the drill bit segment, which may become the most constrained part of the equipment supply chain [9][11]. - **Trends in Drilling Equipment**: Mechanical drilling remains the dominant method for multilayer boards, but the complexity and precision required for AI-related applications are driving price increases for both mechanical and laser drilling equipment [13][14]. - **Laser Drilling Technology**: The application of laser drilling technology is expected to grow significantly, especially as the cost-effectiveness of laser drilling improves relative to mechanical drilling. This shift is anticipated to occur in specific diameter ranges where both technologies are applicable [14][15]. - **Domestic Market Dynamics**: The low domestic production rate of laser drilling equipment in China is gradually improving, with local brands beginning to replace imported products. This trend is expected to enhance competition and market growth in the coming years [17][18]. Conclusion - The PCB industry is undergoing significant transformation driven by AI technology, leading to increased demand for advanced materials and equipment. Companies that adapt to these changes and invest in new technologies are likely to see substantial growth and investment potential in the evolving market landscape [18].

证券日报网讯金禄电子8月6日在互动平台回答投资者提问时表示，公司产品主要应用于汽车电子领域， 尤其是在新能源汽车"三电系统"领域形成了较为广泛的终端市场应用。公司PCB已配套应用于2024年度 国内动力电池装机量排名前十企业中的八家企业的BMS，并成为国内多家头部动力电池厂商的PCB主 力供应商，BMS用PCB产品的市场地位较为突出。 （文章来源：证券日报） ...

Group 1 - The company, Shiyun Circuit (603920.SH), is collaborating with Tesla on the Dojo project, focusing on PCB products primarily for its supercomputer sector [1]

Core Viewpoint - The company has a strong position in the PCB industry, focusing on high-end applications such as communication devices, data center infrastructure, and automotive electronics, with significant revenue growth expected in 2024 driven by AI and data center demand [1][4]. Group 1: Financial Performance - The company is projected to achieve a revenue of 13.342 billion yuan in 2024, representing a year-on-year growth of 49.26%, with net profit attributable to shareholders expected to reach 2.587 billion yuan, a 71.05% increase [1]. - In the first half of the year, the company maintained high growth, with net profit attributable to shareholders around 1.7 billion yuan, and Q2 net profit approximately 938 million yuan, both showing significant quarter-on-quarter growth [1]. Group 2: Market Demand and Product Development - The demand for HDI and multi-layer boards is increasing due to the upgrade of data center switches from 100G and 400G to 800G, which raises the specifications for PCB layers, materials, and processes, thus enhancing product value [2]. - The company is actively expanding its high-end production capacity through technological upgrades and new projects, including a new facility in Kunshan aimed at producing 290,000 square meters of HDI annually, positioning itself to benefit from the AI wave [2][4]. Group 3: Automotive PCB Market - The electric and intelligent vehicle sectors are driving an increase in PCB usage, with the area per vehicle rising significantly from 0.6-1 square meters in traditional vehicles to 5-8 square meters in electric vehicles, leading to higher value requirements [3]. - The company's revenue from automotive PCBs is expected to reach 2.408 billion yuan in 2024, an 11.58% increase, with a growing share of revenue coming from advanced products like millimeter-wave radar and HDI for autonomous driving [3]. Group 4: Strategic Positioning - The company maintains close cooperation with major clients to develop next-generation GPU and XPU computing platform products, as well as various high-speed network switching products, showcasing its technological positioning advantage [2][4]. - The company is well-positioned to benefit from the ongoing trends in AI and automotive electrification, with a forecasted EPS of 1.96 yuan in 2025 and 2.66 yuan in 2026, corresponding to PE ratios of 28 and 20 times, respectively [4].

每经AI快讯，有投资者在投资者互动平台提问：公司PCB中小订单在行业里算低端还中高端？什么时候 能扭亏为盈？目前产能利用率多少？ 一博科技（301366.SZ）8月5日在投资者互动平台表示，公司PCB工厂一期产能主要定位于生产高端快 件，为客户提供研发打样及中小批量PCB快速交付服务，订单种类以中高端、高多层的PCB研制为主， 主要聚焦下一代服务器、ATE和其他跟AI紧密相关（算力卡、服务器、数据中心）的复杂PCB产品生 产。该工厂自试生产以来，营收、利润、产能利用率等财务指标正逐月好转，具体情况请查询公司披露 的定期报告相关信息。 （文章来源：每日经济新闻） ...