Core Viewpoint - The report from Kaiyuan Securities indicates that the sustained high capital expenditure from overseas AI giants is driving strong demand for high-end AI server PCBs, leading to supply tightness in the market [1] Group 1: Industry Expansion - The PCB industry is entering a period of intensive expansion, with several PCB manufacturers announcing new expansion projects, including notable projects from Huadian Co., Shenzhen South Circuit, and Guanghe Technology [2] - The capital expenditure for PCB manufacturers is expected to increase significantly, with Pengding Holdings guiding a capital expenditure of 5 billion yuan for 2025, a year-on-year increase of 51.5% [2] - The acceleration of expansion and increased capital expenditure reflect the current high prosperity of the industry and indicate sustainable future growth [2] Group 2: Supply Chain Dynamics - Some upstream PCB equipment suppliers are experiencing supply tightness due to the active expansion plans of downstream manufacturers [2] - The rapid growth in global AI computing power demand is accelerating the technological upgrades and capacity expansions of high-layer PCBs and high-end HDI boards [2] - Chip Quik's order delivery schedule has extended to the third quarter of 2025, with its capacity running at full load and optimistic business development prospects [2] Group 3: Technological Upgrades - AI's requirements for PCB performance are driving upgrades in layers, materials, and processes, with AI server PCBs typically having over 20 layers, compared to traditional servers which have 6-16 layers [3] - Advanced manufacturing processes such as back drilling and resin-filled holes are necessary to enhance the reliability and stability of AI server PCBs [3] - The complexity of high-layer HDI board structures is increasing, necessitating upgrades in related equipment, such as the introduction of advanced testing machines and drilling technologies by companies like Dazhu CNC [3] Group 4: Beneficiary Companies - Recommended beneficiaries in the PCB exposure equipment sector include Chip Quik [4] - Dazhu CNC is highlighted as a beneficiary in PCB drilling, exposure, forming, and testing equipment [4] - Dongwei Technology is identified as a beneficiary in PCB electroplating equipment, while Ding Tai Gao Ke is noted for PCB drilling needles [4]

大族数控2024年营收33.43亿元，同比增长104.56%；净利润3.01亿元，同比增长122.20%；H股上市计划 推进，全球化战略提速。 2025年4月20日，大族数控发布了2024年年报。报告显示，公司2024年实现营业总收入33.43亿元，同比 增长104.56%；归属净利润3.01亿元，同比增长122.20%。这一业绩表现得益于AI产业链基础设施需求的 爆发，以及消费电子市场的复苏和汽车电子技术的升级。与此同时，公司宣布拟发行H股并在香港联交 所主板上市，进一步推进全球化战略。 业绩大幅增长，AI产业链成主要驱动力 大族数控2024年的业绩表现堪称亮眼，营收和净利润均实现翻倍增长。公司营业总收入从2023年的 16.34亿元大幅提升至33.43亿元，同比增长104.56%；归属净利润从1.36亿元增长至3.01亿元，同比增长 122.20%。这一增长主要得益于AI产业链基础设施需求的爆发，尤其是服务器和高速交换机的需求激 增，带动了全球PCB产业市场规模的扩大，下游客户的资本支出增加，从而拉动了公司PCB专用加工设 备订单的增长。 在压合工序方面，公司推出了层压系统，获得了汽车电子、AI服务器电源 ...