高阶 HDI 在工艺上的改进主要体现在叠层结构和钻孔技术上。以最普通的一阶 HDI 为例，其基本结构是在核心层上下各叠一片半固化片，再覆盖一片铜箔， 实现 1+2+1 即 4 导电层。而复杂一些的两阶 HDI 则需要在两片芯板基础上， 通过半固化片连接，再覆盖多片铜箔，使得导电层数量达到六至十几不等。 随 着增层数增加，每一增层都需要打激光盲埋孔，以实现电气互联，因此对激光 钻机需求大幅提升。同时，由于核心层通常通过机械通孔进行加工，而增多叠 加会降低加工效率并影响良率，因此对机械钻机也提出了更高要求。此外，还 涉及到背钻孔技术，即在通孔基础上进一步去除部分镀铜，以优化信号传输速 率。 总之，高阶 HDI 的发展不仅增加了导电、叠加及打孔工序，也提高了对 相关设备精度、效率及稳定性的要求。 PCB 设备专题：如何理解 PCB 工艺进阶带来的设备&耗材 量价齐升机遇？20250928 摘要 AI 算力服务器推动 PCB 行业向高端化、高阶化发展，英伟达 Ruby 架构 采用 PCB 替代铜缆互联，解决高密度互联需求，正交背板成为优选方案， 但 78 层高多层结构对机械钻孔设备提出更高要求，需分次钻孔并升级 PC ...

Investment Rating - The report assigns a "Strong Buy" rating to the company, with a target price of 65.13 CNY based on a projected 30x PE for 2026 [3][11]. Core Insights - The company is positioned to benefit from a new growth cycle driven by AI edge computing and AI PCB expansion, following a historical pattern of stock price and operational cycles [9][37]. - The company has established itself as a leading global provider of intelligent manufacturing equipment solutions, with a diversified product range across various sectors including consumer electronics, new energy, and semiconductors [15][18]. Summary by Sections Company Overview - The company has evolved over 30 years into a platform technology leader, with a comprehensive product portfolio that includes equipment for information technology, new energy, semiconductor, and general laser processing [15][18]. - The management team possesses extensive industry experience, contributing to stable operational performance [25][26]. Consumer Electronics - Major clients are initiating a new innovation cycle, with AI hardware upgrades driving increased equipment demand [40]. - The company is actively expanding its product offerings in 3D printing and other new technologies to meet evolving market needs [40][48]. AI PCB - The AI sector is expected to trigger the largest expansion wave in PCB manufacturing, with a surge in equipment demand driven by high-density and high-performance requirements [9][11]. - The company holds the leading market share in PCB equipment, particularly in drilling and imaging technologies, positioning it well to capitalize on industry growth [9][11]. Financial Projections - Revenue forecasts indicate a growth trajectory with total revenue expected to reach 29.9 billion CNY by 2027, reflecting a compound annual growth rate of 21.5% [3][11]. - Net profit is projected to rebound significantly, with estimates of 3.33 billion CNY by 2027, following a dip in 2025 [3][11]. Investment Thesis - The combination of AI edge computing and AI PCB advancements is anticipated to drive a new growth cycle for the company, supported by historical performance patterns [9][37]. - The company has successfully incubated numerous subsidiary companies, enhancing its competitive edge across various technology sectors [10][11].

Summary of Conference Call on PCB Equipment Industry Industry Overview - The PCB industry is experiencing significant growth driven by AI, with leading manufacturers like Shenghong, Pengding, and Jingwang expanding capacity to meet the rising demand for multilayer and HDI boards, particularly those with over 20 layers and advanced multilayer boards reaching up to hundreds of layers [1][3][8]. Key Points and Arguments 1. **Increased Capital Expenditure**: Downstream PCB manufacturers are expected to exceed capital expenditure forecasts, with significant investments in equipment from leading firms [3]. 2. **Growth in Multilayer and HDI Board Demand**: AI is increasing the share of multilayer and HDI boards in the industry, with many AI-related PCBs having at least 20 layers [3][8]. 3. **High Precision Requirements**: The trend towards multilayer PCBs is leading to smaller hole diameters and narrower line widths, necessitating higher precision in exposure equipment, especially for HDI products [3][7]. 4. **New Technology Iteration**: Future packaging technologies may evolve towards more advanced solutions, increasing the demand for high-end exposure equipment, which accounts for over 15% of total equipment investment [4]. 5. **Direct Imaging Technology**: Laser Direct Imaging (LDIA) technology is the mainstream method, offering 3-4 times higher production efficiency and precision down to 5 microns, compared to traditional photolithography [5]. 6. **Market Concentration**: The PCB exposure equipment market is concentrated, with the top five suppliers holding over 55% market share, and New Micro Equipment leading with a 15% share [9][10]. 7. **New Micro Equipment's Market Position**: New Micro Equipment has a strong presence in both PCB and semiconductor fields, providing high-precision equipment from tens of microns to nanometer levels, with a focus on high-end HDI equipment [10][11]. Additional Important Insights - **Future Development Directions**: New Micro Equipment plans to leverage its technological advantages in both semiconductor and PCB sectors, expand international business, and enhance production capacity [11][12]. - **2024 Equipment Shipment and Capacity**: In 2024, the company shipped 378 units, with actual production exceeding 400 units, and is expected to maintain high delivery rates into 2025 [12][13]. - **Order Growth in Laser Drilling**: The company has received orders for its laser drilling business, with significant growth anticipated in the semiconductor sector [13][15]. - **Overall Development Logic**: The company's growth is driven by accelerated downstream expansion, new technology iterations, increased delivery capabilities, and breakthroughs in the semiconductor field [16]. This summary encapsulates the key insights from the conference call regarding the PCB equipment industry, highlighting the growth drivers, market dynamics, and the strategic positioning of leading companies within the sector.

Investment Rating - The report assigns a "Buy" rating to the company for the first time [5] Core Views - The company is a global leader in PCB equipment, benefiting significantly from the current demand for high-performance computing [5] - The company has a comprehensive product matrix covering all major processes in PCB manufacturing, including drilling, exposure, lamination, forming, inspection, and attachment [21][15] - The company has shown strong revenue growth, with a projected increase in net profit from 696.84 million yuan in 2025 to 1.73 billion yuan in 2027 [5] Summary by Sections Company Overview - Established in 2002, the company specializes in PCB equipment and has been listed on the Shenzhen Stock Exchange since February 2022 [14] - The company has a wide range of products covering various PCB manufacturing processes and serves top global PCB manufacturers [15][21] Industry Analysis - The PCB industry is experiencing a recovery driven by new demands from AI servers and high-performance infrastructure, with a projected growth in the global PCB market from $73.57 billion in 2024 to $94.66 billion in 2029 [41] - The demand for high-end PCB products, such as HDI boards and multilayer boards, is expected to grow significantly, becoming a core driver of industry growth [41][45] Financial Performance - The company reported a revenue of 2.38 billion yuan in the first half of 2025, a year-on-year increase of 52.26%, and a net profit of 263 million yuan, up 83.82% [2][25] - The company's revenue is projected to reach 5.83 billion yuan in 2025, with a net profit of 696.84 million yuan, reflecting a strong recovery trend [5][24] Market Position - The company holds a leading market share of 10.1% in China and 6.5% globally in the PCB equipment sector [4] - The company has a strong presence in drilling and exposure equipment, with its products ranking second globally in mechanical drilling and laser drilling [4][15]

Summary of PCB Industry and Company Insights Industry Overview - The PCB industry is experiencing a significant surge in demand driven by AI applications, with expectations for this trend to continue until at least 2026 [2][14] - High-end PCBs are benefiting from material and structural upgrades, with layer counts increasing to over 24 layers and hole density rising, leading to a growth in the value of drilling equipment [1][3] Key Points on High-End PCB Products - High-end PCB materials are evolving from M5/M6 to M7/M8, with M8 already in mass production and M9 still in testing [1][5] - The increase in PCB thickness has led to the emergence of new drilling techniques such as segmented drilling and back drilling, which consume more drill bits and may require layered processing [12] - The value of high-end AI machinery is 20%-100% higher than that of standard machinery, with potential value growth of four to five times [12] Impact of New Technologies - New technologies are catalyzing the development of high-end PCBs, particularly in drilling, exposure, detection, and plating processes, with equipment value potentially increasing by up to four times [3][13] - The penetration rate of laser drilling is expected to continue rising, with CO2 and UV laser types being utilized for different applications [7][10] - The future of laser drilling technology is moving towards ultra-fast lasers, which offer significant improvements in precision, quality, and efficiency [10] Company Performance and Recommendations - Companies such as DingTai, Dazhong CNC, and Kaige Precision are performing exceptionally well due to the increased demand for AI-related high-end equipment, with notable improvements in gross margins and performance [3][15] - Dazhong CNC reported a doubling of its performance in Q2 2025, driven by the increased share of high-end machinery [15] - Other companies like New Flag Microelectronics and Dongwei Technology are also showing promising results, although their performance release may vary due to equipment delivery timelines [16] Future Trends in the PCB Industry - The PCB industry is expected to continue evolving with a focus on the increasing share of new technologies, particularly in laser drilling [17] - Recommended companies for investment include Dazhong CNC, New Flag, DingTai, and Dongwei, along with emerging players benefiting from new technologies such as Di'er and Inno Laser [17]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by demand in the AI server market and advancements in drilling equipment technology [1][4]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 2.382 billion yuan, a year-on-year increase of 52% [1] - The net profit attributable to shareholders reached 263 million yuan, up 84% year-on-year [1] - The non-recurring net profit was 250 million yuan, reflecting a 101% increase year-on-year [1] - The gross margin was 30.28%, an increase of 1 percentage point year-on-year, while the net margin was 10.97%, up 2 percentage points year-on-year [1] - In Q2 2025, the company reported operating revenue of 1.422 billion yuan, a 75% increase year-on-year and a 48% increase quarter-on-quarter [1] Product Development and Market Position - The company capitalized on the AI server opportunity, with drilling equipment revenue reaching 1.692 billion yuan in the first half of 2025, a 72% increase year-on-year [2] - The gross margin for drilling equipment was 26.10%, up 0.4 percentage points year-on-year [2] - The company has developed new drilling machines with advanced features, such as a 3D back drilling function, which have been certified by industry clients and are in high demand [2] - The laser drilling product matrix includes various types of laser drilling equipment tailored for different PCB segments, with ongoing upgrades to meet the evolving technical requirements of HDI products [3] - The company’s new laser processing solutions have achieved high precision requirements for small holes and complex shapes, gaining recognition and orders from downstream customers [3] Comprehensive Service Offering - The company is one of the largest providers of PCB specialized equipment, with detection equipment revenue of 209 million yuan, an 82% increase year-on-year, and a gross margin of 41% [4] - Exposure equipment revenue was 124 million yuan, down 23% year-on-year, while forming equipment revenue was 141 million yuan, up 4% year-on-year [4] - The company’s one-stop service significantly reduces customer procurement and maintenance costs, facilitating ongoing technical collaboration and communication with clients [4] Investment Outlook - The company is expected to achieve revenues of 4.973 billion yuan, 6.703 billion yuan, and 8.373 billion yuan for the years 2025 to 2027, with net profits of 596 million yuan, 822 million yuan, and 1.033 billion yuan respectively [4] - Corresponding price-to-earnings ratios are projected to be 63.22, 45.79, and 36.46 times for the same years [4] - The company is well-positioned to benefit from the growing demand in the AI server market and maintains a leading position in drilling equipment [4]

Core Viewpoint - The demand for printed circuit boards (PCBs) is surging due to the accelerated construction of AI computing power infrastructure, with significant growth expected in high-layer boards, high-density interconnect (HDI) boards, and IC substrates. Domestic manufacturers are actively expanding high-end capacity, and it is anticipated that domestic PCB equipment manufacturers will seize the AI PCB boom, validating emerging technologies and capturing incremental demand, leading to an increase in domestic market share and value enhancement [1]. Supply and Demand Trends - Structural demand for high-layer boards, HDI boards, and IC substrates is robust due to AI servers. The overall demand for AI PCBs is outpacing supply, with a projected compound annual growth rate (CAGR) of 11.6% for global market server/storage PCBs from 2024 to 2029, driven by AI demand. The planned output value for high-layer boards, HDI boards, and IC substrates is growing rapidly, with an estimated investment of 41.9 billion yuan from leading domestic AI PCB companies by 2025-2026 [1][2]. AI PCB Upgrades - The usage and specifications of PCBs are evolving due to AI servers. For instance, the configuration of Nvidia's NVL36 includes 36 GPUs, 18 CPUs, and 9 NVSwitches, with even higher usage in the NV72 model. The demand for high-layer and HDI PCBs is increasing, leading to higher requirements for wiring, copper plating, and blind/buried holes [2]. Beneficiaries in AI PCB Equipment - The increase in layers and precision in PCBs is benefiting exposure, drilling, electroplating, and inspection equipment. According to Prismark, the global market value shares for these equipment types are 17%, 21%, 7%, and 15%, respectively. The demand for more precise wiring is raising requirements for LDI equipment, while higher layer counts and complex HDI structures are increasing the need for micro-drilling and laser drilling technologies. The uniformity requirements for micro-hole filling are also rising, with expectations for VCP penetration rates to improve from 55% [3][4].

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The report highlights the opportunity for domestic substitution in laser drilling technology for PCBs, driven by advancements in AI and the increasing complexity of PCB manufacturing [1][11]. - The global PCB laser drilling equipment market is projected to grow, with Asia dominating the market share due to strong manufacturing capabilities in countries like China, Japan, and South Korea [48][49]. Summary by Sections Section 1: PCB Expansion and Technology Iteration - The production process of different types of PCBs involves various key equipment, including drilling, exposure, plating, and lamination [8]. - The global scale distribution of PCB production equipment in 2024 is detailed, with significant investments in drilling and exposure equipment [9]. Section 2: Laser Drilling Technology - Laser drilling technology is categorized into CO2, UV, and ultrafast lasers, each with specific applications in PCB manufacturing [20][21]. - The penetration rate of laser drilling technology is expected to increase due to the rising demand for high precision and smaller hole sizes in PCBs [19][39]. - The report discusses the advantages of ultrafast laser drilling, including minimal thermal impact and high-quality hole production, which is crucial for high-frequency signal transmission [43]. Section 3: Market Dynamics - The global PCB laser drilling equipment market size was approximately $917 million in 2023, with CO2 laser drilling machines holding over 70% market share [48]. - The report emphasizes the leading position of international manufacturers in the laser drilling equipment market, while also highlighting the potential for domestic manufacturers to accelerate their market presence [51][52]. Section 4: Domestic Manufacturer Developments - Domestic companies like Dazhu CNC are expanding their product lines to cover various laser drilling technologies, indicating a shift towards local production capabilities [52][54]. - The report outlines the advancements and product offerings of several domestic manufacturers, showcasing their efforts to meet the growing demands of the PCB industry [53].

Summary of PCB Equipment Conference Call Industry Overview - The PCB equipment industry is experiencing significant growth driven by AI, with global demand for server PCBs expected to exceed 33% in 2024, accounting for approximately 1/7 of the global PCB market value, which is over $73 billion. China holds a 56% share of this market, projected to increase further, benefiting domestic equipment and material suppliers [3][1][2]. Key Insights on Laser Drilling Technology - Laser drilling technology is becoming increasingly important due to the miniaturization of PCB hole diameters, especially in HDI boards where blind and buried holes are prevalent. Investment in drilling equipment represents over 20% of total PCB equipment investment and is expected to grow [1][4][5]. - Laser drilling machines offer significant advantages over mechanical drilling machines, including higher precision and efficiency, particularly in high-end HDI board applications. The market share of laser drilling machines is anticipated to gradually surpass that of mechanical drilling machines [6][11]. - Different types of laser drilling machines are suited for various applications: CO2 lasers for general HDI boards, UV lasers for flexible circuit boards, and ultrafast lasers for high-precision needs such as packaging substrates [7][8]. Market Dynamics - The laser drilling equipment market is valued at approximately $1 billion, with CO2 lasers accounting for over 70% of the market share. Ultrafast lasers are expected to show the most significant growth potential in the future [11][12]. - The market is primarily concentrated in Asia, with domestic manufacturers like Dazhu CNC accelerating their product line development to capture the growing demand for advanced drilling equipment [11][12]. Trends and Recommendations - The current trend in the laser drilling equipment market indicates a shift from CO2 lasers to ultrafast lasers, which are moving from testing to mass production stages. Key companies in this transition include Dier Laser, Inno Laser, and Tianzhun Technology, with recommendations for investors to focus on these firms [12][13]. - The PCB laser drilling equipment market is in the early stages of domestic substitution, with opportunities for reshaping the supply landscape as domestic manufacturers increase their technological capabilities [13][14]. - Investment recommendations include focusing on companies with strong price and profit elasticity, such as Dazhu Technology, Xinqi High-Tech, and Ding Tai High-Tech, as well as those benefiting from new laser drilling technologies [15]. Conclusion - The PCB equipment industry is poised for growth, driven by advancements in laser drilling technology and increasing domestic production capabilities. Investors are encouraged to monitor key players and emerging trends within this dynamic market.

Core Viewpoint - The PCB industry is experiencing significant growth driven by increasing demand for HDI products, particularly due to advancements in AI server technology and substantial capital investments from major tech companies [3][7]. Market Trends - The HDI market is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, reaching a global market size of $17.037 billion by 2029 [3]. - Major companies like Google are increasing their capital expenditures, with a reported $22.446 billion for Q2 2025, marking a 30.5% quarter-over-quarter increase and a 70.2% year-over-year increase [3]. Company Performance - Shengyi Technology (生益电子) reported a 91% year-over-year increase in revenue for the first half of 2025, reaching 3.769 billion yuan, and a 452% increase in net profit to 531 million yuan [3]. Technological Developments - The PCB industry is evolving towards high-frequency, lightweight, and lead-free technologies, with CoWoP (Chip-on-Wafer-on-Panel) becoming a focal point for innovation [5][9]. - CoWoP technology requires Low-CTE (Coefficient of Thermal Expansion) materials to ensure compatibility with high-precision applications, leading to a focus on specialized materials and advanced manufacturing processes [9]. Key Drivers of Demand - The demand for PCBs is primarily driven by two segments: high-performance GPUs led by Nvidia and custom ASIC chips developed by cloud service providers like Google and Amazon [7][8]. - The shift towards custom ASICs is aimed at optimizing workloads and reducing reliance on external suppliers, which is expected to further increase PCB demand [8]. Advanced Packaging and Materials - CoWoP technology transforms PCBs from mere connectors to high-precision "inner substrates," necessitating advanced materials and manufacturing techniques [9]. - The introduction of HVLP (High-Voltage Low-Power) copper foil is essential for high-speed signal transmission, with surface roughness controlled to minimize signal loss [12][13]. Resin Innovations - The industry is moving away from traditional epoxy resins due to high dielectric loss, favoring advanced resin systems like PPO, PTFE, and CH, which offer better electrical performance [14].