当前 PCB 设备市场的需求情况如何？ 目前，PCB 设备市场的需求类似于 2020 年三四季度或 2021 年的光伏锂电设 备市场。下游需求景气度显著，订单落地刚开始，预计今年第四季度和明年整 体订单兑现度会很高。这是基于现有上市公司扩产推算得出的结论。按照专用 设备扩产周期来看，不排除未来出现竞争性扩产机会，因此当前是配置设备公 司的较好时机。 PCB 设备行业的市场空间如何评估？ PCB 设备行业的需求主要分为存量更新替换和增量需求。存量更新替换方面， 可以通过产值法倒推整体空间。去年国内 PCB 行业产值约 400 亿美元（约 2,840 亿人民币），其中高多层占比 38%，HDI、封装基板和柔性板各占 17%左右。消费类 PCB 产品的设备占产值比重约 20%，HDI 为 50%~70%， AI 驱动 PCB 设备需求提升 20250922 摘要 PCB 设备行业存量更新替换市场空间巨大，约 1,000 亿人民币，每年稳 定替换需求在 200-300 亿人民币，主要通过产值法倒推得出，消费类 PCB 产品的设备占产值比重约 20%，HDI 为 50%~70%，载板为 1:1。 AI 相关领域驱动 P ...

Summary of PCB Drilling Equipment Industry Conference Call Industry Overview - The conference call focused on the PCB (Printed Circuit Board) drilling equipment industry, highlighting the impact of AI server demand on the domestic PCB supply chain, particularly driven by Nvidia's GV200 OAM version and high-end server backplanes from companies like Huawei and Apple [1][2][3]. Key Companies Involved - Major players in the industry include: - **Deep Blue Circuit** - **Pengding Holdings** - **Victory Technology** - **Huidian Technology** - These companies are actively expanding their HDI (High-Density Interconnect) production lines to meet the increasing demand for AI server orders [1][3][5]. Core Insights and Arguments - **Increased Demand**: Starting from Q4 2024, PCB orders are expected to surge, particularly in Q1 and Q2 of 2025, driven by the demand for AI server motherboards [2]. - **Collaboration with Tech Giants**: Companies like Deep Blue Circuit and Pengding Holdings are closely collaborating with major tech firms such as Huawei and Apple to produce high-layer HDI products [1][3]. - **Expansion Plans**: Several manufacturers, including Jingwang, Guanghe, and Fangzheng, are planning to follow suit in expanding HDI production capacity [5]. - **Technological Advancements**: The CO-WOP (Chip-on-Wafer) technology is enhancing the precision requirements for HDI, leading to increased demand for high-frequency and high-density interconnect boards [6][7]. Equipment and Investment Insights - **Core Production Processes**: The main processes in PCB production include lamination, exposure, drilling, plating, and testing, with drilling being the most valuable segment, accounting for over 30% of the total investment [9][12]. - **Investment Breakdown**: - Small factories may invest around 200 million CNY, while large factories could exceed 2 billion CNY in total investment [9]. - Drilling equipment, particularly laser drilling machines, is crucial for high-end applications, with significant investments required for advanced machinery [12][21]. - **Market Dynamics**: Domestic PCB equipment is gaining traction in the mid-to-low-end market, while high-end applications still rely heavily on imported equipment from brands like Germany's Xumo [10][11]. Potential Risks and Challenges - **Supply Chain Constraints**: The demand for advanced drilling equipment is outpacing supply, with orders for critical machinery like the German Book press equipment and Xumo drilling machines already booked into mid-2026 [6][8]. - **Quality Control**: The complexity of high-layer HDI boards necessitates precise drilling techniques, and any errors can lead to significant economic losses [14][16]. - **Technological Barriers**: The high barriers to entry in advanced drilling technologies, such as depth control milling, pose challenges for domestic manufacturers to compete with established foreign brands [24]. Additional Noteworthy Points - **Future Trends**: The increasing number of HDI layers is expected to drive up demand for lamination and drilling processes, emphasizing the need for high-quality materials and equipment [31]. - **Market Competition**: While domestic brands are making strides, they still face challenges in matching the efficiency and quality of imported equipment, particularly for high-stakes orders like those from Nvidia [33][34]. This summary encapsulates the key points discussed during the conference call, providing insights into the current state and future outlook of the PCB drilling equipment industry.

Summary of Dazhu CNC Conference Call Company Overview - Dazhu CNC reported Q1 2025 revenue of approximately 960 million RMB, with mechanical drilling machines accounting for over 60% of revenue, laser drilling machines less than 10%, and testing equipment over 10% with a gross margin exceeding 45% [1][3] - The company has seen significant growth in 2024, with revenue doubling and profits increasing notably, driven by AI-related computing chain developments and a resurgence in consumer products like smartphones and home appliances [2] Key Financial Metrics - Q1 gross margin improved by 2-3 percentage points year-on-year, with a substantial increase in net margin attributed to business growth, high-margin testing equipment contributions, and approximately 20 million RMB in concentrated tax refunds [1][4] Business Segmentation - In Q1 2025, the revenue breakdown included mechanical drilling machines over 60%, laser drilling machines under 10%, exposure machines around 6-7%, and testing equipment over 10% [3] - The company anticipates a favorable outlook for laser drilling machines due to increased AI usage in HDI processes [3] Growth Drivers - AI-related business has significantly boosted specialized testing equipment, particularly with Shenghong securing numerous server board orders [1][5] - The company plans to expand into optical testing as a future growth area, with current optical testing equipment sales expected to increase significantly [6] Market Potential - The domestic and international PCB market is estimated to be worth 7-10 billion RMB, with new optical testing equipment expected to maintain growth rates of over 30% to 50%, while existing equipment is projected to grow by 20% to 30% [9] - The combination of new and existing products could lead to a doubling of revenue within three to five years [9] International Strategy - Dazhu CNC's overseas business growth is primarily focused on Southeast Asia, influenced by domestic clients relocating production capacity [10][11] - The company is actively planning its overseas strategy in response to changes in international trade relations [11] Technology and Product Development - The company is focusing on ultra-fast laser technology as a key area for capability enhancement, with plans to establish laboratories overseas to develop new processes [14][15] - Dazhu CNC is also prioritizing the development of pressing equipment, aiming to achieve significant sales in this area and establish itself as a leading domestic brand [16] Competitive Positioning - Dazhu CNC holds a strong position in the electrical testing field, with global-leading product quality in multilayer and standard HDI markets [7][8] - The company differentiates itself by integrating testing data across processes to enhance efficiency and quality [8] Financial Management and Risks - The increase in accounts receivable and inventory is linked to sales growth, with the company maintaining transparent management practices to mitigate risks [25][29] - Dazhu CNC emphasizes strict financial management to ensure a low-risk development environment [29] Future Outlook - The company aims to continue its focus solely on the PCB industry, enhancing its technological capabilities and customer relationships to drive industry transformation [27] - Dazhu CNC plans to attract international talent through its Hong Kong listing, enhancing its brand recognition and market influence [22][24]