算力 PCB 系列：高端覆铜板应用趋势展望 20250707 摘要 AI 技术推动 PCB 需求，尤其高速板和 3D PCB（AIPCB），盛宏等公司 表现突出，需求增长向上游 CCL、铜箔等材料延伸，高频高速应用对材 料电损耗要求提高，材料升级是关键。 覆铜板（CCL）是 PCB 核心，正朝着更高频、更低损耗方向发展，以满 足下游需求，需求提升体现在性能和价格上，材料升级如从 PPO 到碳氢 化合物等新方案是趋势。 PCB 行业供不应求，盛宏等公司利润大幅增长，反映中国在 PCB 行业的 优势，尽管芯片领域美国主导，但中国在 PCB 板、线缆、组装等方面具 有优势。 覆铜板行业可能经历类似 PCB 行业的发展，台资企业主导市场后，内资 企业如生益科技凭借技术和积极性，有望提高渗透率和市场占有率。 PCB 产业链中，上游客户集中在国内，国内供应链具有巨大机会，国内 公司只要有机会就能满足需求并取得成功，应重视产业链及其上游环节。 高端材料和新技术是发展趋势，虽然很多新技术尚未完全落地，但最终 将逐步应用，例如 HDI 与高多层之间的转换，新材料和新技术将推动产 业向更高端发展。 AI 技术显著推动了 PCB ...

Core Viewpoint - The article highlights the critical supply constraints of T glass, a specialized material essential for high-performance AI servers, driven by the surging demand from major tech companies like Nvidia, AMD, and Microsoft [1][5][8]. Group 1: Supply Chain Dynamics - Major tech executives have been visiting Nitto Boseki, the sole high-end glass cloth supplier, to secure T glass for AI data centers, indicating a strategic move to ensure material availability [1][5]. - The demand for T glass is surging due to its rigidity, which prevents substrate bending during advanced chip packaging, crucial for AI chip production yield [2][5]. - Nitto Boseki has committed to investing 80 billion yen (approximately 550 million USD) to expand semiconductor material production, including T glass, aiming to double its capacity in Taiwan by March 2028 [5][8]. Group 2: Market Competition and Challenges - The supply of T glass has been particularly tight since the second half of last year, with many companies unable to secure additional capacity despite increased cash offers [5][12]. - Competitors like Taiwan Glass are looking to enter the T glass market, with plans to ramp up production by the end of 2025, potentially altering the market dynamics if they succeed in certification processes [10][11]. - The article notes that while new entrants are emerging, the production of high-end T glass requires significant time and expertise, suggesting that Nitto Boseki may maintain its critical position in the supply chain for the foreseeable future [12]. Group 3: Financial Performance - Nitto Boseki reported sales of 109 billion yen in the last fiscal year, a 17% increase year-on-year, with profit margins rising from 9% to 15.1%, largely driven by AI application demand [8].

Core Viewpoint - The PCB industry is experiencing a technological revolution driven by the demand from AI data centers, electric vehicles, foldable phones, and robotics, leading to a significant increase in PCB demand and domestic manufacturers accelerating high-end capacity expansion [1] Group 1: AI Servers - AI servers require advanced PCBs with increased layers, leading to a cost increase of 3 times compared to traditional boards, with prices for specialized materials being over 5 times that of standard materials [2][4] - Major manufacturers like Shenghong Technology and Huadian Co. have AI server PCB orders booked until Q1 2026, with some companies operating at full capacity 24/7 [4] - The global market for high-layer PCBs (18 layers and above) is expected to grow at a rate of 41.7% by 2025 [4] Group 2: Electric Vehicles - The value of PCBs in electric vehicles has doubled, with a single vehicle's PCB value reaching 1500-2000 RMB, which is twice that of traditional fuel vehicles [5] - Advanced driving systems require 16-layer HDI boards, with prices exceeding 5000 RMB, and domestic market share for these boards has increased from 30% in 2023 to 45% [6] - The global automotive PCB market is projected to reach 9.4 billion USD by 2025, driven by the production of 77GHz radar boards for Tesla's Robotaxi [9] Group 3: Consumer Electronics - The integration level in consumer electronics is increasing, with the mainboard area of the iPhone 16 Pro reduced by 20.7% while accommodating more AI chips, thanks to SLP technology [10] - Companies like Pengding Holdings are investing significantly in expanding high-end HDI production lines, with a 50% increase in capacity at their Huai'an factory [10] - The penetration rate of HDI boards in consumer electronics is expected to exceed 35% due to the rise of AI PCs, with monthly order growth of 20% for AI PC PCBs [10] Group 4: Robotics - The demand for PCBs in the robotics sector is structurally increasing, with companies like Yushu Technology and UBTECH focusing on high-density and high-reliability PCB requirements [11] - The robotics industry is pushing for upgrades in PCB technology, indicating a broad long-term growth potential [11] Group 5: Industry Outlook - The global PCB market is expected to grow at a CAGR of 5.2% from 2024 to 2029, with AI servers, 800G switches, and robotics applications driving a 3-5 percentage point increase in industry gross margins [13] - The PCB industry is currently in a dual-cycle resonance period of "technological upgrades and domestic substitution," with companies like Shenghong Technology and Shengyi Technology poised for breakthroughs in AI computing, automotive electronics, and robotics [13]