证券研究报告 AI PCB钻孔工艺专题 PCB升级+孔径微小化，钻孔设备&耗材需求量价齐升 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 证券分析师：钱尧天 执业证书编号：S0600524120015 qianyt@dwzq.com.cn 研究助理：陶泽 执业证书编号：S0600125080004 taoz@dwzq.com.cn 2025 年 12 月 16 日 请务必阅读正文之后的免责声明部分 1 投资要点： 1. AI算力服务器使用什么PCB板？ GB200/GB300的基础架构为18 Compute Tray+9 Switch Tray。 ①Compute Tray：Bianca板为22层5阶HDI板，使用HDI原因为承载GPU与 CPU芯片，需要满足高密度电路的布线要求； ②Switch Tray：在GB200中使用6阶HDI作为NV Switch芯片载体，在GB300中切换为高多 层板。主要需要满足电信号高速传输的需求。升级到Rubin架构中，由于算力密度的持续提升，铜缆的连接方案已经没有办法满足高密 度的互联（机柜空间有限，大量铜缆 ...

A股复盘 | 3900点收费站 / 2025.12.09 4000点收费站变成3900点了！今天又是四千家待涨！账户是绿的举手！ 买了CPO、PCB和福建的又赚麻了吧！早上底部买入航天的也还能赚点！监管还不出手嘛，这几天沾点福建的消息媒体就猛猛推送！ 下图是群友发的，心疼一秒钟！ 今天光伏真招笑了！盘中部分股票异动，主要是雪球上传出消息，收储平台成立了——北京光和谦成科技有限责任公司。 结果我去国家企业信用信息公示系统和企查查看了下，都没有这个公司，也有可能是信息还没更新到。 不过没过多长时间，证券时报和财联社都报了，说这小作文是真的！ 光通信不再详细说了，PCB倒是有一些催化消息！ 印制电路用覆铜板作为PCB的核心原材料，其11月份的进出口数据强劲。进口方面，尽管数量有所下滑，但进口均价高达4.65万美元/吨， 同比大幅上涨69%。这表明国内对高性能、高规格的高端覆铜板需求极为迫切，不惜以高价购入。出口均价同样保持同比25%的增长，反映 出我国PCB产业链整体价值的提升。 此外，据卖方消息，用于AI服务器和加速卡（如GB200/GB300、ASIC芯片）的PCB，其钻孔环节发生了质的变化。由于线路密度极高、 ...

中金研究 展望2026年，我们判断机械行业中科技创新板块仍具备显著投资机会；其次，出口端虽面临不确定性，但随着国际化进程推进，叠加美联储降息落地 等，我们认为外需存结构性机遇；内需层面，下游短期难见大范围产能扩张，但随着产能出清和通用企业向成长行业转型，股价有望反弹。 点击小程序查看报告原文 Abstract AI基建：高景气资本开支和高频技术迭代带来机械发展新机遇。 1）海外算力资本开支超预期，行业扩产带动PCB设备和AIDC设备需求持续高增，全球 供给紧张，钻孔设备、柴油发动机、燃气轮机等有望迎来国产替代机会。2）AI算力升级催生设备及耗材新需求，下一代芯片Rubin在PCB、散热等架构上 创新，提高了PCB耗材和冷板、快接头等结构件的加工要求，并带动微通道液冷等新技术方案，设备及耗材价值量有望进一步提升。 人形机器人：2026年 产业 进度加速，关注头部扩产。 国产企业如宇树、智元等公司有望陆续上市，国产人形机器人性能快速迭代，应用场景合作生态加 速打开。重视软硬件技术发展，关注汽车、消费电子零部件跨界切入。 专用设备：关注景气拐点和技术变革的子赛道。 供给出清+技术创新趋势，看好：1）存在技术变革或技 ...

Core Viewpoint - Dongtai High-Tech has established itself as a leading player in the global PCB drilling needle market over the past 30 years, with a strong performance driven by the increasing demand for PCB processing due to the growth of AI computing power [1] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.457 billion yuan, representing a year-on-year growth of 29% [1] - The net profit attributable to the parent company reached 282 million yuan, marking a year-on-year increase of 64% [1] Market Demand - The surge in AI computing demand has significantly boosted the usage of high-end PCB drilling and consumables, leading to a full order book for the company [1] - The company is entering a phase of accelerated performance realization due to the robust demand in the market [1] Future Projections - The projected net profits for the company from 2025 to 2027 are estimated to be 400 million yuan, 630 million yuan, and 900 million yuan respectively [1] - The current stock price corresponds to dynamic price-to-earnings ratios of 104x, 66x, and 46x for the years 2025, 2026, and 2027 respectively [1] Investment Rating - The company has been given a "Buy" rating in the initial coverage [1]

Core Viewpoint - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, aiming to leverage its position as a leading supplier in the PCB manufacturing sector [1] Company Overview - Dingtai High-Tech is a comprehensive solution provider in precision manufacturing, integrating tools, materials, and equipment [1] - The company has become the global leader in specialized tools for PCB manufacturing [1] - According to Frost & Sullivan, Dingtai High-Tech is the largest supplier of drilling needles globally by sales volume during the reporting period [1] Strategic Focus - The company is committed to creating maximum value for customers through high-end precision manufacturing [1] - Dingtai High-Tech aims to promote global industrial development [1]

Macro Strategy - The report indicates that the normalization of government bond trading may become a primary channel for injecting long-term liquidity, rather than showing immediate effects in the short term [1][18] - The expectation for a December interest rate cut by the Federal Reserve has increased to 83%, driven by dovish comments from Fed officials and progress in the Russia-Ukraine conflict negotiations [1][20] - The report highlights the importance of the voting structure and future interest rate guidance in the upcoming FOMC meeting [1][20] Financial Products - The A-share market is expected to experience a rebound rather than a full recovery, with a macro timing model scoring -2 for December, indicating a potential adjustment [2][20] - The report suggests that the technology growth sector may regain attractiveness after adjustments in November, but more incremental capital is needed [2][20] - Fund allocation recommendations lean towards a balanced and slightly aggressive ETF configuration due to anticipated upward market trends [2][20] Fixed Income - The report emphasizes the potential for convertible bonds to benefit from the upcoming "expansion" market in 2026, focusing on mid-cap and niche themes [5][24] - It notes that the 10-year government bond yield fluctuated between 1.75% and 1.85%, with expectations for a return to a 40 basis point spread between 30Y and 10Y bonds by 2026 [6][26] - The report discusses the sensitivity of bond yields to regulatory changes and market conditions, suggesting that recent volatility presents good allocation opportunities [6][25] Industry Recommendations - The report highlights Huadian Co., Ltd. (002463) as a company accelerating its globalization efforts, with revenue forecasts for 2025-2027 at 18.339 billion, 25.492 billion, and 29.315 billion yuan, respectively [9] - Ding Tai High-Tech (301377) is noted for benefiting from increased demand for PCB processing due to AI computing needs, with profit forecasts for 2025-2027 at 400 million, 630 million, and 900 million yuan [10][11] - Salted Fish Shop (002847) is recognized for its strong multi-channel layout and product innovation, with profit forecasts for 2025-2027 at 820 million, 1.01 billion, and 1.22 billion yuan [12] - Meituan-W (03690.HK) is under scrutiny due to lower-than-expected profits, with adjusted profit forecasts for 2025-2027 now at -1.42 billion, 1.2 billion, and 2.46 billion yuan [13] - Alibaba-W (09988.HK) is projected to maintain healthy growth in its core business, with adjusted profit forecasts for 2026-2028 at 101.525 billion, 141.564 billion, and 184.647 billion yuan [15]

Core Viewpoint - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, aiming to expand its operations as a leading provider of precision manufacturing solutions in the PCB industry [1] Group 1: Company Overview - Dingtai High-Tech integrates tools, materials, and equipment, positioning itself as a comprehensive solution provider in precision manufacturing [1] - The company has become the global leader in specialized tools for PCB manufacturing, specifically recognized as the largest supplier of drilling needles by sales volume during the historical performance period [1] Group 2: Market Position - According to Frost & Sullivan, Dingtai High-Tech is the largest drilling needle supplier globally, highlighting its significant market share and competitive advantage in the industry [1] - The company is committed to creating maximum value for customers through high-end precision manufacturing, contributing to the development of the global industry [1]

Core Viewpoint - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, aiming to leverage its position as a leading supplier of precision manufacturing solutions in the PCB industry [1] Company Overview - Dingtai High-Tech is a comprehensive solution provider integrating tools, materials, and equipment [1] - The company has become the global leader in specialized tools for PCB manufacturing [1] - According to Frost & Sullivan, Dingtai High-Tech is the largest supplier of drilling needles globally by sales volume during the historical record period [1] Industry Position - The company is committed to creating maximum value for customers through high-end precision manufacturing, contributing to global industrial development [1]

Core Viewpoint - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, aiming to leverage its position as a leading supplier in the PCB manufacturing sector [1] Company Overview - Dingtai High-Tech is a comprehensive solution provider in precision manufacturing, integrating tools, materials, and equipment [1] - The company has become the global leader in specialized tools for PCB manufacturing, particularly recognized as the largest supplier of drill needles by sales volume during the reporting period, according to Frost & Sullivan [1] Market Position - The company is committed to creating maximum value for customers through high-end precision manufacturing, contributing to global industrial development [1]

Core Viewpoint - The company, Ding Tai Gao Ke (301377), has reported a strong demand for its drill needle products, leading to high capacity utilization and tight delivery schedules for some products [1] Group 1: Company Performance - The company has sufficient orders for its drill needle products, indicating robust market demand [1] - Capacity utilization is high, suggesting efficient production processes and strong operational performance [1] - Some products are experiencing tight delivery schedules, highlighting the need for increased production capacity [1] Group 2: Future Plans - In response to changing demand, the company is accelerating the construction of its PCB micro drill needle production base [1] - The company plans to continuously and orderly expand production capacity based on market conditions to meet customer needs [1]