AI 需求高涨，PCBCCL 的产能扩张、设备材料突围及估值 重塑 20250728 摘要 AI 和高性能计算推动 PCB 需求激增，英伟达 Rubin 系列及 ASIC 需求为 PCB 带来显著增量空间，预计未来几年正交背板和 ESIC 将贡献数十亿 美元市场。 PCB 厂商如胜宏、沪电等加速扩产，总投资规模达数百亿人民币，但新 增产能主要为满足大客户和海外需求，预计 2026-2028 年仍将供不应 求，不会出现严重过剩。 技术变革如正交背板、COWOP 等提升 PCB 价值和性能，内载板技术有 望成为新的增长点，为国产 PCB 厂商提供更多市场机会，尤其是在 PCB 向载板转型过程中。 LDI 直写曝光设备因其高精度、自适应调整和无需掩模板等优势，已基 本取代传统接触式曝光设备，新旗微装等国内企业在该领域表现突出， 市场份额不断提升。 国内 PCB 厂商资本开支在 AI 驱动下显著扩张，2025 年预计同比增长 30%-40%，LDI 曝光设备市场需求预计达到 40-50 亿元，相关设备公 司订单大幅增长。 Q&A 请介绍一下当前 PCB 市场的整体情况及其未来发展前景。 当前 PCB 市场经历了一段显 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the copper foil sector, particularly in relation to electric heavy trucks, commercial vehicles, energy storage, and the recovery of demand for new energy vehicles in Europe. [1][2] Key Points and Arguments 1. **Market Demand Recovery**: The demand for electric heavy trucks, commercial vehicles, and energy storage is showing signs of recovery, with preliminary production in July increasing by single digits month-over-month, confirming strong end-user demand. [2][3] 2. **Legislative Impact**: The details of the U.S. "Inflation Reduction Act" may lead to a rush in orders in the second half of 2025, as restrictions on foreign sensitive materials aid may come into effect starting in 2026. [2][3] 3. **Solid-State Battery Catalysts**: The second half of the year presents multiple catalysts for the solid-state battery sector, with a focus on dry electrode equipment manufacturers and advancements in lithium sulfide and current collector materials. [1][4] 4. **AI Demand Influence**: High-end copper foil is benefiting from AI demand, with expectations for increased domestic production rates as AI server and switch upgrades drive product enhancements. [1][4][5] 5. **Company Acquisitions**: Defu's acquisition of Luxembourg-based CFL enhances its competitiveness in the high-end electronic circuit copper foil market, with CFL having a production capacity of 16,800 tons of electronic circuit copper foil. [1][6][10] 6. **Production and Sales Forecast**: Defu anticipates a monthly shipment of 100-200 tons for RTF and HVLP products in Q2 2025, with an annual total of approximately 2,000 tons. [9][11] 7. **Profitability Outlook**: Defu aims to capture a 30% market share in the RTF and HVLP sectors, projecting around 800 million yuan in profits. [11][12] 8. **Challenges in Solid-State Technology**: The solid-state battery sector faces challenges with traditional current collectors being susceptible to corrosion, necessitating strict anti-corrosion treatments. [17] Additional Important Information - **Consumer Electronics Recovery**: The recovery in the consumer electronics sector has led to improved gross and net profit margins for companies, with significant contributions expected from recent acquisitions. [16] - **Dragon Electronics Progress**: Dragon Electronics is advancing its HVLP fifth-generation products, with plans for mass production by Q4 2025. [15] - **Future Development Expectations**: Companies are optimistic about profit growth over the next three years, driven by new product launches and market recovery. [16] This summary encapsulates the key insights and developments discussed in the conference call, highlighting the copper foil industry's dynamics, legislative influences, and company-specific strategies and forecasts.