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].