高阶 HDI 在工艺上的改进主要体现在叠层结构和钻孔技术上。以最普通的一阶 HDI 为例，其基本结构是在核心层上下各叠一片半固化片，再覆盖一片铜箔， 实现 1+2+1 即 4 导电层。而复杂一些的两阶 HDI 则需要在两片芯板基础上， 通过半固化片连接，再覆盖多片铜箔，使得导电层数量达到六至十几不等。 随 着增层数增加，每一增层都需要打激光盲埋孔，以实现电气互联，因此对激光 钻机需求大幅提升。同时，由于核心层通常通过机械通孔进行加工，而增多叠 加会降低加工效率并影响良率，因此对机械钻机也提出了更高要求。此外，还 涉及到背钻孔技术，即在通孔基础上进一步去除部分镀铜，以优化信号传输速 率。 总之，高阶 HDI 的发展不仅增加了导电、叠加及打孔工序，也提高了对 相关设备精度、效率及稳定性的要求。 PCB 设备专题：如何理解 PCB 工艺进阶带来的设备&耗材 量价齐升机遇？20250928 摘要 AI 算力服务器推动 PCB 行业向高端化、高阶化发展，英伟达 Ruby 架构 采用 PCB 替代铜缆互联，解决高密度互联需求，正交背板成为优选方案， 但 78 层高多层结构对机械钻孔设备提出更高要求，需分次钻孔并升级 PC ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q2 2025, driven by increased global AI computing demand and an upgrade in high-layer PCB and high-end HDI industries [6] - The company's revenue for H1 2025 reached 654 million yuan, a year-on-year increase of 45.59%, with a gross margin of 42.07% [6] - The forecast for revenue from 2025 to 2027 is projected to be 1.5 billion, 2.2 billion, and 2.7 billion yuan respectively, with net profits of 300 million, 520 million, and 710 million yuan [6] Financial Performance - In Q2 2025, the company reported revenue of 412 million yuan, a year-on-year increase of 63.93% and a quarter-on-quarter increase of 70.11% [6] - The gross margin for Q2 2025 was 42.55%, up 2.23 percentage points year-on-year and 1.30 percentage points quarter-on-quarter [6] - The net profit attributable to the parent company for Q2 2025 was 90 million yuan, reflecting a year-on-year increase of 47.97% and a quarter-on-quarter increase of 73.84% [6] Business Expansion - The company has been operating at full capacity since March 2025, with monthly shipments exceeding 100 units, indicating strong demand in the PCB sector [7] - The second-phase production facility is expected to significantly enhance the delivery capacity of high-end direct imaging equipment, catering to AI servers and smart driving sectors [7] - The semiconductor business is benefiting from the acceleration of domestic production trends, with successful orders for WLP 2000 wafer-level direct imaging equipment [8]

Core Viewpoint - The demand for printed circuit boards (PCBs) is surging due to the accelerated construction of AI computing power infrastructure, with significant growth expected in high-layer boards, high-density interconnect (HDI) boards, and IC substrates. Domestic manufacturers are actively expanding high-end capacity, and it is anticipated that domestic PCB equipment manufacturers will seize the AI PCB boom, validating emerging technologies and capturing incremental demand, leading to an increase in domestic market share and value enhancement [1]. Supply and Demand Trends - Structural demand for high-layer boards, HDI boards, and IC substrates is robust due to AI servers. The overall demand for AI PCBs is outpacing supply, with a projected compound annual growth rate (CAGR) of 11.6% for global market server/storage PCBs from 2024 to 2029, driven by AI demand. The planned output value for high-layer boards, HDI boards, and IC substrates is growing rapidly, with an estimated investment of 41.9 billion yuan from leading domestic AI PCB companies by 2025-2026 [1][2]. AI PCB Upgrades - The usage and specifications of PCBs are evolving due to AI servers. For instance, the configuration of Nvidia's NVL36 includes 36 GPUs, 18 CPUs, and 9 NVSwitches, with even higher usage in the NV72 model. The demand for high-layer and HDI PCBs is increasing, leading to higher requirements for wiring, copper plating, and blind/buried holes [2]. Beneficiaries in AI PCB Equipment - The increase in layers and precision in PCBs is benefiting exposure, drilling, electroplating, and inspection equipment. According to Prismark, the global market value shares for these equipment types are 17%, 21%, 7%, and 15%, respectively. The demand for more precise wiring is raising requirements for LDI equipment, while higher layer counts and complex HDI structures are increasing the need for micro-drilling and laser drilling technologies. The uniformity requirements for micro-hole filling are also rising, with expectations for VCP penetration rates to improve from 55% [3][4].

Core Viewpoint - The PCB industry is experiencing significant growth driven by increasing demand for HDI products, particularly due to advancements in AI server technology and substantial capital investments from major tech companies [3][7]. Market Trends - The HDI market is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, reaching a global market size of $17.037 billion by 2029 [3]. - Major companies like Google are increasing their capital expenditures, with a reported $22.446 billion for Q2 2025, marking a 30.5% quarter-over-quarter increase and a 70.2% year-over-year increase [3]. Company Performance - Shengyi Technology (生益电子) reported a 91% year-over-year increase in revenue for the first half of 2025, reaching 3.769 billion yuan, and a 452% increase in net profit to 531 million yuan [3]. Technological Developments - The PCB industry is evolving towards high-frequency, lightweight, and lead-free technologies, with CoWoP (Chip-on-Wafer-on-Panel) becoming a focal point for innovation [5][9]. - CoWoP technology requires Low-CTE (Coefficient of Thermal Expansion) materials to ensure compatibility with high-precision applications, leading to a focus on specialized materials and advanced manufacturing processes [9]. Key Drivers of Demand - The demand for PCBs is primarily driven by two segments: high-performance GPUs led by Nvidia and custom ASIC chips developed by cloud service providers like Google and Amazon [7][8]. - The shift towards custom ASICs is aimed at optimizing workloads and reducing reliance on external suppliers, which is expected to further increase PCB demand [8]. Advanced Packaging and Materials - CoWoP technology transforms PCBs from mere connectors to high-precision "inner substrates," necessitating advanced materials and manufacturing techniques [9]. - The introduction of HVLP (High-Voltage Low-Power) copper foil is essential for high-speed signal transmission, with surface roughness controlled to minimize signal loss [12][13]. Resin Innovations - The industry is moving away from traditional epoxy resins due to high dielectric loss, favoring advanced resin systems like PPO, PTFE, and CH, which offer better electrical performance [14].

Core Insights - The company reported a revenue of 597 million yuan for the first half of 2025, representing a year-on-year increase of 10% [1] - The net loss attributable to shareholders was 14 million yuan, a reduction in loss by 46% year-on-year [1] - The gross margin was 34.81%, down by 4 percentage points year-on-year, while the net margin improved to -2.39%, narrowing by 2 percentage points year-on-year [1] Business Segment Performance - **Visual Measurement Equipment**: Revenue reached 226 million yuan, up 73% year-on-year, with a gross margin of 48.74%, down 7 percentage points [2] - **Visual Inspection Equipment**: Revenue fell to 65 million yuan, down 71% year-on-year, with a gross margin of 30%, down 9 percentage points, primarily due to the ongoing downturn in the photovoltaic sector [2] - **Visual Process Equipment**: Revenue was 241 million yuan, an increase of 52% year-on-year, with a gross margin of 24.55%, down 6 percentage points [2] - **Intelligent Connected Solutions**: Revenue was 65 million yuan, up 124% year-on-year, with a gross margin of 29.19%, an increase of 19 percentage points [3] Future Outlook - The company is projected to achieve revenues of 1.897 billion yuan, 2.249 billion yuan, and 2.426 billion yuan for the years 2025 to 2027, with net profits of 164 million yuan, 218 million yuan, and 253 million yuan respectively [3] - The company is expected to benefit from significant domestic replacement opportunities in PCB and wafer inspection equipment, as well as advancements in intelligent driving control and humanoid robot brain products [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 597 million yuan in the first half of 2025, representing a year-on-year increase of 10.32%, while the net profit attributable to shareholders was a loss of 14 million yuan, a reduction in loss by 12 million yuan [8] - The second quarter performance met expectations, with revenue of 378 million yuan, up 8.76% year-on-year, and a net profit of 18 million yuan, up 54.07% year-on-year [8] - The company has seen progress across multiple sectors, including PCB, semiconductor, and controllers, despite challenges in the photovoltaic sector [8] - The forecast for revenue from 2025 to 2027 is 1.817 billion yuan, 2.070 billion yuan, and 2.286 billion yuan respectively, with net profits of 178 million yuan, 234 million yuan, and 258 million yuan [8] Financial Performance Summary - Revenue for 2023 is projected at 1,648 million yuan, with a growth rate of 3.7%, while 2024 is expected to see a slight decline of 2.4% [7] - The net profit for 2023 is estimated at 215 million yuan, with a significant growth rate of 41.5% [7] - Earnings per share (EPS) for 2025 is projected to be 0.92 yuan, with a price-to-earnings (PE) ratio of 55.8 [7] - The return on equity (ROE) is expected to be 8.9% in 2025, increasing to 12.2% by 2027 [7] Market Performance - The company's stock has shown a performance of -8% over the last 12 months, compared to a 14% increase in the CSI 300 index [4]

Core Viewpoint - Suzhou Tianzhun Technology Co., Ltd. has implemented the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, focusing on enhancing core competitiveness and shareholder returns while optimizing operational management and governance [1][4][6]. Group 1: Business Development - The company focuses on its core business, leveraging AI technology to drive industrial digitization, particularly in the electronics, semiconductor, and new automotive sectors [1]. - In the consumer electronics sector, the company has seen positive growth due to new product innovations and business expansions with major clients, including a 56 million yuan order for smart energy detection equipment [2]. - Significant breakthroughs have been achieved in the semiconductor field, with the company’s affiliate, Suzhou Xihang Semiconductor Technology Co., Ltd., securing formal orders for TB1500 and TB2000 detection equipment [2]. - The intelligent driving sector has shown steady progress, with notable growth in embodied intelligent controllers, including a 14 million yuan order from a leading humanoid robot client [3]. - The PCB business has continued to grow, with revenue increasing by over 50% due to an expanding customer base and product maturity [3]. Group 2: Research and Development - The company invested 111 million yuan in R&D in the first half of 2025, employing 728 R&D personnel and filing 73 new patent applications [1]. - The development of an industrial quality inspection model, VispecVLM, has positioned the company at the forefront of the industry, enhancing defect recognition capabilities [4]. Group 3: Shareholder Returns - The company emphasizes investor returns by balancing business development needs with shareholder rewards, actively engaging in cash dividends to share growth benefits [4]. Group 4: Operational Management - The company continues to implement lean management strategies, improving cash flow through effective accounts receivable management [4]. Group 5: Corporate Governance - The company is revising its governance structure, including the cancellation of the supervisory board and strengthening the audit committee's role to enhance compliance and risk management [6]. Group 6: Information Disclosure - The company prioritizes investor relations and adheres to strict information disclosure practices, ensuring transparency in communicating operational and financial performance [6].

开源证券7月29日发布研报称，给予芯碁微装（688630.SH，最新价：126.6元）增持评级。评级理由主 要包括：1）公司情况：直写光刻龙头，下游主要涵盖PCB和半导体；2）逻辑1：PCB业务——AI基建 带动下游资本开支，二期产能扩充助力业绩释放；3）逻辑2：半导体业务——设备产业化进程加速，多 点布局构筑增长新曲线。风险提示：下游Capex不及预期、新设备导入进度不及预期、行业竞争加剧。 （文章来源：每日经济新闻） ...