上海证券-PCB行业研究报告（一）：人工智能提振需求，数通市场引领增长

Financial Data and Key Indicators Changes - The PCB industry in mainland China is experiencing rapid growth, becoming the largest production base globally due to the transfer of PCB capacity and the booming downstream electronic terminal manufacturing [12][22] - In 2023, the revenue for Huadian Co. was 89.4 billion, with a growth rate of 7%, while ShenNan Circuit's revenue was 135.3 billion, showing a decline of 3% [23] - Huadian Co. reported a net profit of 15.1 billion in 2023, an increase of 11%, while ShenNan Circuit's net profit decreased by 15% to 14.0 billion [23] Business Line Data and Key Indicators Changes - Huadian Co.'s PCB products focus on communication equipment, data center infrastructure, and automotive electronics, with AI server-related products accounting for 21.13% of its revenue [25] - ShenNan Circuit is engaged in high-end PCB design and manufacturing, with a focus on communication devices and data centers, while also expanding into automotive electronics [30] - Shengyi Technology's PCB products are heavily reliant on major clients like Huawei and ZTE, with a customer concentration of 42.28% in 2023 [31] Market Data and Key Indicators Changes - The demand for AI servers is driving PCB growth, with the market for HDI PCBs expected to reach $14.58 billion by 2027, growing at a CAGR of 6.2% from 2023 to 2028 [19][22] - The 800G optical module market is projected to grow significantly, driven by AI applications, with a forecasted CAGR of 11% over the next five years [17] - The PCB market is expected to continue growing due to the increasing complexity of AI models and the corresponding rise in computing power requirements [16][22] Company Strategy and Development Direction and Industry Competition - The PCB industry is moving towards high-density and high-performance designs, with companies like Huadian Co. and ShenNan Circuit focusing on technological innovation and quality improvement [25][30] - The competitive landscape is intensifying as major players expand their production capacities, leading to increased market competition [41] - Companies are investing in R&D to enhance their product offerings, with Huadian Co. maintaining a research expense rate of 6.03% in 2023, aligning with industry averages [25][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the rapid growth of AI applications as a key driver for the PCB market, emphasizing the need for advanced PCB technologies to meet increasing demands [16][22] - The management expressed concerns about macroeconomic risks and external environment uncertainties, particularly regarding geopolitical tensions affecting the industry [41] Other Important Information - The PCB industry is characterized by a wide range of applications, which helps mitigate development risks [12][22] - The main raw materials for PCB production are subject to price fluctuations based on global commodity markets, which poses a risk to profitability [41] Q&A Session Summary Question: What are the growth prospects for the PCB industry? - The PCB industry is expected to benefit from the increasing demand for AI applications and high-performance computing, with significant growth opportunities in the coming years [16][22] Question: How are companies managing risks in the current environment? - Companies are focusing on diversifying their client base and investing in R&D to mitigate risks associated with market competition and raw material price volatility [41]