电子掘金：AI算力需求火热，PCB量价齐升

Summary of Key Points from Conference Call Records Industry Overview - The PCB industry is benefiting from increased demand for computing power, with a steady recovery in high-end board demand. The global PCB market is expected to grow by 5.8% year-on-year in 2024 and by 6.8% in 2025. High-layer and HDI product categories are projected to grow by 40% and over 10% respectively in 2025, reflecting optimistic expectations for AI computing power demand [1][4]. Core Insights and Arguments - Increased investment in the AI industry has positively impacted the PCB sector. The total addressable market (TAM) for data centers has been revised upward by 29% to $55.4 billion. Major overseas FSP manufacturers reported a 60% year-on-year increase in capital expenditure in Q1 2025, with Meta raising its 2025 capital expenditure forecast to between $64 billion and $72 billion [1][5]. - High-layer HDI products have a significant competitive advantage in AI servers, requiring low cost, high yield, and stable mass delivery. High-end HDI products must maintain a layer error of within 20 microns, which demands advanced technical research and experienced teams [1][6]. - CCL materials like PTFE are suitable for high-speed interconnect applications due to their low dielectric constant and low loss factor, which help maintain signal integrity, especially for GPU high-speed interconnects [1][8]. - The upstream copper-clad laminate market is experiencing a shortage of high-end materials, leading to price increases. For instance, the price of copper-clad laminates has risen by approximately $5 per unit due to rising raw material costs [1][9]. Investment Opportunities - Current investment opportunities in the PCB sector are primarily driven by structural trends related to computing power, particularly the steady recovery in high-end board demand. The PCB market is projected to reach approximately $73.6 billion in 2024, with significant growth expected in high-layer and HDI products [1][4]. - The PCB industry is currently in a critical upward cycle of computing power demand, suggesting that some leading PCB companies still have investment value despite previous lower valuations during downturns [1][11]. Mobile Optical Industry Insights - The mobile optical industry has seen a recovery in market size after a period of adjustment, with expected growth driven by technological upgrades and a more favorable competitive landscape. The market for mobile camera modules is projected to grow by over 7%, primarily driven by an increase in average selling prices (ASP) [3][12]. - Future technological upgrades in mobile optics will focus on innovations in lenses, voice coil motors, and image sensors. The industry is expected to return to a healthy competitive state, with mainland Chinese manufacturers likely to increase their market share [3][14]. Price Trends and Market Dynamics - Recent price increases in general products are attributed to inventory reduction, capacity removal, and improved competitive dynamics, alongside strong demand from AI and automotive electronics for mid-to-high-end products. This price increase trend is expected to continue [3][10]. - The mobile optical sector is experiencing a recovery in profit margins and revenue, with the potential for sustained improvement depending on technological advancements and competitive dynamics [3][13]. Company Recommendations - Companies to watch in the mobile optical sector include Sunny Optical, GoerTek, and others involved in lens and module production. Additionally, upstream suppliers like Lante Optics and Crystal Optoelectronics are also recommended for further investigation [3][19][20].