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PCB:周期与成长共振,AI时代迎行业升格
2025-07-19 14:02

Summary of the Conference Call on PCB Industry Industry Overview - The PCB industry is currently in an upward cycle, supported by recovering downstream demand and new needs from emerging fields such as automotive electronics and AI [2][17] - The global market for copper-clad laminates is projected to reach $13.56 billion in 2024 and $20.17 billion by 2029, with a compound annual growth rate (CAGR) of 8.3% [5][17] Key Points on Copper-Clad Laminates - Copper-clad laminates are critical upstream materials in PCB manufacturing, significantly influencing the overall performance of PCBs [3][5] - The demand for high-frequency and high-speed copper-clad laminates is accelerating due to the growth in AI computing power [1][3] - The price of copper is positively correlated with profit margins; an 8% increase in average copper prices is expected in 2024 [7][17] Market Share and Competition - In the global dry copper-clad laminate market, Jiantao leads with a market share of 10%-15%, followed by Shengyi Technology and Taiko Electronics [6][17] - The special substrate copper-clad laminate market is led by Taiko Electronics with a 19.3% market share [6][17] - Domestic manufacturers like Shengyi Technology and Nanya Technology are actively expanding into high-end markets [6][17] PCB Market Growth Projections - The global PCB output value is expected to grow from $73.57 billion in 2024 to $94.66 billion by 2029, with a CAGR of 5.2% [8][17] - China is a core production country, accounting for over 50% of global output, with a projected share of 56% in 2024 [8][17] Trends in PCB Products - In 2025, 4 to 6-layer multilayer boards will remain the largest product category, with a projected value increase of 2% to $16.1 billion [10][17] - The demand for 18-layer and above multilayer boards and HDI boards is expected to grow significantly, with respective growth rates of 42% and 10% [10][17] Impact of AI and Automotive Electronics - AI servers are driving significant changes in the PCB industry, increasing the number of layers in PCBs to 20-30 and upgrading materials to ultra-low loss grades [14][15] - The automotive electronics sector is also experiencing growth, with global electric vehicle sales expected to reach 17.5 million units in 2024, driving demand for PCBs [16][17] Investment Recommendations - Companies such as Nanya Technology and Shengyi Technology in the copper-clad laminate sector, as well as manufacturers like Shinhong Technology and Huadian Co., are recommended for investment [17] - Risks include potential slowdowns in downstream demand, delays in domestic manufacturers' technology development, and fluctuations in raw material prices [17]