Summary of AI Server Power PCB Market Conference Call Industry Overview - The AI server power PCB market is experiencing a surge in demand, with the GB200 cabinet requiring up to 198 kilowatts of power, leading to upgrades in power supply to higher power densities such as 12 kilowatts and 30 kilowatts, which increases the requirements for current conduction and heat dissipation capabilities of power PCBs [1][2][3] Key Points and Arguments - Power Supply Structure: The AI server power system consists of primary, secondary, and tertiary power supplies. The primary power supply converts AC power from data centers (e.g., 220V or 380V) to intermediate DC voltage (e.g., 48V). For instance, each GB200 cabinet requires 198 kilowatts of power, necessitating 36 parallel primary power modules of approximately 5.5 kilowatts each. The design is evolving towards higher power densities, moving from 5.5 kilowatts to future capacities of 12 kilowatts and 30 kilowatts [2][4] - Secondary Power Supply Requirements: The secondary power supply reduces the 48V DC to mid-voltage (e.g., 12V) for server boards, typically installed inside servers or in computing trays. It employs multiple DCDC modules, requiring rapid load response and high voltage regulation accuracy. The industry is exploring single-stage solutions from 48V to 1V to optimize switching frequency and power density [2][4] - Tertiary Power Supply Specifications: The tertiary power supply, or VRM, further reduces the voltage to the levels required by chips (e.g., 0.8-1V). The PCB for VRM must meet strict requirements, including high efficiency (over 90%), large current capacity, good EMI control, and high-temperature resistance [2][8] - Willgo's Competitive Advantage: Willgo, as a core supplier for Delta, has significant advantages in the primary, secondary, and tertiary AI server power PCB sectors. Its products exhibit strong current conduction and heat dissipation capabilities, high-quality materials, and complex processes that meet stringent reliability testing standards [5][6] - Domestic Supplier Progress: Domestic suppliers are making notable progress in power PCB production. Willgo has received certification from core power OEM manufacturers, and its Thai factory has exceeded profitability expectations, benefiting from advancements in AI server power clients and production capacity [7][9] Additional Important Insights - Future Capacity and Revenue Projections: Willgo's current factories, including those in Huizhou and Jiangxi, generate approximately 1 billion yuan in revenue. The Thai factory is expected to reach full production by the second half of this year, with a monthly output of 50-60 million yuan. By 2026, total revenue could exceed 5 billion yuan, with net profits projected between 550 million to 600 million yuan [9][10] - Industry Trends and Investment Opportunities: The power PCB industry is witnessing continuous product specification upgrades. While domestic companies have not fully entered higher-level fields like secondary and tertiary power supplies, companies like Willgo are gradually expanding upstream and have gained small-batch supply qualifications from international leading power manufacturers. Given the surge in demand from Nvidia, these companies are expected to significantly contribute to revenue elasticity, making Willgo a key focus for future investment opportunities [11]
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