亚洲科技硬件-AI PCB入门指南：技术与供应链-Asia Tech Hardware AI PCB primer (part 1)- technology & supply chain

Summary of Asia Tech Hardware Conference Call Industry Overview - The global PCB market is valued at over US$80 billion, with AI-driven demand expected to grow at a double-digit rate this year [2][20] - The PCB market consists of various products, with rigid PCBs accounting for roughly half, while the remainder includes flexible printed circuits (FPC), high-density interconnects (HDI), and IC substrates [20] - The consumer sector represents one-third of the PCB market, while the server/storage sector is projected to grow from 18% to 22% by 2029, with an 11% CAGR [20][24] Key Market Trends - MLPCB (Multi-layer PCB) is increasingly used in AI servers, with layer counts rising from 16 layers to over 40 layers in advanced applications [2][31] - HDI demand is accelerating, with its market share increasing to around 20% of the PCB market, driven by the need for higher thermal robustness in AI servers [3][36] - The ABF substrate market is growing due to rising package sizes and manufacturing complexity in AI accelerators, with expectations of price increases due to material shortages [5][6] Competitive Landscape - WUS is the primary supplier of MLPCB for Nvidia's GB300 rack, followed by Unimicron and Victory Giant (VGT) [2] - Victory Giant has become the largest HDI supplier for Nvidia's GB200/GB300, thanks to investments in new facilities and equipment [37] - Ajinomoto is a leading supplier of Build Up Film for ABF substrates, experiencing mid-20% top-line growth [6] Material Insights - CCL (Copper-Clad Laminate) constitutes about 30% of PCB costs, with a shift from M6 to M8 and plans to move to M8.5/M9 next year [4] - The demand for low-CTE glass fiber (T-glass) is increasing, with market leader Nittobo achieving a CTE of 2.8 x10^-6/℃ [6] - The supply of high-end materials is tight, benefiting companies capable of producing advanced materials [45] Financial Performance and Projections - Unimicron is rated Outperform with a price target of NT$270.00 [9] - Ajinomoto is rated Outperform with a price target of JPY5,000.00 [10] - Ibiden is rated Outperform with a price target of JPY8,250.00 [11] Investment Implications - The PCB market is expected to maintain a mid-single-digit growth rate over the next two years, with potential upside as demand for AI applications increases [20] - The overall substrate mix in the PCB market is projected to grow to approximately 20% by 2027 [63] Additional Insights - The PCB market is fragmented, with the top three players in the IC substrate market holding about 35% of the share [64] - The complexity of AI accelerators is increasing, driving demand for high-end ABF substrates [72] - The industry is exploring new materials like glass-core substrates, which could significantly enhance performance but face challenges in commercialization [73][77]