全球 PCB：供应分配细分；成本、竞争与收入确认常见问题解答-Global PCB_ Allocation breakdown; FAQs on cost, competition, and revenue recognition

Summary of the Conference Call on Global PCB and CCL Market Industry Overview - The report focuses on the Global PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) market, particularly in the context of AI server applications and the supply chain dynamics involving companies like Victory Giant, WUS, and Shengyi [1][13]. Key Points and Arguments 1. Market Dynamics and Growth Projections - The global AI PCB and CCL market is projected to grow significantly, with estimates of +140% CAGR for PCBs and +179% CAGR for CCLs from 2025 to 2027, driven by increasing demand for high-end products to support greater data bandwidth and connections [13][31]. 2. Impact of Rising Material Costs - Recent increases in CCL prices, primarily due to rising copper costs, are manageable for high-end products as raw material costs constitute a smaller portion of their total costs. For instance, Kingboard raised CCL prices twice in 2025, affecting downstream clients from January [5][11]. - High-end PCBs require complex manufacturing processes, which mitigate the impact of raw material cost fluctuations on overall production costs [11][12]. 3. Competition in the Supply Chain - There is a growing number of players in the AI server PCB and CCL supply chain, reflecting increased demand. While competition is rising, it is seen as an opportunity for suppliers to diversify and enhance their offerings [12][13]. - Key factors for winning customers include large capacity, continuous R&D investment, and robust quality assurance [13]. 4. Revenue Generation Timeline for New Capacities - It typically takes 4-5 quarters from the start of factory construction to revenue recognition, encompassing various stages from construction to customer orders and production cycles [14]. 5. Supply Allocation Trends - PCB supply allocations are diversifying due to rising AI server demand, while CCL supply remains concentrated. For example, Victory Giant is expected to see increased revenues from Google TPU PCBs starting in 2026 [15]. - The CCL supply chain is more concentrated due to fewer high-speed CCL suppliers compared to PCB suppliers, raising entry barriers for new entrants [15]. Additional Important Insights - The report includes detailed allocation tables for various suppliers in the PCB and CCL markets, highlighting the percentage shares for major clients like Nvidia, AMD, and Amazon AWS across different years [17][19][21]. - The total market opportunity for AI server PCBs is projected to reach US$27 billion by 2027, while the CCL market is expected to reach US$19 billion [31]. Conclusion - The Global PCB and CCL market is poised for substantial growth driven by technological advancements and increasing demand for high-performance products. Companies in this space must navigate rising material costs and competition while capitalizing on the expanding market opportunities.