未知机构：天风电子科翔股份陶瓷系HDI未来重要解决方案公司抢滩PCB核心赛道-20260210

Company and Industry Summary Company: 科翔股份 (Kexiang Co., Ltd.) Key Points - Industry Focus: The company is positioned in the PCB (Printed Circuit Board) sector, specifically targeting the HDI (High-Density Interconnect) market with a focus on ceramic materials as a solution for increasing GPU power demands [1][2] - GPU Power Demand: There is a rising concern regarding the reliability of PCB solder joints and materials as GPU power consumption increases, which could limit the GPU's ability to operate at maximum power for extended periods [1] - Downstream Transformation Needs: Achieving maximum GPU power in systems depends not only on the GPU itself but also on the PCB and overall thermal design of the machine [1] - Example of Increased Demand: The example of CPX shows that the number of dies in a computer tray has nearly doubled, leading to a corresponding increase in cooling requirements [1] - Technical Solution: The company proposes using ceramics to replace some organic materials, as ceramics have better thermal conductivity, allowing heat from the chip to be transferred more quickly to the cold plate, thereby reducing hotspots and deformation [1] - Disruptive Innovation in Technology: The existing HDI landscape is expected to be reshaped by the company's innovative approach, which requires three core capabilities: 1. Ceramic Powder Capability: The dielectric constant (Dk) of the ceramic must be low enough to meet filling material requirements [2] 2. Ceramic Board Sintering Capability: The brittle nature of ceramics necessitates the development of toughness and larger board sizes [2] 3. HDI Solution Innovation Capability: The filling of ceramic boards leads to significant differences in drilling and stacking processes [2] - Growth Potential: The company is viewed positively for its leading position and the substantial growth potential once the full process is implemented [2]