未知机构：这一轮三次电源的变化里产业链的地位从基板供应转向了功-20260304

Summary of Conference Call Notes Industry Overview - The focus is on the power PCB (Printed Circuit Board) industry, specifically the transition from traditional roles to more integrated solutions within the power supply chain [1][2]. Key Points - The power PCB manufacturers have shifted from being simple suppliers to becoming solution providers that engage in preliminary research with power companies, indicating a more central role in the industry [1]. - The evolution of power PCBs is marked by a transition from traditional thick copper boards to embedded power module PCBs, reflecting a significant change in the industry’s positioning [1]. - The previous horizontal power supply model utilized standard thick copper PCBs, while the new vertical power supply model requires PCBs to transition from merely carrying functions to packaging functions, necessitating deep technical expertise in embedded technology and HDI (High-Density Interconnect) technology [1]. - Future IVR (Integrated Voltage Regulator) technology solutions will require PCBs to encapsulate IVR modules within chip architectures using Msap (Modified Semi-Additive Process) technology, which presents high technical barriers [1]. Growth Drivers - The ASP (Average Selling Price) inflation logic is expected to bring substantial growth to related companies, driven by the dual forces of power enhancement and process upgrades in power PCBs [2]. - There is an anticipated acceleration in the TDP (Thermal Design Power) growth trend across various end-user products, which will lead to an increase in the value of single-chip PCBs [2]. - The integration of more embedded, HDI, and even SLP (Substrate-Like PCB)/Msap processes will further enhance the value of power PCBs, indicating a relatively certain ASP inflation logic in the medium term [2].