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能-20260304

Summary of Conference Call Notes Industry Overview - The focus is on the power PCB (Printed Circuit Board) industry, which is undergoing a significant transformation from a "substrate supplier" to a "functional carrier solution provider" [1] - Power PCB manufacturers are evolving from simple suppliers to solution providers that engage in preliminary research with power companies, indicating a more central role in the industry [1] Key Points and Arguments - The transition in the power PCB industry involves a shift from traditional thick copper boards to embedded power module PCBs, marking a significant change in the role of power PCBs [1] - Previously, power PCBs operated under a horizontal power supply model, but with the shift to vertical power supply, the role of PCBs has changed from merely carrying functions to packaging functions [1] - This transition requires deep technical expertise in embedded technology and HDI (High-Density Interconnect) technology, highlighting the increasing complexity and specialization in the industry [1] - Future IVR (Integrated Voltage Regulator) technology solutions will necessitate the integration of IVR modules into chip architectures through Msap (Modified Semi-Additive Process) technology, which presents high technical barriers [1] Growth Potential - The inflation logic of generational ASP (Average Selling Price) is expected to bring considerable performance growth for related companies, driven by dual factors of power enhancement and process upgrades in power PCBs [2] - There is an anticipated acceleration in the TDP (Thermal Design Power) growth trend of end-user products, which will lead to an increase in the value of single-chip PCBs [2] - The incorporation 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]