光大证券：AI引领PCB资本开支浪潮关注龙头PCB设备&耗材商

智通财经01-07

智通财经APP获悉，光大证券发布研报称，随着AI算力需求扩大，AI服务器需求大幅上升，行业内高端PCB产品供给紧俏，国内头部PCB生产商加大资本开支力度，直接拉动PCB设备需求。关注PCB制造中高价值量环节设备，包括钻孔、曝光、电镀、检测、钻针等。值得关注的是，英伟达(NVDA.US)计划在2026年下半年发布的Rubin架构中对CPX和Midplane的PCB采用M9级覆铜板，将显著提高PCB...

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PCB钻针需求量将增长数倍，高端PCB钻针将迎来量、价、利齐升局面。光大证券主要观点如下：AI发展激发高端PCB需求，PCB设备需求显著提升据Prismark预测，2029年全球PCB专用设备市场规模将达到108亿美元，2024-2029年CAGR为8.7%；2024年，市场规模占比较大的关键设备包括钻孔(21%)、曝光(17%)、检测(15%)、电镀(7%)等领域，同时，钻针作为PCB机械钻孔的核心耗材，亦成为PCB厂商需求重点。钻孔设备领域，机械钻孔设备和激光钻孔设备需求共存，CO2激光钻孔机市场主要由海外头部企业占据，国内设备厂商有望承接高端机械钻孔设备国产替代需求，市场上超快激光钻孔设备研发进展加速。曝光设备领域，LDI设备为竞争关键领域，行业头部市占率集中。电镀设备领域技术路线各异，国产厂商在垂直连续电镀设备领域占据优势。检测领域竞争较为激烈，行业正朝3D化和在线化发展。钻针领域，直径0.2mm以下的PCB微钻需求有望大幅提升。英伟达Rubin架构下的PCB方案或将重塑钻孔设备与钻针领域行业需求与格局英伟达计划在2026年下半年发布的Rubin架构中对CPX和Midplane的PCB采用M9级覆铜板，将显著提高PCB加工难度和成本，预计未来AI 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光大证券：AI引领PCB资本开支浪潮 关注龙头PCB设备&耗材商

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光大证券：AI引领PCB资本开支浪潮关注龙头PCB设备&耗材商