The PCB (Printed Circuit Board) industry is experiencing explosive growth not seen in a decade, driven by the global AI computing power revolution.The traditional server PCB is valued at approximately 2000 yuan, while AI servers, due to their powerful GPU/ASIC chips, require higher layer counts (20-40 layers) and more complex technologies, causing the value of a single unit to leap to 11,000-14,000 yuan, an increase of 5-7 times.
01
AI Servers: The Core Engine of PCB Value MultiplicationThe demand for high-layer PCBs and HDI boards in AI servers is growing exponentially:
- Technological Upgrade: AI servers generally require circuit boards with more than 18 layers (high-layer boards) and more refined HDI technology, with the output value of boards with more than 18 layers expected to grow by over 40% in 2024.
- Market Scale: The global PCB market for AI servers is expected to reach $5.6 billion by 2025 and exceed $10 billion by 2026, with an annual growth rate of over 35%.
- Driving Forces: The demand for NVIDIA’s Blackwell chips is strong, with supply expected to fall short in 2025; companies like Google, Amazon, and Meta are rapidly developing ASIC chips, with the number of ASIC chips from these three giants expected to exceed 7 million by 2026.
The supply-demand gap for high-end PCBs is expected to persist until 2026, driving the industry into a golden period of simultaneous volume and price increases.
02
Multi-Field Resonance: Recovery in Automotive Electronics and Consumer ElectronicsIn addition to AI servers, two major fields are injecting additional momentum into the PCB industry:Automotive ElectronicsThe value of PCBs in new energy vehicles is expected to rise from 500 yuan in traditional fuel vehicles to over 3000 yuan, with demand for intelligent driving domain controllers and LiDAR driving a surge in HDI board usage.Consumer Electronics AI IntegrationFoldable smartphones and AI smartphones are driving demand for flexible printed circuits (FPC), with several companies becoming exclusive suppliers of SL boards for Apple’s AI smartphones.Apple’s Innovation Chain: The iPhone 17 is set to undergo significant hardware and edge-side AI upgrades in 2025, involving value increases across SOC chips, thermal management, FPC soft boards, and more.Smart Glasses Boom: Giants like Meta, Huawei, and Xiaomi are intensively laying out plans, with smart glasses featuring display functions expected to rise between 2025 and 2026, and over 50 domestic R&D teams already invested in this field.
03
Accelerated Domestic Substitution: An Invisible Battle from Materials to EquipmentUnder the pressure of the U.S. BIS’s addition of 140 entities to the sanctions list, the localization of semiconductor equipment and materials has become a life-and-death battle.In the PCB industry chain, domestic substitution is making breakthroughs in all areas:
- High-Frequency Materials: Domestic companies have introduced low-dielectric-loss materials (DF≤0.001) used in NVIDIA’s AI servers, breaking the monopoly of Japanese companies.
- High-End Processes: Domestic companies have achieved an 85% yield rate for ABF substrates, with several companies mass-producing 70-layer high-precision boards, with AI business accounting for 60%.
- Equipment Independence: Leading domestic semiconductor equipment companies cover core processes such as etching and thin-film deposition; etching equipment revenue is expected to increase by 54.73% year-on-year in 2024, with R&D expense ratios as high as 31.6%.
In upstream fields such as electronic-grade fiberglass and ultra-thin copper foil, an invisible battle for domestic substitution is also unfolding.
04
Funding and Policy: Dual Guarantees for Long-Term GrowthCapital has keenly captured the industry transformation:
- Main funds have poured over 13 billion yuan into the electronics sector in a single day, with leading PCB stocks rising over 145% this year.
- Taiwan Semiconductor Manufacturing Company has raised its growth forecast for 2025 to 30%, confirming the sustained strong demand for AI computing power.
On the policy front, PCBs have been included in the “14th Five-Year Plan” key industries, with the East Data West Computing project and the construction of 5G base stations (targeting 600,000 by 2025) providing long-term demand support.
05
Core Beneficiaries: A Panorama of Industry Chain LeadersCore targets under the resonance of technological upgrades and domestic substitution:
|
Field |
Representative Companies |
Core Advantages |
|---|---|---|
|
AI-PCB Manufacturing |
Huadian Technology, Shenghong Technology |
Leading technology in high-layer boards, core suppliers to NVIDIA |
|
Copper Clad Laminates |
Shengyi Technology, Jiantao Laminates |
Breakthroughs in high-frequency materials, benefiting from the shift from GB200 to M8/M9 materials |
|
Equipment Localization |
North Huachuang, Zhongwei Company |
Breakthroughs in etching/thin-film equipment, full order books |
|
Advanced Packaging |
Lantronic, Crystal Optoelectronics |
Glass wafers/waveguide technology layout for AR/VR and chip packaging |
|
Memory Chips |
GigaDevice |
Domestic substitution of NorFlash + dual drivers for edge-side AI storage upgrades |
Many companies have already sounded the price increase alarm, with high-end copper clad laminate profitability expected to reach new heights.The valuation logic of the PCB industry is being reconstructed—it is no longer just a cyclical electronic component manufacturing industry, but a technology growth track that supports the AI computing power revolution.As cloud vendors maintain high growth in capital expenditures (the four major cloud vendors in North America are expected to see a 59% year-on-year increase in capital expenditures in Q3 2024), combined with the resonance of the consumer electronics replacement cycle and automotive intelligence, the golden period for high-end PCBs has just begun.As every AI server carries a “green substrate” worth over ten thousand yuan, and every smart car is filled with precision circuits, this previously overlooked track is becoming an indispensable key to hard technology investment.