1. Expansion Plans of Leading PCB CompaniesDriven by the demand for AI servers, leading PCB companies are focusing their expansion on high-end sectors, while mid-to-low-end companies are experiencing weak orders. Shenghong and Founder are aggressively expanding due to orders from NVIDIA’s GB200 AI servers, with equipment procurement reaching billions. Companies like Huadian, Jingwang, Dongshan Precision, and Shennan Circuit are also accelerating their expansion, with Huadian increasing capacity through the acquisition of Flex’s factory. Wuxi Senchan Circuit has procured 100 drilling machines and 90 pressing machines, expanding capacity in multiple phases. Second-tier companies like Guanghe Electronics and Zhongfu Circuit are also joining the expansion ranks, but the main expansion is still led by a few top-tier companies such as Shenghong, Founder, and Huadian.2. PCB Equipment Investment and Consumables Market(1) Equipment Investment StructureIn high-end PCB production line equipment investment, drilling machines account for the highest proportion (35%), including mechanical drills (including CCD back-drilling machines) and laser drills. The proportion of CCD back-drilling machines in AI server production lines has increased to 25%, while carbon dioxide laser drills account for 40%. Exposure machines (LDI) account for 15%, laminating equipment for 5%, plating lines for 10%, and testing and other equipment for 15%. Based on a capacity of 100,000 square meters, total equipment investment can be estimated according to this ratio.(2) Consumables Market StructureDrill bits are the core consumables, with a high market concentration: Dingtai High-Tech accounts for 19%, Jingzhou Precision for 18%, Japan’s Yuran (diamond drill bits) for 14%, and Taiwan’s Top Point for 9%, with these four companies accounting for 60% of the market, while the remaining 40% is divided among domestic second-tier brands. Jingzhou Precision, leveraging its “Jujin PCB” coating technology, has lower costs than Japan’s Yuran and supplies leading companies like Shenghong and Founder, rapidly increasing its market share.3. Drilling Technology and Process ApplicationsDrilling technology selection is based on hole diameter: micro-holes (such as HDI blind buried holes) with a diameter ≤0.1mm use laser drilling, achieving efficiencies of 1700-1800 holes/second (Mitsubishi equipment), while domestic Dazhu Laser equipment achieves about 800-900 holes/second. For through-holes, slot holes, and controlled depth holes with a diameter ≥0.2mm, mechanical drilling is used, which is more cost-effective and can handle processes like slot holes and depth control that laser drilling cannot achieve. In blind hole processing, mechanical drilling can be used for holes >0.2mm, while laser drilling is relied upon for holes <0.2mm.4. Upgrading of M9 Materials and Technical ImpactsM9 materials, as low dielectric loss materials, are primarily used in high-performance AI server scenarios, driving upgrades in equipment and consumables technology:On the equipment side: higher precision CCD back-drilling machines (with residual copper column control within 2μm) and laser drills (reducing blind buried hole leakage rates) are required;On the consumables side: M9 materials have high hardness and wear resistance, leading to a significant reduction in drill bit lifespan (M8 material drill bits last 300-500 holes, while M9 lasts only 200 holes), driving demand for diamond-coated drill bits, with Japan’s Yuran’s diamond drill bits and Jingzhou Precision’s “Jujin PCB” coated drill bits becoming mainstream choices.Currently, M9 materials are still in the R&D stage, with copper-clad laminates having completed testing, but mass production of PCBs will take time.5. Drilling Technology and Efficiency for High-Layer BoardsHigh-layer boards (such as 72-layer and 112-layer orthogonal backplanes) require segmented drilling processes (drilling in three segments: 1/3, 2/3, 3/3) due to their thickness, but this results in lower efficiency. The efficiency of mechanical drilling is significantly affected by equipment performance: German graphite drilling machines, with their “fast rotation function,” “stroke optimization,” and “broken tool detection,” are 13%-20% more efficient than Dazhu equipment. The drilling time for M9 materials is about 50% longer than for M8, as the feed speed must be reduced to avoid tool breakage.6. Laminating Equipment and Process RequirementsThe core requirements for laminating equipment include:Flatness: The flatness of the hot plate must reach 0.05mm (50μm) to ensure uniform board thickness;Vacuum: The laminating process must be vacuumed to eliminate air bubbles, avoiding board scrap;Temperature uniformity: within ±1.5℃, while domestic equipment often has ±3-4℃, which is difficult to meet the requirements of M9 materials.5-stage HDI laminating requires 5 cycles, with a single furnace duration of 2-3 hours, and the number of openings is designed based on board size (e.g., 45×51 inches), with mainstream laminating machines having 12 openings. The laminating temperature for M9 materials must reach 300℃, and existing equipment can meet this through customized heating power, but the duration is about 0.5 hours longer than for M8.7. Equipment Capacity and Opportunities for Domestic SubstitutionThe tight capacity of overseas equipment provides a window for domestic substitution: the capacity of German graphite drilling machines is planned to expand from 1700 units in 2026 to 3000 units in Q2 2027, with orders extending to Q2 2027; Mitsubishi’s laser capacity remains stable without expansion. Domestic companies like Dazhu Laser are achieving substitution in mid-to-high-end fields such as through-hole drilling and general lamination, with their CCD back-drilling machines priced at only 50%-60% of German graphite machines (Dazhu 1.5 million/unit vs. graphite 2.5-2.6 million/unit). Although the precision is slightly lower, cost-effectiveness can be improved by combining with overseas equipment (e.g., first using measurement equipment to obtain board thickness data, then using graphite drilling machines for high-difficulty processes). It is expected that domestic drilling machine demand will grow by 30% in 2026, with companies like Dazhu expanding capacity to 8000 units.Q&AQ1: In the context of high demand for AI leading to a shortage of PCB supply, what are the investment expansion plans of mainstream PCB manufacturers in the coming years?A1: Currently, expansion is mainly concentrated among leading PCB manufacturers, with Shenghong and Huadian being the most aggressive, building large-scale factories in Hubei and other regions; Founder, Jingwang, Dongshan Precision, Shennan Circuit, and Guanghe Electronics are also actively expanding. These leading manufacturers are primarily focusing on high-end capacity related to AI servers, while mid-to-low-end manufacturers are experiencing weak orders and limited expansion. In terms of equipment procurement, leading manufacturers continue to add machines, such as Wuxi Senchan Circuit procuring 100 drilling machines and 90 pressing machines, with expansion progressing in multiple phases.Q2: What is the investment amount for high-end PCB (high-level HDI and high multilayer) expansion, and what is the value proportion of various types of equipment? For example, how much equipment investment is needed for a capacity of 100,000 square meters?A2: In high-end PCB expansion equipment investment, the value proportion of various types of equipment is approximately: drilling machines (including through-hole drills, CCD back-drilling machines, laser drills) 35%, LDI exposure machines 15%, laminating equipment 5%, plating lines 10%, edge washing machines 10%, testing equipment and others 10%, and consumables (such as drill bits) 5%. The specific investment amount needs to be combined with capacity scale and equipment configuration; currently, leading manufacturers’ single factory equipment investment can reach tens of billions.Q3: What is the range of through-hole diameters for high multilayer and 5-stage HDI, and do through-holes use mechanical or laser drilling?A3: The standard for through-hole diameter classification is: holes with a diameter of 0.2mm and above use mechanical drilling, which is more cost-effective; holes below 0.1mm (micro-holes) use laser drilling (laser), which is more efficient (e.g., Mitsubishi laser drills can process 1700-1800 holes per second). 5-stage HDI, due to small holes and narrow line spacing, often uses laser drilling for blind buried holes; mechanical drilling can be used for blind holes above 0.2mm, but laser drilling is more widely used in blind buried hole processing.Q4: For Q-step materials, do through-holes use mechanical or laser drilling?A4: The method of drilling through-holes is determined solely by the hole diameter, regardless of the material (such as Q-step). Holes below 0.1mm (micro-holes) use laser drilling, while those 0.2mm and above use mechanical drilling. Q-step, as a composite material, follows the above hole diameter classification principles for through-hole drilling.Q5: What is the upgrade rhythm of M9 materials and the new requirements for drilling machines and drill bits?A5: M9 materials are currently in the R&D stage, with the interactive version having completed verification, but PCB mass production applications are not yet mature. The upgrade aims to meet the AI server’s demand for low dielectric loss and high signal transmission efficiency. Requirements for drilling machines include: higher precision (e.g., CCD back-drilling machines need to control residual copper columns within 2μm) and better stability in blind buried hole processing (to avoid leakage and misalignment). Requirements for drill bits include high hardness and wear resistance, such as Japan’s Yuran diamond drill bits, which can cope with the high wear resistance of M9 materials; the lifespan of drill bits has significantly decreased, with M9 drill bits only able to process 200 holes, while M8 drill bits can process 300-500 holes.Q6: In the laser processing of M9 materials, does carbon dioxide laser have thermal effects, and will it be replaced by ultrafast lasers in the future?A6: The carbon dioxide laser has better stability in the laser processing of M9 materials, and no significant thermal effect has been found to impact the process. Ultrafast lasers (such as picosecond lasers) and carbon dioxide lasers are different technological paths, with high costs (about 5-6 million/unit) and not yet widely commercialized, and the market has not verified their advantages in processing M9 materials. Mainstream manufacturers like Mitsubishi do not plan to develop ultrafast laser replacement solutions; currently, carbon dioxide lasers remain the mainstream choice.Q7: Q-step materials have a high silica content; when using carbon dioxide lasers, will high temperatures cause hole clarity issues or dust affecting PCB quality?A7: Currently, no issues have been found in production practice regarding hole clarity or dust contamination affecting PCB quality when processing Q-step materials with carbon dioxide lasers. The impact of the laser source on the material mainly depends on the hole diameter and is not significantly related to the material itself; the role of carbon dioxide lasers in micro-hole processing cannot be replaced at this time.Q8: What are the differences in drilling time and efficiency when drilling the same holes (depth and diameter) with M9 and M8 materials?A8: The drilling time for M9 materials is significantly longer than for M8, mainly because the feed and retract speeds must be slowed to avoid tool breakage, with processing times being about twice that of M8. In terms of drilling efficiency, the lifespan of M9 drill bits is only 200 holes, while M8 drill bits last 300-500 holes, showing a significant decrease in efficiency, and high-hardness drill bits (such as diamond drill bits) are required.Q9: How does tool change during segmented drilling affect efficiency?A9: Segmented drilling is mainly for ultra-thick boards (such as over 70 layers), solving the issue of drilling through by drilling in segments (e.g., 1/3, 2/3, 3/3 depth) and does not involve tool change operations, only requiring parameter settings in the software. Therefore, segmented drilling has a minimal impact on efficiency, with the main influencing factors being drilling parameters (such as feed and retract speeds) and equipment performance.Q10: What is the number of holes and size range for GB200 boards?A10: The number of holes in GB200 boards varies by specification, typically ranging from 50,000 to 100,000; common sizes are 22×24 inches, with larger sizes reaching 22×32 inches and 22×48 inches (over a meter), with specific sizes needing to match the drilling machine’s table size, such as mainstream drilling machine table sizes of 570×730mm (22.4×28.7 inches) and 631×730mm (24.8×28.7 inches).Q11: What is the impact of upgrading materials from M7 to M9 on laminating machines, and what are the single board area and number of openings for 5-stage HDI?A11: The upgrade from M7 to M9 materials has no significant impact on laminating machines, which can meet requirements by controlling the flatness of the hot plate (to 0.05mm), vacuum degree, and temperature uniformity (±1.5℃). The mainstream size for 5-stage HDI laminating machines is 3151 (850×1350mm), with 12 openings; common sizes for copper-clad laminates are 45×51 inches and 51×59 inches, with single board area needing to match the drilling machine’s table size.Q12: What are the laminating times and layers for positive adhesive backplanes?A12: The laminating times for positive adhesive backplanes are related to the number of layers, such as 3-stage laminating 3 times, 6-stage laminating 6 times, requiring multiple reflows. Q cloth, as a semi-cured sheet, replaces traditional PP materials for bonding between layers, and all layers that need to be interconnected must use Q cloth to achieve low dielectric loss and high signal transmission efficiency.Q13: What are the changes in laminating time and temperature for laminating machines when upgrading from M7 to M9 materials?A13: The laminating time increases by about 0.5 hours when upgrading from M7 to M8 (from 2.5 hours to 3 hours), while M9 has not yet reached mass production, so specific times are not clear, but it is expected to further extend. In terms of temperature, laminating machines can customize heating temperatures (usually 260-300℃), and M9 materials are expected not to require additional temperature increases, as existing equipment can meet the demand.Q14: When overseas equipment supply is tight (such as graphite and Mitsubishi), can domestic equipment manufacturers like Dazhu replace CCT and other machinery?A14: With tight capacity for overseas equipment (such as graphite drilling machines and Mitsubishi laser drills), orders have extended to Q2 2027. Domestic manufacturers (such as Dazhu) can substitute in mid-to-low-end and auxiliary roles, such as for board thickness measurement and general drilling. However, in high-end fields (such as high-difficulty back drilling and laser micro-holes), domestic equipment still lags behind overseas performance, and leading board manufacturers typically adopt a “domestic + overseas” comprehensive usage strategy, with the proportion of domestic equipment orders expected to increase.Q15: What is the relationship between adhesive materials and resin electronic cloth?A15: Adhesive materials (such as Q cloth) and resin electronic cloth are in a synchronous supporting relationship, with a ratio of about 1:1, and the ratio is higher in multilayer boards. For example, in a 30-layer board, the ratio of copper-clad laminate to Q cloth is about 1:20, and each additional layer requires a corresponding increase in adhesive materials, so multilayer boards have a significant demand for adhesive materials, necessitating substantial capacity expansion.Q16: If the resin electronic cloth remains unchanged, how does increasing the number of layers from 22 to 36 affect drilling efficiency, and does a 78-layer positive adhesive backplane require a completely new drill bit?A16: Increasing the number of layers (such as from 22 to 36) will lead to a decrease in drilling efficiency, as segmented drilling must be used and the drill bit length is limited (usually 5-10mm). A 78-layer ultra-thick board, due to its thickness exceeding the drill bit length limit, requires the use of high-hardness drill bits (such as diamond drill bits) and segmented drilling technology, as existing standard drill bits are not applicable, mainly due to the increased difficulty in cutting caused by the brittle and hard materials and increased thickness.