AI-PCB
With the GB200 and GB300 ASICs experiencing explosive growth, and the upgrade of switches from 800G to 1.6T, AI-PCB is expected to see over 50% growth by 2026. Due to a sudden surge in demand, the industry capacity was fully loaded by Q1 2025, and new capacity will require 18-24 months to build, resulting in a 10% capacity gap.
Resin– Electronic Glass Fiber Cloth– Copper Clad Laminate CCL-PCB
Equipment
Dongwei Technology: Vertical Continuous Plating Equipment VCP
Han’s Laser: PCB Drilling Machines, LDI Exposure Equipment, AOI Inspection Equipment
Dingtai High-Tech: PCB Drill Needles
CCL: AI PCB requires M8 level or higher CCL
Shengyi Technology has M9 level production capacity, M8 in mass production
Huazheng New Materials has publicly stated M8 level mass production capacity, but has not specified shipment scale
Copper Foil: Fourth and Fifth Generation manufacturers, with the mainstream being the Third Generation, the Fourth Generation is growing rapidly
HLVP Copper Foil: In the demand scenario of GB300, the copper in the signal layer must use HVLP/ type HVLP copper foil
Fifth Generation: Longyang Electronics, Defu Technology
Fourth Generation: Longyang Electronics (sample sent to Nvidia supply chain), Defu Technology (some manufacturers certified for mass production around 2027), Copper Crown Copper Foil (can produce all generations, mainly shipping second generation products)
Third Generation: Defu Technology, Copper Crown Copper Foil (can produce all generations, mainly shipping second generation products), Zhongyi Technology (announced entering mass production and sales phase in July, generation not disclosed)
M9 level CCL not only improves technology in electronic cloth dimensions but can also use PTFE resin technology to bypass the demand for special electronic cloth, both belong to alternative logic. Currently, PTFE resin solutions have the defect of low yield, and mass production is still uncertain.
Substrate: The substrate is usually a precise composite of electronic cloth (also called glass fiber cloth, fiberglass cloth, quartz cloth) and resin.
Electronic cloth capacity expansion requires 6 months, and certification requires 2-3 months, totaling 8-9 months, giving manufacturers a certain premium time
Currently, for M8 level, second generation electronic cloth is needed, and Japanese and Taiwan Glass have weak expansion intentions
Honghe Technology: Capacity 12.5-15W meters/ month
Third generation electronic cloth mainly adapts to Robin and 1.6T optical module switch demand, expected to explode in 2027
Zhongcai Technology: Monthly shipment 1.5W meters, planning 3500W meters/ year
Feilihua: Monthly shipment of tens of thousands of meters, increasing to 20W meters/ month in 2026, and increasing to 40W meters/ month in 2027; the only company to achieve large-scale production of quartz fiber
Resin: Demand PTFE (not yet widely applied)
PTFE Copper Clad Laminate:
Shengyi Technology, Nanya New Materials, Zhongying Technology
Hydrocarbon Resin:
Dongcai Technology has a subsequent planning capacity of 3500T
Shengquan Group currently has 100T, and plans to start 1000T capacity
PTFE:
Juhua Co.: Annual output of 1.5Wt, under construction 6000T, certified by Shengyi Technology and Huadian Co.
Kent Co.: PTFE film modification technology leading product indirectly supplies Nvidia GB300 backplane, with tetrafluoro film accounting for 25-30% of the cost in high-frequency copper clad laminates.
Ink:
Guangxin Materials, Feikai Materials
Photo initiators:
Jiu Ri New Materials
PCB:
Shenghong Technology: Current capacity 120,000 square meters/ month, under construction in Thailand 150,000 square meters/ year, Huizhou 150,000 square meters/ month, expected to be operational in 2025
Huadian Co.: 1.6T optical module + server
Jingwang Electronics: Planning 300,000 square meters/ year, expected to be operational in 2026
Kexiang Co.: Under construction 1,000,000 square meters/ year HDI, originally planned to be operational by the end of 2025, not entirely for AI
Bomin Electronics: 25.5 month production 360,000 square meters with yield over 96%
Shennan Circuit: AI server orders account for over 30%
Shengyi Electronics: AI server motherboards + accelerator cards +800G switch order delivery
Optical Chips
Upstream Substrates– Lithium Niobate – Tiantong Co.: 6 inch domestic over 50% market share
Laser Chips
VCSEL Chips
Changguang Huaxin – Optical Modules
Guangxun Technology – Optical Modules
EML Chips
Yuanjie Technology – 800G, 1.6T
Shijia Photonics – 800G, 1.6T, expected to complete certification and shipment by Q3 2025
Dongshan Precision – 800G
Huagong Technology – 400G
Guangxun Technology – 200G, 1.6T
PIN Chips
Guangxun Technology