Summary of developments related to NVIDIA server PCB products:
1. H100 Related Information
• Order Visibility: Currently, order visibility extends to August, and subsequent production schedules are closely dependent on client demand trends. If client demand remains stable, production schedules after August may maintain the current pace; however, any fluctuations in client demand, whether an increase leading to higher production or a decrease resulting in lower production, will directly impact future production arrangements.
• Market Share: The company holds approximately 40% market share in the H100 market, with major suppliers being Unimicron and Huidian. Unimicron plays a significant role in H100 product supply due to its extensive experience and advanced technology in PCB manufacturing; Huidian also meets part of the H100 production demand with its technical strength and production capacity, together supporting the H100 supply system.
2. GB200 Related Information
• Production Schedule: Monthly production remains stable at around 10,000 square meters, maintaining this level from March to June, and is currently at full production capacity. Order visibility extends to August, and any increase in production will depend entirely on the number of client orders. If client orders increase significantly, the company may enhance production through process optimization, increasing shifts, and reallocating more resources; conversely, if orders decrease, production will be adjusted downward.
• Market Share: Since April, the company’s market share has risen to over 70%, with March production at 9,000 square meters. The increase in market share is attributed to the company’s high product quality, timely delivery, and reasonable cost control, which have earned more client trust and orders.
• Value: The mass production value is approximately 40,000 yuan per square meter, determined by considering various factors such as raw material costs, production costs, technical added value, and market supply-demand relationships.
• Switch Tray Section: Clients have begun revising the switch tray section, transitioning from the original 6-layer HDI design to a high multi-layer through-hole design, although a small number of products still use the six-layer design. In terms of supplier share, the company holds about 45%, Huidian about 40%, with Guangzhou TTM and Unimicron each holding a small share. The company’s high share is due to its advantages in technology research and development, production processes, and customer service, enabling it to better meet client requirements for product performance and delivery times.
3. GB300 Related Information
• Progress: As of the end of May, it remains in the final sampling stage and has not yet entered small batch production, with the project experiencing delays. One sampling was completed in May, and mass production of the PCB section is expected to be achieved in July or August, with full-scale production anticipated by the end of August or early September, and entering the server ODM phase expected by the end of October. No clear demand forecast has been received from clients. Multiple versions are being sampled, primarily differing in design levels, including three-layer, five-layer, and one-layer products, with the five-layer product expected to become the mainstay during mass production. Different versions are being tested to meet various client needs and application scenarios, selecting the most suitable solution for market demand and technological development trends.
• Impact of Plan Adjustments: After adjustments, the plan returns to five-layer HDI, with the number of layers remaining at 22, and the computing area is 0.017 square meters (for two GPU sections), with multiple versions in sampling. The value varies slightly, with an estimated single piece value of about 38,000 to 39,000 yuan, showing a slight decrease. One square meter can accommodate 58 pieces, i.e., 116 GPUs, while the CPU section remains high multi-layer. The materials used are 7409 M7 and M8 grades, employing a mixed pressing process. Adjustments may be due to technical optimizations, cost control, or changes in client demand, with the mixed pressing process designed to meet product requirements in performance and structure.
• Supplier Landscape: It is expected that Fangzheng Zhuhai will be added as a supplier, having passed sampling in November last year and currently in normal status. If included, it is expected to capture about 10% of the share, starting with a small share and undergoing an observation period. The remaining three suppliers (Huizhou, Unimicron, Huidian) will distribute according to the existing GB200 ratio, multiplied by 90%, with Huizhou expected to account for over 60%, Unimicron close to 20%, and Huidian primarily producing switch tray products. Compared to GB200, if client demand remains stable, supplier shares will not change significantly. As a new entrant, Fangzheng Zhuhai needs to demonstrate its production capacity, product quality, and service level during the observation period to gain more share; while other established suppliers maintain their shares and strive for further increases based on long-term cooperation with clients and mature supply systems.
• Gross Margin: Theoretically similar to GB200, although GB300 has a slightly lower price, it has a higher yield. The gross margin of GB200 has exceeded a certain level, and GB300 is expected to maintain a corresponding gross margin. The maintenance of gross margin is supported by improved yield offsetting the impact of price declines, while the company’s efforts in cost control and production efficiency improvements also contribute to stable gross margins.
4. Other Product Information
B300 and B30 are both in the sampling stage, with no signs of early mass production; they may be referred to differently, as the company generally calls it GB300. Being in the sampling stage means that the products are still undergoing technical validation and performance optimization, requiring more time before formal mass production, and currently, there are no indications of an early entry into mass production. Continuous attention to product development progress and market dynamics is necessary.
