The PCB industry, often called the "mother of electronic products," stands at a crossroads of technological revolution and industrial transformation. Against the backdrop of the global semiconductor market approaching a scale of $627 billion, the worldwide PCB output value reached $73.565 billion in 2024, with the Chinese market accounting for $41.213 billion, or 56% of the total. More notably, the industry is undergoing a qualitative shift from "scale expansion" to "value restructuring": the proportion of high-end products continues to rise. The global PCB market is projected to reach $94.661 billion by 2029, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029. Specifically, the share of high multilayer boards with more than 18 layers is expected to jump from 2.48% to 5.3%, corresponding to a CAGR of 15.7%, significantly outpacing the industry average. HDI boards dedicated for AI servers are forecast to grow at a CAGR of 16.3% from 2023 to 2028, becoming a key growth engine in the segment. This structural change is reshaping the investment logic for the entire equipment supply chain.

On the demand side, dual drivers from AI computing and new energy vehicles are creating unprecedented demand intensity for the PCB equipment industry, with core momentum coming from three major areas. The first is the high-end revolution driven by AI servers. Demand for HDI and high multilayer boards from AI servers is experiencing explosive growth. A single AI server requires GPU substrates with over 20 layers and 4-5 step HDI accelerator modules, with drilling precision requirements elevated to the micron level. This directly fuels demand for high-end equipment like laser drilling and precision lamination. According to Prismark data, global AI server shipments will increase from 2 million units in 2024 to 5.4 million units by 2029, a CAGR of 21.7%. This will drive the AI server PCB market to a CAGR of 32.5% from 2023 to 2028, confirming the certainty of this trend. The second driver is the wave of electrification in new energy vehicles (NEVs). The cost proportion of automotive electronics is continuously rising. The three major electronic control systems added to NEVs—VCU, MCU, and BMS—increase the PCB value per vehicle by 3 to 5 times compared to traditional internal combustion engine vehicles. Smart cockpits and autonomous driving further push the annual growth rate of automotive flexible printed circuits (FPCs) to 6-9%, with FPC usage per vehicle increasing significantly. This value leap from traditional vehicles to NEVs imposes new requirements for equipment with flexible and high-precision processing capabilities. With the NEV penetration rate reaching 40.9% in 2024, it provides long-term support for demand in automotive PCB equipment. The third area involves forward-looking布局 in 6G communication and advanced packaging. China's 14th Five-Year Plan explicitly requires the high-endization rate of the PCB industry to exceed 40% and promotes the development of high-frequency, high-speed materials. Prismark anticipates the PCB market in Asia (excluding China and Japan) will achieve a CAGR of 7.1% from 2024 to 2029. Southeast Asian countries like Thailand and Vietnam are承接 production capacity transfer, a globalization trend that compels equipment manufacturers to provide more cost-effective solutions.

On the supply side, structural changes in demand are forcing PCB manufacturing technology to evolve towards "higher precision, greater density, and increased intelligence." Technological iteration exhibits three main characteristics: extreme precision, greener processes, and production automation. In terms of precision, HDI technology has achieved 50μm aperture and 25μm line width, with AI servers even demanding processing capabilities below 20μm. This drives the replacement of traditional mechanical drilling by laser drilling equipment, making it a core system in modern PCB production. Simultaneously, Vertical Continuous Plating (VCP) technology, with advantages in plating uniformity, energy savings, environmental friendliness, and high automation, has become the mainstream choice in the new PCB plating equipment market. Industry research indicates that the scale of China's VCP equipment market maintains steady growth, significantly higher than that of traditional plating equipment. Green manufacturing is equally important. Starting in 2025, the total copper content limit in PCB production wastewater will be tightened to 0.5mg/L, and lead-free process coverage must reach 90%, driving demand for updates to environmental protection equipment. The introduction of intelligent technologies like AI data analysis and automated control has reduced energy consumption for single panels by 20% and increased per capita output by over 30%.

Within the supply chain, the equipment segment holds the broadest potential for domestic substitution. The specialized PCB equipment chain can be divided into upstream, midstream, and downstream. Upstream involves core components and materials, including optical components, mechanical components, and control systems, with some high-end components still reliant on imports. The midstream consists of equipment manufacturers, which is the main battlefield for domestic substitution. Downstream are the PCB manufacturers, whose capital expenditure cycles directly determine equipment industry景气度. The most significant highlight in the current supply chain is the breakthrough progress in the midstream equipment sector. In the first quarter of 2025, capital expenditures from mainstream PCB manufacturers increased significantly year-over-year, signaling the industry's entry into a new upward capital expenditure cycle. This cycle differs from previous ones—AI computing power is creating entirely new demand, not just penetration in traditional fields. Leading companies like Shennan Circuits, Wus Printed Circuit, and Victory Giant Technology are all advancing capacity expansion for high-end HDI and high multilayer boards, providing verification opportunities for domestic equipment. From a competitive landscape perspective, domestic equipment has already achieved partial超越 of imported products. Han's CNC dominates the PCB laser drilling equipment market, with deep ties to leading customers like Shennan and Kinwong. Dongwei Technology, as a leader in VCP equipment, holds a leading market share domestically, and its products have entered the supply chains of global mainstream PCB manufacturers. Drill bit consumables from Dtg High-Tech benefit from demand pull from major customers like Shengyi Technology; under the trend of M7-M9 material upgrades, drill bit usage and wear rates are increasing simultaneously. Furthermore, the parent company Han's Laser has achieved order breakthroughs in the 1.6T optical module field, creating business synergies. It is noteworthy that some manufacturers are choosing differentiated paths. For example, Win Laser focuses on the PCB soldering环节, with its blue laser solder ball welding process achieving breakthroughs on gold and copper焊盘, serving niche scenarios like high-speed connectors, thereby avoiding direct competition in drilling and plating.