PCB行业景气度将持续见底回升

Investment Rating - The industry investment rating is "Recommended," indicating a positive outlook for the PCB industry, with expectations that the industry index will outperform the benchmark index [33]. Core Insights - The PCB industry is expected to see a recovery in 2025, particularly in high-layer and HDI segments, driven by strong demand from sectors such as computing power, high-speed communication, and new energy vehicles [4][11]. - The global PCB market is projected to grow by 5.8% in 2024, with significant growth in multilayer boards (18 layers and above) and HDI boards, primarily due to the increasing demand from AI servers and new energy vehicles [4][8]. - The domestic PCB industry's capacity expansion has slowed down significantly since 2021, which is expected to improve supply dynamics in the industry [11][15]. Summary by Sections 1. Profitability Improvement of PCB Listed Companies in 2024 - As of March 13, 2025, several PCB companies, including Pengding Holdings and Huidian Co., have reported significant profit growth for 2024, with net profit growth rates reaching as high as 74% for some companies [5][6]. - The median net profit growth rate for these companies is approximately 71%, marking one of the fastest growth years in recent times [5][6]. 2. Global PCB Market Recovery - The global PCB industry is showing signs of recovery, with a 5.8% increase in market value in 2024, driven by regions such as the Americas and China, which both saw a 9% increase [6][10]. - The demand for AI servers is expected to grow by 46% in 2024, further boosting the PCB market [8]. 3. Impact of AI and Advanced Driver Assistance Systems (ADAS) - The introduction of advanced AI models like Deepseek is expected to lower the hardware requirements for deploying AI applications, thus increasing the demand for PCBs in various industries [16][21]. - The trend towards higher-end intelligent driving systems in vehicles is anticipated to significantly increase the demand for PCBs, particularly in the 10-20 million RMB vehicle price range, which is projected to account for 50% of domestic car sales [21][24]. 4. Future Growth Projections - The PCB market is expected to continue its growth trajectory, with specific segments such as 18-layer and HDI boards experiencing substantial demand increases due to advancements in AI and automotive technologies [9][24]. - The overall PCB market value is projected to reach approximately 94.661 billion RMB by 2029, with a compound annual growth rate of 5.2% from 2024 to 2029 [9].