GF SEC: The value of a single GPU PCB in GB300 is expected to increase.

GF SEC released a research report stating that the area, layers, and material performance of AI server PCBs continue to improve, driving the growth in PCB unit value. Compared to GB200, it is expected that the area and value of single GPU PCBs in GB300 will increase. The AI PCB market continues to grow, with domestic manufacturers actively laying out AI server PCBs, and the industry chain experiencing a rise in both quantity and price, flourishing. From the "iPhone moment of AI" to the "moment of AI fission" and then to the "moment of AI onslaught", it is recommended to focus on core beneficiaries in the industry chain: Victory Giant Technology (300476.SZ), Wus Printed Circuit (002463.SZ), etc. Comparison of GB200/GB300 PCB Solutions: The value of single GPU PCBs in GB300 is expected to increase. According to SemiAnalysis, in GB200, Nvidia provides the entire Bianca board, including the Blackwell GPU, Grace CPU, 512GB LPDDR5X, all integrated VRM components on one PCB, as well as switch trays and copper backplates. In GB300, Nvidia will only provide the B300 on the "SXM Puck" module, instead of providing the entire Bianca board, but will still provide switch trays and copper backplates. In terms of PCB usage area, GB300 has added PCB area related to the SXM Puck compared to GB200. In terms of PCB unit value, GB300 NVL72 is expected to increase compared to GB200 NVL72, with an increase in the value of single GPU PCB. According to GF SEC calculations, the value of the PCB for single GPU in the HGX H/B series is $175-204, for the GB200 NVL72 single GPU it is $317-376, and for the GB300 NVL72 single GPU it is $382-501. Compared to the HGX series, the value of single GPU PCB in GB300 NVL72 has increased by 88%-186%; compared to GB200 NVL72, with the same Switch board solution, the value of single GPU PCB in GB300 NVL72 has increased by 17%-39%. GF SEC believes that with the improvement in the demand for transmission rate, integration, and heat dissipation performance by AI servers, the overall specifications of PCBs and the penetration rate of HDI are expected to continue to increase, further narrowing the wiring space and component spacing on PCBs, and improving high-frequency, high-speed, and anti-loss performance. NV AI Server PCB Supply and Demand Structure: The market size continues to grow, and the industry chain sees an increase in both quantity and price. According to GF SEC calculations, the NV AI server PCB market size is expected to increase from $330 million in 2023 to $1.72 billion in 2025, with a year-on-year growth rate of 117% in 2025. In 2025, the market size of GB200/GB300 PCB will be $1.43 billion, accounting for 83% of the NV AI PCB market size. Domestic manufacturers are actively laying out AI PCBs, with Victory Giant Technology and Wus Printed Circuit leading the way. According to an investor communication announcement from Victory Giant Technology, in terms of HDI, the company's advanced HDI has been highly recognized by major customers, multiple AI HDI products are in mass production, actively laying out next-generation high-speed communication equipment and AI server product development; in terms of HLC, the company has the capability to develop and manufacture 70-layer high-precision PCBs, deep cooperation with multiple global customers in the field of switches, AI servers, and high-end communication, with multiple in-development or mass-produced products with core major clients. According to the mid-year report of Wus Printed Circuit in 2024, the company's 800G switch has been mass shipped, while supporting 102.4T switch capacity, the 1.6T switch product has completed pre-research, OAM/UBB2.0 product has been mass shipped, GPU products have passed 6-layer HDI certification, and are ready for mass production. Risk Warning: AI industry development may not meet expectations, AI server shipments may not meet expectations, and domestic manufacturers' technological and product progress may not meet expectations.