Open Source Securities: The GB300 adopts a new architecture and new material PTFE, and the trend of its application is gradually becoming apparent.

Open Source Securities released a research report stating that the delivery of GB200 has been delayed due to issues such as overheating of the chassis and interconnection failure between chips. It is highly likely that GB300 will adopt new solutions and materials in its architecture design, with PTFE becoming a crucial direction to address the issues encountered with GB200. Compared to GB200, GB300 has an increased TDP from 1.2KW to 1.4KW, requiring higher cooling demands, and stricter requirements for electrical performance of PCB materials at high transmission rates. PTFE material was previously used in high-end communication fields, such as 5G antennas and millimeter-wave radars, due to its excellent characteristics. It is likely to be applied in the next generation AI server PCBs in a hybrid manner (using PTFE material for necessary signal layers and traditional high-speed materials for other layers). Key points from Open Source Securities are as follows: 1. Speculation: Delivery of GB200 has been delayed due to overheating of the chassis and interconnection failure between chips, while GB300 is expected to adopt new solutions and materials in its architecture design, focusing on PTFE as a crucial direction to address issues encountered with GB200. 2. Changes in GB300: Optimization is needed in GB300 and the next generation Rubin to address issues encountered in GB200, such as high power consumption, high cooling demands, and interconnection failure. PTFE material, known for its excellent electrical performance, is expected to be used in a hybrid manner in the next generation AI server PCBs. 3. Processing difficulties: While PTFE material offers excellent electrical performance and minimal losses at high transmission rates, its processing poses challenges, such as high processing temperatures and difficulties in adhesion with materials like copper foil, which may affect PCB yield. Investment recommendations: It is recommended to focus on companies with experience in processing PTFE and those in the NVIDIA industrial chain. Companies with experience or leading technological capabilities in the communication sector may benefit from the difficulties in processing PTFE. Beneficiaries in the PCB sector include Shenzhen Kinwong Electronic, Wus Printed Circuit, and Founder Technology Group, while Shengyi Technology is a beneficiary in the CCL sector. Risk warning: Slow application pace of PTFE material and difficulties in processing may affect yield.