CITIC Securities: PCB orthogonal backplane scheme is expected to accelerate landing. PCB manufacturers with technical capabilities are expected to benefit first.

According to a research report from CITIC Securities, orthogonal PCB backplanes are seen as a potential solution for the bandwidth bottleneck between computing units and network units in AI computing clusters. They have advantages in terms of speed, integration, heat dissipation, stability, and wiring. Due to their design of ultra-large size and ultra-high layers, far surpassing conventional products, they may significantly increase the unit value of PCB and become a core driving force of long-term supply-demand tension in the industry. CITIC Securities believes that PCB manufacturers with leading technological capabilities are expected to benefit first, and recommends top companies in the AI computing power supply chain with large open positions and clear customer introduction expectations. They also recommend focusing on companies that still have room for improvement in PB valuation as AI high ROE value is released.