Zhongjin: AI PCB welcomes innovation and expansion cycle, equipment and consumables salespeople benefit.

The research report of Zhong Jin Company stated that the demand for AI servers is widening the supply-demand gap for high-end PCBs, and the industry is ushering in a new round of innovation and expansion cycles. Different from the previous PCB expansion cycle from 2021 to 2022, this round of PCB expansion cycle has differences in the sources of demand, expansion subjects, and technological iteration factors. The capital expenditure expansion cycle for PCBs will start from the fourth quarter of 2024, and according to previous experience, the upward cycle of PCB capital expenditure generally lasts for about two years. However, the demand for computing power infrastructure in this round may prolong the prosperity cycle of capital expenditure. In the second half of 2025, it is observed that the capital expenditure of the PCB industry is accelerating month by month, and there is a possibility of continuous upward revision of industry orders. It is optimistic about the investment opportunities for PCB equipment and consumables manufacturers, focusing on innovative equipment increment.