PCB/CCL：AI热潮的核心受益者；首推WUS/Delton/Sytech

We forecast AI PCB/CCL's TAM will expand by 60/70% CAGR from US$7bn/3bn in 2025 to US75bn/39bn in 2030, driving ~15% CAGR for globalPCB. Upgrades in materials (from M8 to M9/10) and techniques (movingto higher layer count, and mSAP) are key drivers of better performance andhigher PCB/CCL value. Initiate with BUY on WUS/Delton-A/Delton-H/Sytechas our favorable picks in high-speed switch, CPU PCB and AI CCL domainswith 33%/27%/26%/37% upside to our PTs. AI a game changer for the PCB/CCL industry.Amid booming AI infrastructure build, we expectthe global PCB market to grow from US$85bn in 2025 (range-bound for many years) to US$173bn in 2030E, or a ~15% CAGR. We also estimate about US$7bn/3bn comes from AIPCB/CCL, which are expected to increase by 5-year CAGRs of ~60%/70% to US$75bn/39bnin 2030, driving the total server PCB market to reach ~US$90bn. This implies ~US$2tn AIcapex globally. We believe the megatrend of AI infra investment growth gives relevant PCB/CCL players significant growth opportunities. Spec upgrade trend keeps lifting PCB/CCL's value.Typical AI PCB specs include eitherhigh-end material solutions, complex design, high-layer count, small L/S or multifunctionrequirements (e.g. mid/backplane). We believe both material and technique upgrades are keydrivers of better performance and higher PCB value. AI players have already been adopting M8grade PCB for server/switch, and are also exploring further upgrades to M9/10 for higher datatransmission speed/efficiency. We also see the trend of more sophisticated PCB design by AIplayers, such as higher-layer HDI/MLPCB, and wider adoption of mSAP, which could move toAI server/switch (e.g. CoWoP). We expect the PCB/CCL value per GPU to rise 3-4x/4-5x fromNVIDIA GB200/300 to VR300, and also see similar trend in upcoming new AI server/switchproducts from other AI players. Such big content growth will be a key driver of PCB/CCL TAMgrowth, in addition to volume increase. Deep dive into AI PCB/CCL suppliers and landscape.Both PCB/CCL markets are mainly madeup of China Mainland and Taiwan suppliers, with some from other regions. Although manyPCB vendors are building/expanding capacity in SEA, we expect China Mainland to maintain>50% production share, as its mature and integrated PCB ecosystem gives it a strong edgein production efficiency, cost, and reliability. In this report, we provide a detailed breakdownof AI PCB/CCL's suppliers by major AI players' existing/upcoming server products, to achievedeeper understanding of the current supply chain dynamics and competitive landscape. Initiate on WUS/Delton/Sytech at BUY; Sytech is our top pick.We initiate on WUS/Delton/Sytech as they are well-positioned in their respective domains (high-speed switch/CPU PCB/AI CCL), while Sytech is our top pick for its rarity as a Chinese high-end CCL player.WUS:1)Leading position in high-speed switch market driven by its edge in HLC technique, 2) Healthycompetition in high-speed switch market, 3) High profit exposure to AI server/switch.Delton:1) A CPU-focused supplier with high profit exposure to server, 2) Underestimated CPU demanddue to agentic AI, 3) Potential to penetrate the AI server/switch market, 4) Smooth profitabilityramp of overseas factories.Sytech:1) Breakthroughs in high-end AI CCL to achieve significantmarket share and revenue growth, 2) Ongoing CCL price hike to benefit ASP, 3) Ample roomto grow in AI PCB. We forecast 43%/54%/48% NP CAGR in 2026E-28E for WUS/Delton/Sytech, mostly above consensus. Our PTs imply 2026E P/E of 41x/45x/41x/44x or 2027E P/E of 26x/27x/25x/28x for WUS/Delton-A/Delton-H/Sytech, with a PEG range of 0.6-0.9x, andsuggest 33%/27%/26%/37% potential upside. Delton (001389 CH / 1989 HK) – Initiate with BUY31 Shengyi Technology (600183 CH) – Initiate with BUY42 Executive Summary Global PCB TAM to expand by ~15% CAGR to 2030E; AI PCB/CCL by 60%/70% CAGR In the past decade, global PCB market size has been range-bound at US$60-80bn with a widerange of downstream applications but limited drivers to reach a higher level. However, we nowview PCB as one of the key upstream components that will benefit from the booming constructionof AI infrastructure in the coming years, as it acts as an important carrier for AI chips and datatransmission. We expect PCB's global TAM to increase by a ~15% CAGR from US$85bn between2025 and 2030. Specifically, server PCB 2025 market size was ~US$16bn (19% of the total PCBmarket), of which ~US$7bn/3bn are estimated to come from AI PCB/CCL. We forecast AI PCB/CCL to expand by 5-year CAGR of ~60%/70% to US$75bn/39bn by 2030, driving the global serverPCB market to reach ~US$90bn. Surge in ASP from spec upgrade also a key driver of the growth in TAM Both material and technique upgrades are major drivers of better performance and higher value. AIplayers have already been adopting M8 grade PCB for server/switch, but are now exploring furtherupgrades to M9/10 for higher data transmission speed/efficiency. We also see mor