[Zheshang Machinery/Electronics [Kexiang Co., Ltd.] In-Depth: Pioneer in Ceramic Hybrid PCB, Well Positioned with North American Customers!

English summary

Core logic: ceramic hybrid PCB is about to ramp up, main business is expected to inflect. 1. # Industry: Ceramic hybrid PCB is expected to be the key to AI chip heat dissipation. ① Ceramic boards (aluminum nitride) have excellent thermal conductivity, can alleviate PCB warping, and are expected to become the standard for next-generation AI PCBs. ② Market space: The global ceramic hybrid PCB market is expected to reach 63 billion yuan by 2030, with a CAGR of 129% from 2026 to 2030. 2. # Company: Core target for ceramic hybrid PCB, collaborating with a major North American manufacturer to develop ceramic boards for AI servers, focusing on solving heat dissipation issues. ① Process and capacity: The subsidiary Guangzhou Taojidian (company owns 86%) has leading technology in ceramic board materials and processes; the company has advanced semiconductor packaging and HDI manufacturing capabilities; after the completion of the second phase of the Jiujiang base, it can add 1 million square meters of HDI capacity. ② # Customer relationship: It is cooperating with a major North American manufacturer to develop ceramic boards for AI servers, focusing on solving heat dissipation issues. ③ Main business inflection is imminent: 25-year net profit loss reduced by 28% year-on-year. ...