[Kexiang] Deep Report: Ceramic Hybrid PCB Pioneer, Well Positioned in North American Customer Landscape

English summary

### [Kexiang] Deep Report: Ceramic Hybrid PCB Pioneer, Well Positioned in North American Customer Landscape Time: 2026-08-01 08:47:37 Content: Zheshang Machinery/Electronics [Kexiang] Deep Report: Ceramic Hybrid PCB Pioneer, Well Positioned in North American Customer Landscape! Core logic: Ceramic hybrid PCB is about to ramp up in volume, and the main business is expected to turn a corner. 1. #Industry: Ceramic hybrid PCB is expected to be the key to breaking the heat dissipation bottleneck for AI chips. ① Ceramic substrates (aluminum nitride) have excellent thermal conductivity and can alleviate PCB warpage, making them expected to become the standard for next-generation AI PCBs. ② Market space: The global ceramic hybrid PCB market space is expected to reach RMB 63 billion by 2030, with a 2026-2030 CAGR of 129%. 2. #Company: Core target for ceramic hybrid PCB, cooperating with a major North American manufacturer to develop ceramic substrates for AI servers, focusing on solving heat dissipation problems. ① Process and capacity: Its sub-subsidiary Guangzhou Taoji Electric (the company holds 86%) has leading technology in ceramic substrate materials and processes; the company possesses advanced semiconductor packaging and HDI manufacturing capabilities; ...