Hong Kong Stock Concept Tracking | The promotion of the GB200 architecture will have a positive impact on PCB manufacturers. Mainstream PCB manufacturers are worth looking forward to in the future. (Concept stocks attached)

The architecture of the GB200 PCB sector has brought some important updates, which have a significant impact on the value of the entire PCB industry. Firstly, the structure of GB200 is expected to significantly increase the usage of PCBs. In a rack configuration with 72 GPUs, each rack contains multiple basic components, with the computertree structure being the core part. Each tree contains two PCB units, each unit equipped with two GPUs and one CPU. Additionally, the NVIDIA switchtree serves as an intermediary for information exchange between GPUs, and InfiniBand (IB) switches are used for network connections, all of which are key areas of PCB applications. In the GB200 architecture, industry experts determine the corresponding PCB specifications and value based on the bandwidth on each board. For example, the bandwidth of PCBs carrying GPUs and CPUs is approximately 900GB per second, requiring high-density interconnect (HDI) technology. The bandwidth of switch PCBs is about 57.6TB, leading to the conclusion that a rack contains two IB switches. The main components of a rack's PCB include 36 PCB units, each with a bandwidth of 0.9TB, priced at around 20,000 RMB per square meter, with a value of 72,000 RMB. The unit price of NVLinkswitch PCB is about 60,000 RMB per square meter, with a value exceeding 100,000 RMB. The total value of every two IB switches is 18,000 RMB. The promotion of the GB200 architecture will have a positive impact on PCB manufacturers. With the enhancement of GPU interconnection in the GB200 architecture, leading to an increase in the number of switch ASICs, it drives the increase in PCB value. The value of a single GPU's corresponding PCB is approximately 3,000 RMB, a 150% increase compared to the superpod of HH100. This means that mainstream PCB manufacturers can look forward to a promising future and will benefit from the promotion of the GB200 architecture and the corresponding product specification enhancements. The increase in the value of PCBs in the GB200 architecture is mainly influenced by the increase in switch ASIC bandwidth. With the increase in bandwidth, the performance requirements for PCBs also increase, leading to an increase in the value of PCBs. Additionally, as the GB200 architecture enhances the interconnection layer between GPUs, leading to an increase in the number of switch ASICs, this is also an important factor in the increase in PCB value. The PCB suppliers for GB100 mainly continue to utilize the previous H100 supply chain. The PCB suppliers for GB200 are not yet fully determined, but mainstream manufacturers, especially switch suppliers like Shanghai Electric, are expected to have significant incremental opportunities Concept companies related to the PCB sector: Jiantao Multilayer Board (01888): Jiantao Multilayer Board issued a price increase letter on March 19th, stating that due to a significant increase in copper prices, the company is under cost pressure and will increase the price of all materials by 10 yuan/sheet, with an expected price increase of 5%-10%. According to industry sources, the recent upward trend in copper prices is one of the main reasons for the current round of price increases for copper-clad laminates (CCL). In addition, several interviewees revealed that compared to the sluggish market last year, the downstream demand for CCL has gradually improved, but it is still difficult to determine when the real turning point will arrive. Jiantao Multilayer Board's net profit in the second half of last year increased by 15% to 485 million Hong Kong dollars compared to the first half of the year, slightly higher than the profit warning guidance. The sales volume of CCL in the second half of last year recovered, but the average product price continued to decline, affecting the gross profit margin, which ultimately remained flat compared to the first half of the year. Institutions expect that Jiantao Multilayer Board will gradually recover this year, and any prudent government policies on electronic product/equipment replacement could bring upside potential to the forecast