According to a research report released by Sinolink Securities Co., Ltd., the expansion of high-end PCB production driven by AI computing power has pushed equipment demand into a phase of accelerated growth, with the prosperity of AI PCBs now transmitting from board manufacturers' capacity expansion to the equipment sector. Prismark data indicates that by 2026, the market sizes for drilling, exposure, and lamination equipment are projected to reach $2.23 billion, $1.24 billion, and $710 million respectively, accounting for 20.6%, 11.5%, and 6.6% of the total market. Four key trends—higher layer counts, advanced HDI adoption, low-loss materials, and finer circuit lines—are driving equipment upgrades, and when combined, these factors position ultrafast laser drilling, laminators, and exposure equipment as the three primary beneficiary segments.

High-speed signal transmission is pushing PCB materials to upgrade toward low-loss options like M8 and M9, but these new materials are harder and more brittle. This severely reduces the lifespan of traditional mechanical drill bits, with the number of holes drilled per bit dropping from approximately 2,000 for M6 to about 200 for M9. CO₂ lasers, on the other hand, tend to cause thermal damage. Ultrafast lasers, leveraging their "cold processing" characteristics, achieve both small hole diameters and high hole quality, making them the key solution for premium micro-hole processing. Domestic manufacturers have now entered the phase of converting orders into revenue: Han's CNC has achieved stable processing of 50μm dense micro-holes with its ultrafast laser drilling solution and secured formal orders for its equipment, while Inno Laser has clinched and completed acceptance of its first ultrafast laser drilling equipment order in the IC substrate field. Delphi Laser has also generated initial revenue from its ultrafast laser drilling equipment, marking a critical 0-1 milestone for the industry.

The core barrier in lamination equipment lies in the coordinated control of temperature, pressure, and vacuum. Advanced HDI involves repeated pressing through sequential build-up layers, with the number of pressing cycles rising from 2 to 6, corresponding to a threefold increase in workload. M8/M9 high-performance materials raise the demands on temperature and pressure control, boosting the value of high-end laminators. Additionally, mSAP fine-line technology requires greater board flatness and dimensional stability, spurring additional investment in high-end lamination capacity. Together, these factors are accelerating the release of demand for lamination equipment.

Advanced HDI, substrate-like PCBs, and IC substrates are continuously evolving toward finer circuit lines, with minimum line widths for multilayer/HDI boards narrowing from 40μm to 30μm between 2019 and 2023, and IC substrates shrinking from 8μm to 5μm. This trend is enhancing the resolution capabilities of exposure equipment. Direct imaging lithography, which uses digital pattern transfer suited to fine lines, offers advantages in high-resolution imaging, digital alignment, and rapid model changes, making it the core solution for premium PCB manufacturing. The mSAP process pushes line width/line spacing requirements below 15μm, further underscoring the importance of fine imaging, while the development of advanced packaging and glass-core substrates opens new application opportunities for high-precision direct imaging equipment.

AI computing infrastructure development is driving premium PCB capacity expansion, while the four major trends of higher layer counts, advanced HDI, low-loss materials, and finer circuits are fueling equipment upgrades. Together, these forces are steering the PCB equipment industry into a phase of concurrent cyclical upturn and structural advancement. The report highlights three key beneficiary segments: first, ultrafast laser drilling, where material upgrades unlock demand and industrialization enters its 0-1 phase; second, laminators, where high-layer count, material upgrades, and mSAP converge to accelerate capacity expansion needs; and third, exposure equipment, where finer circuit lines drive upgrades in direct imaging technology, signaling the prelude to explosive industry growth. With ongoing expansion of AI premium board production and continuous process upgrades, the market potential for ultrafast lasers, laminators, and exposure equipment is substantial, and the report recommends focusing on leading manufacturers with proven technical positioning and mass-production capabilities in these core areas.

Potential risks include a slowdown in AI capital expenditure, delays in adopting advanced production processes, setbacks in the industrialization of ultrafast lasers, and risks tied to equipment investment cycles and intensifying competition.