GuoJin Securities: AI Optical Modules and NV-CoWoP to Drive mSAP-PCB Expansion
GuoJin Securities research indicates that the mSAP (modified semi-additive process) manufacturing technique is well-suited for applications demanding high line width and spacing precision, capable of achieving below 15μm. Key technical challenges within this process lie in copper plating, electroplating, and flash etching.
While initially developed for consumer electronics, the demand for mSAP-PCB (printed circuit boards) is projected to expand rapidly due to the combined influence of AI optical modules and NV-CoWoP (Nvidia's Chip-on-Wafer-on-Substrate) packaging technology. The report highlights several upstream material areas that are expected to benefit from this growth. Investors are advised to monitor developments in direct imaging lithography, electroplating lines, carrier copper foil, plating solutions, low-CTE (coefficient of thermal expansion) electronic fabrics, and second-generation low-dielectric constant (low-dk) fabrics along with HVLP4 copper foil.
The projected expansion of mSAP-PCB manufacturing, driven by advancements in AI optical modules and advanced packaging like NV-CoWoP, signifies a critical technological inflection point. This shift underscores the increasing demand for sophisticated PCB fabrication capabilities to support high-performance computing infrastructure. The focus on specialized materials and processes like direct imaging lithography and low-CTE fabrics points to the evolving requirements for signal integrity and thermal management in next-generation electronics. Companies that can navigate the technical complexities and scale production efficiently are positioned to capitalize on this significant market opportunity, reflecting a broader trend of specialized manufacturing becoming essential for cutting-edge technological deployment.
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