Goldman Raises AI Server PCB, CCL Forecasts: 222% Growth Expected for CCL by 2027 (300476-CN, 002463-CN, 600183-CN)

Goldman Sachs forecasts a supercycle in printed circuit board (PCB) and copper-clad laminate (CCL) markets driven by surging AI infrastructure demand. Global AI server PCB market size is projected to grow 113% in 2024 and another 117% by 2027, while CCL—critical upstream material—could surge 142% in 2026 and 222% in 2027. The bank attributes growth to rising compute density, 800G/1.6T high-speed connectivity needs, and PCBs replacing copper cables in server backplanes. The global AI server PCB market may expand from $3.1 billion in 2024 to $27.1 billion in 2027; CCL could jump from $1.5 billion to $18.7 billion over the same period. Goldman initiates coverage on Shenghong Technology (300476-CN), Nanya PCB (002463-CN), and Sunway Technology (600183-CN) with "Buy" ratings, citing high R&D and capex barriers that sustain oligopolistic competition. Analyst Allen Chang notes rapid tech iteration favors established suppliers, ensuring continued order share gains.