報告_GF_PCB含量提升與PTFE導入_20260909

PDF 原檔：報告_GF_PCB含量提升與PTFE導入_20260909_original.pdf

原始內容

PCB: Content Upside & PTFE Adoption

Michelle Jing

SFC CE No. BUK594

michellejing@gfgroup.com.hk

Jeff Pu, CFA

SFC CE No. BNO719

jeffpu@gfgroup.com.hk

What's new

We view Nvidia's Rubin platform as a significant catalyst for PCB content value expansion, with PTFE adoption potentially driving the next leg of the upgrade cycle into Rubin Ultra. We expect PCB content value to increase from ~US$440 per GPU for GB300 to ~US$750 for VR200 and potentially ~US$1,000-1,500 for VR300 (Oberon), driven by higher-end CCL materials, increasing layer counts, and the potential PTFE adoption.

Comments

VR200 PCB content value to reach US$750 per GPU, up from US$440 for GB300: We expect VR200 to adopt M8+M6 CCL for the compute tray, while the switch tray to migrate to M8.5 CCL (Low-DK2/HVLP4). The new 44L midplane is also expected to adopt M8.5 CCL. These material and design upgrades should raise PCB content value to ~US$750 per GPU, from ~US$440 for GB300.

VR300's PCB content to reach $1k with further upside on PTFE: We believe Nvidia is still finalizing the PCB specifications for VR300, with final decisions likely to be made by end-26. The key area of debate is the new switch tray design for the Oberon Rack.

• l We expect the VR300 NVL72 (non-expandable version) compute tray to upgrade to M8.5 (Low-DK2 + HVLP4) + M6 hybrid, while the switch tray and midplane are likely to migrate to M9 (Q-glass). This should further lift VR300 PCB content value to ~US$1,000 per GPU.
• l For the VR300 NVL576 Oberon Rack, we see an upgrade in both switch board design (increasing to 18 switch boards) and CCL materials. Multiple solutions are under consideration, mostly based on 16+16L designs and centered on hybrid PTFE. Potential configurations include PTFE + M9 (Low-DK2/Q-glass) or M10 (Q-glass), while the use of glass-fiber cloth versus glass-free prepreg for the PTFE layers remains under consideration. For glass-free prepreg, two approaches are currently being evaluated: 1) chopped glass fibers dispersed in resin; and 2) Hydrocarbon film/ABF film to replace PP. We believe the PTFE switch board is more likely to be adopted given its significantly lower layer count versus the orthogonal midplane, which translates into meaningfully higher yields. If adopted, PTFE could raise PCB content value to more than US$1,500 per GPU for the VR300 Oberon Rack.

Stock preference: 1) PCB suppliers: we favor ZDT (4958 TT, Buy) , given its newly established position in the VR200 compute tray supply chain; we also expect Chinese leading player to sustain high share in compute and switch. 2) For PTFE CCL, we believe Chinese leading PTFE CCL player is currently the most advanced at all front and will be the primary supplier; The EMC (2383 TT, Buy) +Taiflex (8039 TT) combination could be a potential second-source candidate, with PTFE CCL samples delivered to Unimicron (3037 TT) for further PCB development.

Risks

1) AI demand slowing down; 2) Geo-political risks; 3) Competition.

veron Nack Design

IN EXA75(7) 442562

6F SECURITIES (HONG KONG) BROKERAGE LIMITED

NVL576

OOB MGMT Switch 2

OOB MGMT Switch 1

Power Shelf 1

Power Shelf 2

Rack Stiffener

Compute Tray 1

Compute Tray 2

Compute Tray 3

Compute Tray 4

Compute Tray 5

Compute Tray 6

Compute Tray 7

Compute Tray 8

Compute Tray 9

Compute Tray 10

Switch Tray 1

Switch Tray 2

Switch Tray 3

Switch Tray 4

Switch Tray 5

Switch Tray 6

Switch Tray 7

Switch Tray &

Switch Tray 9

Compute Tray 11

Compute Tray 12

Compute Tray 13

Compute Tray 14

Compute Tray 15

Compute Tray 16

Compute Tray 17

Compute Tray 18

Rack Stiffener + Drip Tray

Power Shelf 3

Power Shelf 4

Figure 1:VR300 Oberon Rack Design

1 Tray = 2 Switchboards

Total = 18 Switchboards

Sources: Nvidia Company Data, GF Securities (Hong Kong) Brokerage

Figure 2: Nvidia PCB & CCL SPEC

Sources: Company Data, GF Securities (Hong Kong) Brokerage

Rating definitions

Benchmark: Hang Seng Index (Hong Kong)

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