20230530-国金证券-电子行业研究_英伟达新发GH200对PCB的影响如何__3页_765kb

NVIDIA DGX GH200 Mass Production Announcement

Event and Overview: At NVIDIA Computex 2023, CEO Huang Renxin announced the mass production of the generative AI engine DGX GH200, highlighting significant architectural changes from the DGX H100.

Key Architectural Changes: The GH200 integrates GPUs and CPUs onto a single accelerator card, enhancing performance by allowing each card to handle both CPU and GPU computations. This eliminates the need for separate PCIe motherboards, leading to increased efficiency.

Performance Impact: The integrated SuperChip architecture improves interconnectivity between multiple chips, enabling substantial performance gains and paving the way for "blade-like" server designs, as UBB is removed and NVLink modules are added.

PCB and Economic Implications: The redesign results in fewer components overall (removing UBB and CPU motherboards) but adding three NVLink modulator boards, likely increasing PCB value per unit. This supports AI-driven growth in the PCB sector.

Industry Analysis and Investment Recommendations: The upgrade is expected to boost PCB industry value; recommended companies include 沪电股份, 胜宏科技, 深南电路, 生益科技, and 联瑞新材. However, risks include potential demand shortfalls, rising raw material costs, and competitive pressures.

Industry Ratings and Disclaimers: Guosen Securities provides ratings (buy, hold, sell) based on industry performance expectations relative to the market, along with comprehensive legal disclaimers emphasizing the risks and non-guaranteed advice.

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