Core Viewpoint - The PCB industry is experiencing significant growth, driven by advancements in AI and a shift towards high-end product offerings, with companies like 建滔积层板 (Kingboard Laminates) benefiting from this trend [1] Industry Summary - As of October 27, over ten PCB industry companies, including 生益电子 (Shengyi Technology), have reported strong performance in their third-quarter results or forecasts for the first three quarters, indicating a high growth trend across the industry [1] - The expansion wave in the PCB sector is transitioning from manufacturing to upstream equipment and materials, signaling a comprehensive transformation in this traditional industry [1] - 国金证券 (Guojin Securities) suggests that the M9 upgrade may lead to material solution enhancements, such as a shift towards HVLP4 copper foil and the use of Q fabric combined with second-generation fabric for electronic cloth [1] Company Summary - 建滔积层板 is recognized as one of the leading companies in the copper-clad laminate industry, with a differentiated barrier created through upstream material integration [1] - The company is expected to benefit from the simultaneous upgrades in electronic cloth and copper foil, contributing to a positive outlook on the traditional copper-clad laminate supply-demand dynamics and new pricing trends [1] - 开源证券 (Kaiyuan Securities) highlights that 建滔积层板 has successfully developed HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging, with high-end copper foil already certified for use by several top-tier global clients [1] - The first kiln for low dk glass fiber is set to commence production in the first half of 2025, with three additional kilns expected to be operational in the second half of 2025, and another six high-end kilns projected for 2026 to produce low dielectric, low expansion, and quartz glass fiber [1]
建滔积层板涨超6% PCB产业链景气向上 机构看好其业绩增长势能