花旗：PCB & Laminates-人工智能专用集成电路（AI ASIC）未来可期；相较于 Tripod，更看好环球铜箔（GCE）

Investment Rating - The report maintains a Buy rating on both Gold Circuit Electronics (GCE) and Tripod Technology, with a target price (TP) of NT$310 for GCE and NT$260 for Tripod [5][11]. Core Insights - GCE is expected to gain more market share in the AI ASIC server business due to strong demand and capacity expansion in Thailand [1][3]. - Tripod has achieved a record gross margin (GM) of 25.0% in 1Q25, driven by a favorable product mix, although it may face challenges in its automotive segment [8][10]. - The overall earnings forecasts for both companies have been raised due to anticipated growth in AI and server demand [11]. Summary by Sections Gold Circuit Electronics (GCE) - GCE's 1Q25 sales increased by 22% quarter-over-quarter (QoQ), primarily due to the ramp-up in AI ASIC server production, with a gross margin of 31.3% [2][12]. - The company expects 2Q25 sales to grow by 8% QoQ, with gross margin expanding to 32% [3]. - GCE's new capacity in Thailand and existing plant improvements are anticipated to capture future demand effectively [4][11]. Tripod Technology - Tripod's 1Q25 sales remained stable with a 0% QoQ change, but its gross margin reached a record high of 25.0% [8][19]. - The company is projected to benefit from AI server orders, with an expected 8% QoQ sales growth in 2Q25 [9][20]. - Despite challenges in the automotive segment, Tripod's memory and server segments are expected to drive overall sales growth in 2025 [10][11].