花旗：中国 PCB 5 月月度追踪、投资者反馈及我们的观点

Investment Rating - The report indicates a positive outlook for the PCB industry, particularly for companies involved in AI-related applications, with specific mentions of WUS and Victory Giant as potential investment opportunities [1][4]. Core Insights - Taiwan PCB makers have experienced 15 consecutive months of year-over-year revenue growth, with a year-to-date (YTD) revenue increase of 20% [1][2]. - Taiwan CCL makers reported a 22nd consecutive month of year-over-year revenue growth, achieving a YTD revenue growth of 43% [1][2]. - The growth in revenue is attributed to strong demand from AI server and switch markets, particularly for ASIC products [1][4]. - Investor interest has shifted towards companies with clear capital expenditure and capacity plans for 2025-2026, particularly in the AI-PCB segment [1][4]. Revenue Trends - Taiwan CCL companies reported a combined May revenue growth of 27% year-over-year, marking the 22nd consecutive month of growth [2]. - Taiwan PCB companies recorded a May revenue growth of 20% year-over-year, continuing their growth streak for the 15th month [2]. - Year-to-date revenue growth for Taiwan CCL and PCB companies stands at 43% and 20% respectively [2]. Cost Analysis - The LME copper spot price increased by 4.7% in May, reaching US$9,548 per ton, while copper foil processing costs remained stable [3]. - The mid-price of epoxy resin decreased by 3.2% year-to-date due to oversupply conditions [3]. - Prices for electronic yarn and fabric showed slight fluctuations, with CPIC G75 yarn price down by 1% in May but up 2.9% year-to-date [3]. Investor Sentiment - Recent investor feedback indicates heightened interest in US ASIC-exposed companies and networking-exposed names like WUS, with expectations for upward revisions in earnings estimates for 2026 [4]. - Domestic investors have significantly revised their earnings expectations for Victory Giant, reflecting optimism regarding its AI-HDI yield and gross profit margin [4]. - There is a growing interest among Asian investors in upstream beneficiaries of the PCB supply chain, anticipating price hikes due to material upgrades [4].