Summary of Conference Call on PCB and CCL Industry Industry Overview - The PCB (Printed Circuit Board) industry is experiencing a continuous increase in demand and price for electronic materials, particularly CCL (Copper Clad Laminate) due to the rising need for high-performance materials driven by advanced chip technologies [1][2][5] - The cost structure of CCL indicates that raw materials account for 90% of its cost, with copper foil and resin being the primary cost drivers [1][2][4] Key Trends and Developments - High-end chips are significantly increasing the demand for high-speed and high-frequency CCL, which is essential for advanced PCB technologies such as HDI (High-Density Interconnect), multi-layer, and M-SAP (Modified Semi-Additive Process) [1][5][6] - The industry is expected to see a demand increase of 3 to 4 times from 2026 to 2027, primarily driven by the Ruby Ultra product line and R series chips [2][14] - The production process of CCL involves multiple steps, including resin mixing, soaking electronic cloth, drying, cutting, and laminating copper foil, which are critical for ensuring the quality of the final PCB product [4][10] Supply Chain Dynamics - The supply chain for CCL is complex, with a verification cycle lasting from 1.5 to 2 years, requiring frequent feedback and adjustments across various stages [1][10] - Key upstream suppliers include companies like 德芙 (Daf), 菲利华 (Feilihua), and 中材 (Zhongcai), which provide essential materials such as electronic cloth, copper foil, and resin [7][11] Challenges and Barriers - Solid-state materials face significant challenges in the drawing and weaving processes, particularly with quartz materials, which have a slower yield rate due to their hardness [8] - The resin segment has a high R&D barrier due to the need for close customer collaboration and continuous adjustments to meet performance specifications [9] Market Forecast and Financial Insights - The market for high multi-layer PCBs is projected to grow, with each PCB requiring approximately 6 times its weight in CCL, indicating a substantial market opportunity [12] - The expected revenue from the Ruby series is projected to reach 2 billion, with a profit of 1 billion, highlighting the financial potential of new product lines [13] - The overall market for carbon-hydrogen resin is estimated to reach 1.9 billion, with the industry revenue currently around 1 billion, indicating significant growth potential [13][14] Conclusion - The PCB and CCL industry is poised for substantial growth driven by technological advancements in high-end chips and the increasing demand for high-performance materials. The supply chain dynamics, production challenges, and financial forecasts suggest a robust outlook for the industry in the coming years [1][14]