6 February 2026 | 6:39AM HKT Equity Research Shengyi Tech (600183.SS): PCB Factory Tour: AI CCL price increase; Solid demand along with M9 migrations We hosted Shengyi Tech's management and visited its Dongguan factory during our China PCB Tour on Jan 28. Key discussions were on CCL pricing trend, raw material cost increase and demand outlook. Overall, management expect full UT rate for the whole year, with solid orders at hand. With the faster-than-expected raw material price increase, the company raised p ...

Company and Industry Summary Company: 科翔股份 (Kexiang Co., Ltd.) Key Points - **Industry Focus**: The company is positioned in the PCB (Printed Circuit Board) sector, specifically targeting the HDI (High-Density Interconnect) market with a focus on ceramic materials as a solution for increasing GPU power demands [1][2] - **GPU Power Demand**: There is a rising concern regarding the reliability of PCB solder joints and materials as GPU power consumption increases, which could limit the GPU's ability to operate at maximum power for extended periods [1] - **Downstream Transformation Needs**: Achieving maximum GPU power in systems depends not only on the GPU itself but also on the PCB and overall thermal design of the machine [1] - **Example of Increased Demand**: The example of CPX shows that the number of dies in a computer tray has nearly doubled, leading to a corresponding increase in cooling requirements [1] - **Technical Solution**: The company proposes using ceramics to replace some organic materials, as ceramics have better thermal conductivity, allowing heat from the chip to be transferred more quickly to the cold plate, thereby reducing hotspots and deformation [1] - **Disruptive Innovation in Technology**: The existing HDI landscape is expected to be reshaped by the company's innovative approach, which requires three core capabilities: 1. **Ceramic Powder Capability**: The dielectric constant (Dk) of the ceramic must be low enough to meet filling material requirements [2] 2. **Ceramic Board Sintering Capability**: The brittle nature of ceramics necessitates the development of toughness and larger board sizes [2] 3. **HDI Solution Innovation Capability**: The filling of ceramic boards leads to significant differences in drilling and stacking processes [2] - **Growth Potential**: The company is viewed positively for its leading position and the substantial growth potential once the full process is implemented [2]

PETACH TIKVA, Israel, Feb. 9, 2026 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it received orders totaling $12.2 million from an American defense customer. The products are to be delivered throughout 2026 and 2027 and will subsequently be incorporated as part of a defense project. "We are particularly pleased with this win, as the customer is a U.S.-based client. This aligns w ...

Core Viewpoint - Pengding Holdings positions itself as a global leader in PCB, leveraging AI to drive a second growth curve, expanding from consumer electronics to AI computing and advanced communication boards [1] Group 1: Business Expansion - The company is deeply integrated with leading consumer electronics clients and is opening new growth avenues in AI computing and high-end communication boards, with expectations for computing-related business to exceed forecasts [1] - The wholly-owned subsidiary, Qingding Precision, has successfully acquired industrial land in Huai'an to meet PCB industry investment demands, laying a solid foundation for future expansion [1] Group 2: Technological Advancements - In the optical communication sector, the company is utilizing its accumulated SLP technology from the consumer electronics field to design advanced mSAP for the 800G/1.6T optical communication domain, with ongoing development of the next-generation 3.2T optical communication solution [1] - The parent company, Zhendin, is actively developing HDI and HLC PCB products for AI servers, indicating a strong focus on AI-related PCB technology [1] Group 3: Market Outlook - Given the company's deep technical accumulation in AIPCB, proactive capacity layout, and comprehensive product matrix, the AI-PCB business is expected to accelerate in volume, maintaining a "buy" rating [1]

Core Insights - TTM Technologies reported strong fourth-quarter sales of $774.3 million, exceeding guidance, with a year-over-year increase of 19% driven by demand in data center computing and networking linked to generative AI, as well as growth in medical, industrial, and aerospace sectors [1][4][5] Financial Performance - The company achieved record non-GAAP EPS of $0.70, an adjusted EBITDA margin of 16.3%, and operating cash flow of $63 million for Q4, with full-year net sales rising to $2.9 billion from $2.4 billion [5][6][13] - TTM's book-to-bill ratio was 1.35 for the quarter, with a strong defense segment book-to-bill of 1.46, contributing to a program backlog of approximately $1.6 billion [5][8][12] Market Demand and Growth Drivers - Approximately 80% of TTM's net sales are associated with artificial intelligence and defense, highlighting the strategic focus on Advanced Interconnect technologies and integrated modules [2][6] - The aerospace and defense sector represented 41% of Q4 sales, with a 5% year-over-year growth, while data center computing saw a remarkable 57% growth in Q4 [7][9] Guidance and Future Outlook - Management guided for FY26 net sales to increase by 15% to 20%, with Q1 2026 net sales expected to range from $770 million to $810 million [5][16][17] - The company plans significant capital expenditures of approximately $240 million to $260 million for 2026, alongside targeted investments of $200 million to $300 million in data center capacity [5][20] Capacity Expansion and Strategic Initiatives - TTM is expanding capacity in Syracuse and Eau Claire, with the Syracuse facility expected to generate revenues in the second half of the year [18][19] - The company is focusing on organic growth and aims to double earnings from 2025 to 2027, leveraging demand and capacity investments [21]

Q4 2025 Quarterly Earnings Results February 4, 2026 Forward-Looking Statements This communication may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the future business outlook, events, and expected performance of TTM Technologies, Inc. ("TTM", "we" or the "Company"). The words "anticipate," "believe," "plan," "forecast," "foresee," "estimate," "project," "expect," "seek," "target," "intend," "goal" and other s ...

Summary of Conference Call on ABF Substrate Industry Industry Overview - The conference call focuses on the ABF (Ajinomoto Build-up Film) substrate industry, highlighting a significant supply-demand imbalance expected to emerge from 2H26 through 2028, with shortage ratios projected at 10% in 2H26, expanding to 21% in 2027 and 42% in 2028 [1][9][12]. Key Insights and Arguments - **Supply Tightness**: The supply tightness for ABF substrates is expected to worsen monthly, with a projected shortage ratio of 10% in 2H26, which could escalate to 21% in 2027 and 42% in 2028. This trend mirrors the supply shortage experienced in 2020, which saw pricing hikes of 20-30% year-over-year [1][3]. - **Demand Drivers**: The demand for ABF substrates is anticipated to grow significantly, driven by: - AI server demand, which is expected to grow by over 70% from 2025 to 2028 [9]. - General server CPU shipments projected to increase by approximately 40% during the same period [9]. - The overall ABF Total Addressable Market (TAM) is expected to grow at a CAGR of 33% from 2025 to 2028 [8][9]. - **Capacity Expansion**: Limited capacity expansion is expected from ABF substrate suppliers until at least 2H27 due to conservative expansion plans and ongoing material shortages, particularly T-glass [3][36]. Kinsus is the only supplier with announced capacity expansion plans, aiming for a 25% increase in 2027 [57]. - **Pricing Outlook**: A pricing increase of 3-5% quarter-over-quarter is expected in 1Q26, with further increases of approximately 10% per quarter for the remainder of 2026, driven by the anticipated supply shortages [7][12]. Company-Specific Insights - **Kinsus**: - Upgraded to a Buy rating with a target price raised to NT$370 from NT$125.68, reflecting a strong earnings outlook driven by capacity expansion and increased market share in AI-related substrates [2][57]. - Expected to capture a growing share of the AI substrate market, with projections of 5% market share in 2025 increasing to 30% in subsequent years [57]. - **NYPCB**: - Maintained a Buy rating with a target price increase to NT$655 from NT$340, benefiting from favorable pricing conditions in the BT substrate market [2][49]. - **Unimicron**: - Target price raised to NT$370 from NT$170, but maintained a Neutral rating due to limited upside potential compared to peers [2][52]. Additional Important Points - **Material Shortages**: The ongoing T-glass shortage is exacerbating the supply issues for ABF substrates and delaying capital expenditure plans across the industry [4][36]. - **Longer Lead Times**: Customers are experiencing longer order lead times for ABF substrates, indicating a tightening supply despite suppliers not operating at full capacity [10]. - **Market Dynamics**: The current market conditions are reminiscent of the early stages of the last upcycle, with key materials in short supply for over six months [10]. - **Risks**: Potential risks include slower-than-expected recovery in PC and smartphone demand, which could impact Kinsus's revenue and profit outlook [65][67]. This summary encapsulates the critical insights from the conference call regarding the ABF substrate industry, highlighting the expected supply-demand dynamics, pricing outlook, and company-specific developments.

2、近期变化：根据我们对上游CCL持续跟踪来看，公司M4+M8核心物料拿料较25年底有较大幅度增长，1-2月 CCL+PP 【兴证电子】鹏鼎控股：淮安新竞560亩地，打开远期算力产值空间 1、公司公告新竞拍淮安37.49万平米工业用地，即560亩，未来用于PCB投资，公司近期在海外大客户进展顺利， 但是当期产能还有瓶颈，继淮安、泰国80、43亿投资规划后，继续拿地，体现了公司对中期算力PCB的信心，打 开产值空间！ 1、公司公告新竞拍淮安37.49万平米工业用地，即560亩，未来用于PCB投资，公司近期在海外大客户进展顺利， 但是当期产能还有瓶颈，继淮安、泰国80、43亿投资规划后，继续拿地，体现了公司对中期算力PCB的信心，打 开产值空间！ 2、近期变化：根据我们对上游CCL持续跟踪来看，公司M4+M8核心物料拿料较25年底有较大幅度增长，1-2月 CCL+PP金额再次上修，判断已经不再是非常早期的打样阶段，有望很快进入批量阶段，乃至较好的份额展望 （Computetray）。 【兴证电子】鹏鼎控股：淮安新竞560亩地，打开远期算力产值空间 Cowop：近期主流PCB玩家反馈，Cowop送样验证效果较好，产 ...

PCB算力龙头底蕴深厚，产能持续扩充凸显信心：1）在客户拓展方面，公司背靠鸿海，客户资源与技术储备丰 厚，目前公司泰国、淮安厂均已在主流算力厂商开启认证，预计GPU大客户放量在即，其他ASIC厂商进展顺利， 此外公司光模块PCB已全面放量，1.6T光模块产品优势明显；2）在技术储备领域，CoWoP由于需要在PCB外层采 用Msap工艺，而Msap工艺此前主要用于手机主板领域，公司技术底蕴深厚，处于领先地位，正交背板也积极配 合，PCB龙头厂商技术领先优势显著；3）在产能方面，26年预计泰国园区投资合计42.97亿元，此前也对淮安进行 80亿投资扩产，本次再拿土地保证后续产能，预计将显著打开公司营收天花板，后续算力业务有望再造鹏鼎！ 风险提示：行业景气度不及预期；下游扩产不及预期。 PCB算力龙头底蕴深厚，产能持续扩充凸显信心：1）在客户拓展方面，公司背靠鸿海，客户资源与技术储备丰 厚，目前公司 【中泰电子|鹏鼎控股】再拿土地凸显扩产决心，AI进展顺利有望再造鹏鼎 公司发布公告，子公司以0.66亿元人民币竞得淮安37.49万平方米土地用于满足公司未来PCB产业的投资需求，本 次土地为此前公告80亿淮安投资计划外 ...

Group 1 - The core business of the company is the research, development, production, and sales of PCBs (Printed Circuit Boards) [1] - The revenue from the company's computing scenario PCB business accounts for 80% of its total revenue [1]