Global Research ab 30 January 2026 HOLT APAC Selectively positioning after Taiwan PCB/ substrates' strong YTD performance Taiwan PCB/substrate stocks among the best-performing stocks this year Taiwan PCB/substrate stocks have risen by nearly 36% since the start of the year, outperforming other regional peers. Industry dynamics for PCB/substrates continue to be supportive, driven by increasing demand for IC substrates utilized in memory chips, graphic cards, and particularly AI chips deployed in AI servers ( ...

格隆汇2月2日丨四会富仕(300852.SZ)在投资者互动平台表示，公司目前已具备1.6T光模块PCB的量产准 备，但暂时未有批量订单，对公司营收贡献有限。 ...

Summary of WUS (002463.SZ) Conference Call Company Overview - **Company**: WUS (002463.SZ) - **Industry**: Printed Circuit Board (PCB) manufacturing Key Points 1. Rising PCB Usage - Management emphasized the increasing use of PCBs in AI server racks for connecting AI chips, highlighting three connection methods: copper cable, optical module/fiber, and PCB - PCB is seen as a reliable integration method that offers better durability under high temperatures and saves space, which can be utilized for liquid cooling and thermal management - The demand for high-speed connections driven by AI is leading to specification upgrades in PCB, including better materials, higher layers, and increased density, which complicates design and manufacturing processes - WUS aims to optimize the cost-to-performance ratio to enhance mass production capabilities [2][3] 2. Strategy and Capacity Expansion - WUS is focusing on high-end PCBs rather than aggressively expanding capacity in mature technologies, having exited the consumer electronics market in 2007 - Capacity expansion in China will concentrate on the latest technology and high-layer PCBs, with trial production expected to start in Q3 2026 - The Thailand production site has passed client qualifications and is capable of producing 26-layer PCBs, with expectations of breakeven or profitability by 2026E [3][4] 3. New Technology in Expansion - The industry is exploring the use of PCBs to directly connect chips within AI server racks, which could reduce substrate usage and create a flatter system, thereby shortening connection paths - This innovation is part of WUS's strategy to enhance power consumption efficiency and improve the cost-to-performance ratio [4][7] 4. Financial Projections - WUS's net income is projected to grow at a 30% CAGR from 2026 to 2028E - Gross margin is expected to expand to 37% by 2028E, compared to 35% in 9M25A - The total addressable market (TAM) for global PCBs is anticipated to grow by 113% and 171% YoY in 2026 and 2027E, respectively, which is favorable for WUS's growth and product mix upgrade [1][2] 5. Valuation and Price Target - A 12-month price target of RMB 127 is set, based on a target P/E multiple of 26x 2027E EPS - The target P/E is derived from the correlation between P/E and EPS growth of WUS's peers [7][9] 6. Key Risks - Potential risks include slower-than-expected migration to high-end AI servers and high-speed switches, increased competition in the AI PCB market, and delays in new capacity expansion [8] Additional Information - Current market cap is RMB 134.2 billion ($19.3 billion) with a price of RMB 69.75, indicating an upside potential of 82.1% [9]

30 January 2026 | 12:23PM HKT Equity Research Global PCB: Allocation breakdown; FAQs on cost, competition, and revenue recognition Following the initiation of Victory Giant, WUS and Shengyi, we further breakdown our AI PCB and CCL allocation to reflect the important role these companies play in the AI server PCB/ CCL supply chain (Exhibit 2). We address key investor debates in this report, covering topics including increasing material costs, rising competition, and the time gap between building up new capac ...

Summary of Asia Tech Hardware Conference Call Industry Overview - The global PCB market is valued at over **US$80 billion**, with AI-driven demand expected to grow at a **double-digit** rate this year [2][20] - The PCB market consists of various products, with **rigid PCBs** accounting for roughly half, while the remainder includes **flexible printed circuits (FPC)**, **high-density interconnects (HDI)**, and **IC substrates** [20] - The consumer sector represents **one-third** of the PCB market, while the server/storage sector is projected to grow from **18%** to **22%** by 2029, with an **11% CAGR** [20][24] Key Market Trends - **MLPCB (Multi-layer PCB)** is increasingly used in AI servers, with layer counts rising from **16 layers** to over **40 layers** in advanced applications [2][31] - **HDI demand** is accelerating, with its market share increasing to around **20%** of the PCB market, driven by the need for higher thermal robustness in AI servers [3][36] - The **ABF substrate** market is growing due to rising package sizes and manufacturing complexity in AI accelerators, with expectations of price increases due to material shortages [5][6] Competitive Landscape - **WUS** is the primary supplier of MLPCB for Nvidia's GB300 rack, followed by **Unimicron** and **Victory Giant (VGT)** [2] - **Victory Giant** has become the largest HDI supplier for Nvidia's GB200/GB300, thanks to investments in new facilities and equipment [37] - **Ajinomoto** is a leading supplier of Build Up Film for ABF substrates, experiencing mid-20% top-line growth [6] Material Insights - **CCL (Copper-Clad Laminate)** constitutes about **30%** of PCB costs, with a shift from **M6** to **M8** and plans to move to **M8.5/M9** next year [4] - The demand for **low-CTE glass fiber (T-glass)** is increasing, with market leader **Nittobo** achieving a CTE of **2.8 x10^-6/℃** [6] - The supply of high-end materials is tight, benefiting companies capable of producing advanced materials [45] Financial Performance and Projections - **Unimicron** is rated **Outperform** with a price target of **NT$270.00** [9] - **Ajinomoto** is rated **Outperform** with a price target of **JPY5,000.00** [10] - **Ibiden** is rated **Outperform** with a price target of **JPY8,250.00** [11] Investment Implications - The PCB market is expected to maintain a **mid-single-digit growth** rate over the next two years, with potential upside as demand for AI applications increases [20] - The overall substrate mix in the PCB market is projected to grow to approximately **20%** by 2027 [63] Additional Insights - The PCB market is fragmented, with the top three players in the IC substrate market holding about **35%** of the share [64] - The complexity of AI accelerators is increasing, driving demand for high-end ABF substrates [72] - The industry is exploring new materials like **glass-core substrates**, which could significantly enhance performance but face challenges in commercialization [73][77]

Core Insights - TTM Technologies (TTMI) is set to report its fourth-quarter 2025 results on February 4, with expected net sales between $730 million and $770 million, reflecting a 15.55% year-over-year increase [1] - The company anticipates non-GAAP earnings per share in the range of 64 to 70 cents, with a consensus estimate of 68 cents, indicating a 13.33% growth year-over-year [2] Demand and Revenue Growth - Demand from data center computing and networking markets is accelerating due to the expansion of generative AI, with data center computing revenues increasing by 44% year-over-year in Q3 2025, expected to account for 28% of total Q4 sales [3] - The networking segment also saw a 35% year-over-year growth, driven by sustained AI demand and new product introductions, contributing positively to TTMI's fourth-quarter performance [3] Aerospace and Defense Segment - The aerospace and defense (A&D) segment is providing strong revenue stability, with a program backlog of approximately $1.46 billion, supported by robust demand due to defense budget increases and significant bookings for key platforms [4] - A&D is expected to represent around 42% of total revenues, likely bolstering fourth-quarter results [4] Capacity Expansion Initiatives - TTMI is expanding its capacity to meet rising demand in AI-driven markets, with the Penang, Malaysia facility ramping up and expected to contribute to revenue growth in Q4 2025 [5] - The development of the Ultra-HDI PCB facility in Syracuse, NY, is progressing, with volume production anticipated in the second half of 2026, supporting advanced PCB demand [5] Automotive Market Challenges - The automotive segment is facing challenges, with revenues declining to 11% of total sales in Q3 2025 from 14% in the previous year, and expected to contract further to around 9% in Q4 [6] - This segment is anticipated to negatively impact overall results due to continued weakness in demand [6] Overall Performance Expectations - TTMI is expected to report double-digit revenue and earnings growth for Q4 2025, benefiting from strong AI-led growth in data center and networking markets, while the automotive segment remains a headwind [7] - The company's current Earnings ESP is 0.00% with a Zacks Rank of 1, indicating uncertainty regarding an earnings beat this time [8]

引言 随着全球电子产品向高性能、小型化与高可靠性方向演进，高多层难度 PCB 线路板已经成为通信设备、AI 服务 器、汽车电子、医疗设备等行业的底层关键载体。相比传统多层板，高多层难度板在层数、叠构设计、微孔结 构、导通可靠性以及材料体系上提出了更严苛的要求，其制造能力已成为衡量 PCB 厂商技术实力的重要指标。本 文将从技术趋势、关键工艺、行业应用与未来发展等角度，对高多层难度板进行系统解析。 一、技术趋势：向更高层数与更复杂互联演进 高多层难度板主要指 12 层以上、具备 HDI 多阶互联、任意层互联等结构特征的 PCB 产品。随着电子系统集成度 不断提升，高速信号层与电源层的规划更加复杂，促使 PCB 在以下方向持续升级： 更高层数：从常规 8–12 层向 16–26 层扩展，满足服务器、通信设备的高布线密度需求。 更高可靠性要求：板材需同时具备低介电常数、低损耗、耐高温的特性，以适应高速信号与高功率需求。 高多层难度板正从"复杂产品"快速向"行业基础能力"转变，成为制造端竞争的关键焦点。 二、核心工艺能力：决定产品性能的关键变量 高多层难度板的生产涉及数十种关键工艺，而每一道工艺都对最终可靠性产生影响 ...

Core Viewpoint - Aspocomp Group Plc's Shareholders' Nomination Board has proposed several key items for the upcoming Annual General Meeting scheduled for April 29, 2026, including the election of board members and adjustments to board remuneration [1]. Group 1: Board Composition - The Nomination Board proposes the election of four members to the Board of Directors [2]. - The current members proposed for re-election are Ms. Jenni Enroth, Ms. Kaisa Kokkonen, Mr. Anssi Korhonen, and Mr. Ville Vuori [3]. - All proposed director nominees have consented to the election [4]. Group 2: Independence Assessment - The Nomination Board has evaluated the independence of the director nominees according to the Finnish Corporate Governance Code, confirming that all nominees are independent of significant shareholders and the company itself [5]. Group 3: Board Remuneration - The Nomination Board proposes an increase in board remuneration: EUR 35,000 for the chairman, EUR 25,000 for the vice chairman, and EUR 20,000 for other members [6]. - No voluntary earning-related pension insurance contributions will be paid for the board remuneration, ensuring that the proposed increase does not incur additional costs for the company [7]. - Proposed meeting remuneration includes EUR 1,000 for the chairman and EUR 500 for other members per meeting, along with reimbursement for reasonable travel costs [8]. Group 4: Shareholder's Nomination Board Composition - Aspocomp's Shareholders' Nomination Board consists of three members representing the company's three largest shareholders, with the chairman of the Board of Directors serving as an expert member [9]. - The current members of the Nomination Board include Ms. Ville Vuori, Mr. Kyösti Kakkonen, and Mr. Mikko Montonen [10]. Group 5: Company Overview - Aspocomp specializes in PCB technology design, testing, and logistics services throughout the product lifecycle, ensuring cost-effectiveness and reliable deliveries through its own production and international partner network [11]. - The company's customer base includes firms in telecommunications, automotive, industrial electronics, and semiconductor testing, with a significant portion of net sales generated from exports [12].

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, but identifying such stocks can be challenging due to their inherent risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system aids in identifying promising growth stocks by analyzing real growth prospects beyond traditional metrics [2] - TTM Technologies (TTMI) is currently highlighted as a recommended growth stock, possessing a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is a critical factor for growth investors, with double-digit growth being particularly attractive as it signals strong future prospects [4] - TTM's historical EPS growth rate stands at 14.5%, with projected EPS growth of 26.8% this year, surpassing the industry average of 23.9% [5] Group 3: Asset Utilization and Sales Growth - TTM's asset utilization ratio (sales-to-total-assets ratio) is 0.78, indicating higher efficiency in generating sales compared to the industry average of 0.72 [6] - The company's sales are expected to grow by 11.5% this year, significantly outpacing the industry average of 4.9% [7] Group 4: Earnings Estimate Revisions - Positive trends in earnings estimate revisions are crucial, with TTM experiencing an 8.6% increase in current-year earnings estimates over the past month [8] Group 5: Overall Positioning - TTM has achieved a Growth Score of B and a Zacks Rank 1 due to favorable earnings estimate revisions, positioning it well for potential outperformance in the growth stock category [10]

Summary of Delton (001389.SZ) Conference Call Company Overview - **Company**: Delton (001389.SZ) - **Industry**: PCB (Printed Circuit Board) - **Focus Areas**: Data centers, cloud computing, 5G communication, automotive, AI Key Points 1. Capacity Expansion - Delton is committed to expanding its capacity in mainland China and Thailand - The third factory in Guangzhou began construction in August 2025, focusing on Multi-layer PCB (MLPCB) and HDI, with mass production expected in Q4 2026 and revenue contributions in 2027 [3] - The Thailand factory started mass production in June 2025, projected to turn profitable by December 2025, and aims to fully ramp up phase 1 by the end of 2026, with the second stage contributing revenues in 2027 [3] 2. General Servers Outlook - Delton is a leading PCB supplier for general servers, serving major server brands and ODMs globally - General servers are currently the major revenue contributor, with an expected increase in AI PCB contributions - Global shipments of general servers are typically 3-5% YoY, but Delton anticipates double-digit shipment growth in 2026 due to strong orders and specification upgrades (e.g., from PCIE 5.0 to 6.0) [4] 3. AI Servers Outlook - Management is optimistic about expanding into AI servers, with the gross margin for AI server PCBs projected to be 5-6 percentage points higher than that for general servers - Delton aims to leverage its experience with Taiwan ODMs to penetrate the AI server PCB market, targeting leading US cloud service providers [8] 4. Market Growth Projections - The global AI server PCB total addressable market (TAM) is expected to grow at a 140% CAGR from 2025 to 2027, reaching approximately US$27 billion by 2027 [1] - This growth is driven by strong demand for high-end AI servers, PCB specification upgrades, and increased capital expenditure for accelerated expansion [1] Additional Insights - Delton's strategy includes enhancing its product mix to improve blended gross margins, indicating a focus on higher-value products in the AI segment [8] - The company is positioning itself to capture rising demand in the AI PCB market, which is becoming increasingly significant in the overall PCB landscape [2]