Industry Insights - Hitachi is planning to raise prices for global substrate manufacturers and extend delivery times to 6 months, impacting high-end chip shipments due to rising costs in the high-end materials and PCB supply chain [1] - Mitsubishi Gas announced a price increase of 20%-40% for substrates starting October 1, which is expected to exacerbate supply chain tensions [1] - The demand for AI servers, high-performance computing (HPC), and consumer electronics has led to extended delivery times for Low-CTE fiberglass cloth to 16-20 weeks, limiting substrate production [1] - The price increases for raw materials (Low-CTE cloth, copper foil) have spread to the substrate segment, with key suppliers like Mitsubishi Gas issuing price hikes and delivery delays due to material shortages [1] - Analysts project that the demand for Low-CTE materials driven by AI servers and advanced packaging will grow by 10-15% annually, with global substrate monthly shipments expected to reach 1 million units in 2025 and 3 million units by 2026, indicating a continued supply-demand imbalance until at least Q3 2026 [1] Company Highlights - Honghe Technology is recognized for its leading capabilities in high-end electronic fabric manufacturing and is a core upstream material supplier in the AI industry chain, with Mitsubishi Gas as its largest customer for Low-CTE electronic fabric [2] - China National Materials Technology has achieved mass production of specialty electronic fabrics, covering a full range of low dielectric materials, and has completed certification and bulk supply for major domestic and international clients [2]