Asia Tech Hardware 10 February 2026 AI PCB primer (part 2)- Players, Positioning and Profitability; Unimicron bull case Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com David Dai. CFA +852 2918 5704 david.dai@bernsteinsg.com Euan McLeish +81 3 5962 9611 euan.mcleish@bernsteinsg.com Shirlev Yang, CFA +852 2123 2660 shirley.vang@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com Jack Lin +852 2123 2683 iack.lin@bernsteinsg.com Juho Hwano +852 2123 2632 juho.hwang@bernsteinsg.com Hao Wang, ...

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 - The current spring market rally is not yet over, despite recent pullbacks in A-shares, with the index returning to around 4000 points. The analysis suggests that the market is likely to continue its upward trend due to ongoing economic recovery and supportive policies [1]. Market Analysis - Historical data indicates that the average duration of spring rallies since 2010 is 39 days, with a maximum increase of 15.8%. The current rally has lasted 31 days with a gain of 9.8%, suggesting potential for further upward movement [2]. - The analysis maintains the view that the spring rally is entering a phase of "volume contraction and price increase," with a stronger focus on quality growth factors [3]. Sector Focus - The following sectors are highlighted for their performance expectations: 1. Cyclical sectors: Focus on tight supply in non-ferrous metals, chemicals, building materials, steel, and machinery [3]. 2. Non-bank financials: Emphasis on insurance companies benefiting from short-term premium growth and mid-term investment income enhancement [3]. 3. Technology sectors with solid fundamentals: Attention on themes such as satellite navigation, commercial aerospace, memory storage, optical modules, and circuit boards, which show clear trends in earnings growth [3].

on 30-Jan-2026 Euan McLeish +81 3 5962 9611 euan.mcleish@bernsteinsg.com David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com PRIMER 30 January 2026 Asia Tech Hardware Asia Tech Hardware: AI PCB primer (part 1)- technology & supply chain Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com HDI demand (c.US$15bn) is also accelerating, with its share of the PCB market rising roughly 5ppt last year to around 20%. HDI for AI servers (e.g. compute tray in the GB300 rack) requires more layers, more microvia ...

据环评文件内容显示， 投资估算总额为974.30万元， 建设规模为年产10万吨 HDI、10万吨HDI三聚体、18万吨 光气、副产29万吨/年30%盐酸。项目 分三期建设，本项目为一期工程，将年产3万吨光气扩建至年产5万吨。 宁夏瑞泰科技股份有限公司 创建于2010年，是江苏扬农化工集团有限公司投资新建的股份制子公司，坐落于宁夏回族自治区宁夏中卫工业园区，注册 资金7500万元，占地3000亩，目前为中卫市招商引资最大的落户国有企业，是扬农集团在西部重点打造的又一个重要生产基地。 宁夏瑞泰科技股份有限公司目前已建成 光气、氯甲酸甲酯、多菌灵、甲基硫菌灵、邻苯二胺、啶虫脒、一氯、二氯、吡虫啉、精细化工副产业资源 化、苯乙酮、氯甲酸酯及酰氯、尼龙66、生化装置及配套的公用工程 。 【DT新材料】 获悉 ，近日，宁夏回族自治区生态环境厅发布了 宁夏瑞泰科技股份有限公司 10万吨/年HDI及18万吨/年光气改扩建项目（一期）环境 影响报告书受理的公示。 FINE 2026 × Carbontech 轻量化功能化与可持续材料展 2026.06.10 → 06.12 > 40 轻量化材料 光气，又称碳酰氯，是一种重要的有 ...

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]

Victory Giant (300476.SZ): PCB Factory Tour: AI infrastructure and specification migration drive growth ahead; Capacity and Customers in We hosted Victory Giant management and visited its Huizhou factory during our China PCB Tour on Jan 23. Key discussions focused on (1) competition landscape; (2) capacity expansion; and (3) clients expansion. Overall, management is positive on the rising demand across GPU and ASIC AI sever clients, considering the specification upgrade towards more complicated architecture ...

Core Insights - The company has the capability for mass production of high-precision circuit boards with over 70 layers, positioning itself as a leader in the industry [1] - It is among the first globally to achieve large-scale production of 6-stage 24-layer AI computing data center products, showcasing its advanced technological capabilities [1] - The company is actively advancing the research and certification of 10-stage 30-layer HDI technology and possesses capabilities for over 100-layer high multilayer PCB technology [1]

Summary of Conference Call Records Industry Overview - **Industry**: Taiwan PCB & Laminates, specifically focusing on the ABF/BT sector - **Key Companies**: Unimicron Technology (3037.TW), NYPCB (8046.TW) Core Insights and Arguments Unimicron Technology - **December EPS**: Reported unaudited EPS of NT$0.78, lower than the expected NT$1.05 (Citi) and NT$1.44 (consensus) for 4Q25E [2] - **Gross Margin (GM) Impact**: GM profile in 4Q25E was negatively affected by the HDI segment due to a late ramp-up in the HDI Taiwan plant. Anticipated recovery from 2Q26E onwards [2] - **Market Position**: Unimicron is a major supplier for ASICs, including AWS' Trainium and Google's TPU, with increasing market share in Nvidia's AI GPU [2] - **Future Outlook**: Expected continuous expansion of ABF GM driven by high-end applications [2] NYPCB - **December EPS**: Reported unaudited EPS of NT$0.84, below the expected NT$1.27 (Citi) and NT$1.36 (consensus) for 4Q25E [3] - **GM Challenges**: The PCB segment negatively impacted GM in 4Q25E, but management's effective strategies in product mix and price hikes mitigated the negative effects [3] - **Material Support**: Nanya Plastics' support with T glass is expected to help NYPCB secure more orders and potential price hikes [3] - **Demand Forecast**: Anticipated strong demand from 800G switch and ASIC orders in 2026E [3] Sector Performance - **Earnings Revisions**: - Unimicron's 2026/27E earnings raised by 38%/81% due to better-than-expected GM recovery, with a new target price of NT$400 [11] - NYPCB's 2026/27E earnings raised by 12%/41%, with a new target price of NT$450 [11] - **Market Sentiment**: Both companies are viewed positively, with a bullish outlook on the ABF/BT substrate sector as the cycle is expected to begin [1] Additional Important Information - **Price Hikes**: Price hikes for ABF/BT products are noted, although not uniformly across the board [1] - **FX Impact**: Some earnings upside attributed to foreign exchange gains from NT$ depreciation in December [1] - **Sector View**: The overall sector view on ABF/BT substrate remains unchanged, with expectations of continued growth from October 2025 [1] Financial Metrics - **Unimicron's Financial Estimates**: - EPS for 2026E revised to NT$4.02 from NT$3.08, reflecting a 30% increase [13] - Gross margin expected to improve to 31.3% in 2027E from 22.8% [13] - **NYPCB's Financial Estimates**: - EPS for 2026E revised to NT$3.05 from NT$2.30, reflecting a 32% increase [17] - Gross margin expected to improve to 28.4% in 2027E from 23.0% [17] This summary encapsulates the key points from the conference call records, highlighting the performance and outlook of the Taiwan PCB & Laminates industry, particularly focusing on Unimicron and NYPCB.

Summary of Conference Call Notes Industry Overview: PCB Equipment Key Points - **Expansion Plans**: - Pengding plans to invest 4.3 billion yuan in expansion, focusing on HDI and HLC products aimed at AI servers, AI edge devices, and low-orbit satellites. The project is expected to be completed by the end of 2026, with PCB equipment orders anticipated to materialize within the same year [1][1][1] - **Technological Advancements**: - Huadian Co. is investing in a high-density optoelectronic integrated circuit board project in Jintan District, Changzhou, with a total investment of 300 million USD (phased into two parts). This initiative aims to establish platforms for cutting-edge technologies like CoWoP and advanced processes such as mSAP, focusing on next-generation technology directions like copper-light integration [1][1][1] Market Dynamics - **Accelerated Expansion and Technological Iteration**: - Leading PCB manufacturers are rapidly expanding, particularly in the AI PCB sector. Equipment manufacturers are expected to benefit significantly from this expansion wave, while material suppliers may see improvements in product structure due to the increasing layers in AI PCBs [2][2][2] - **High-End PCB Upgrades**: - Continuous advancements in chip technology are driving the upgrade of PCBs towards high-end applications, characterized by smaller aperture sizes and narrower line widths. Advanced packaging processes like CoWoP and micro-aperture/line-width processing techniques such as mSAP are expected to propel the development of high-end equipment, leading to increased demand for high-resolution LDI equipment and ultra-fast laser drilling [2][2][2] Investment Recommendations - **Focus Areas**: - It is recommended to pay attention to companies involved in the PCB drilling segment, such as Dazhu CNC, Zhongtung High-tech, and Dingtai High-tech, as well as those in the LDI segment like Chip Quik [2][2][2] Risk Factors - **Potential Risks**: - Macro-economic risks and the possibility of technology development falling short of expectations are highlighted as significant risk factors [2][2][2]