M9 grade CCL

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高盛:PCB_CCL_ 人工智能驱动长期平均销售价格_毛利率前景向好
Goldman Sachs· 2025-07-16 00:55
15 July 2025 | 8:41AM CST Taiwan PCB/CCL Better ASP/GM outlook in LT driven by AI; Re-iterate Buy on GCE/EMC/TUC and raise TP by ~15% More expensive than expected AI server CCL/PCB and fast technology upgrading speed, to drive the overall TAM estimate We revisit our AI server CCL/PCB TAM estimates, and update TAM to US$2.3bn/5.3bn in 2025 and US$8bn/17.4bn in 2027, implying 88/80% AI CCL/PCB TAM CAGR (Exhibit 5), driven mainly by the much higher than expected ASP from ASIC AI server, but also our new estima ...