2026 年及以后，AI 相关 PCB、CCL需求强劲，CCLPCB 基板价格向好；路演要点_ Expect solid AI PCB_CCL demand and positive pricing for CCL_PCB_Substrate in 2026E and beyond; marketing trip takeaways

Summary of Conference Call Notes Industry Overview - The focus is on the Taiwan PCB (Printed Circuit Board), CCL (Copper Clad Laminate), and substrate industry, with expectations of solid demand driven by AI applications in 2026 and beyond [1][2]. Key Takeaways 1. Positive Market Sentiment: Investors remain optimistic about the PCB/CCL/substrate industry, anticipating improved pricing and shipment conditions [1]. 2. Earnings Estimates Adjustments: Earnings estimates for companies like EMC, TUC, and UMC have been fine-tuned upwards by up to 15% to reflect the positive outlook and gains from ASIC AI [1]. 3. Market Share Gains: Taiwan suppliers are expected to gain market share in ASIC PCB/CCL from competitors in mainland China and Korea [2][3]. 4. Demand from Major Players: Increased demand from companies like NVIDIA (NVDA) for AI server PCB/CCL is anticipated, with EMC expected to dominate high-end products [2][3]. 5. Raw Material Supply Risks: There are increasing supply risks for high-end copper foil and glass fiber, leading to expectations of higher pricing across all PCB/CCL/substrate products [2][13]. Company-Specific Insights EMC (Electronics Manufacturing Company) - Market Position: Expected to hold a 70% market share in CCL for AWS Trainium 3 servers by 2026, with a significant ASP increase anticipated due to M9 grade CCL adoption [3][11]. - Earnings Revisions: 2026E/2027E earnings estimates revised up by 2%/3% due to earlier-than-expected M9 grade CCL adoption, leading to a 3x+ higher ASP compared to M8 grade [23][24]. - Target Price Revision: Target price raised to NT$1,800 from NT$1,695, maintaining a Buy rating [26]. TUC (Taiwan United Corporation) - Earnings Outlook: Earnings estimates for 2025E-2027E revised up by 1-3% due to better-than-expected market share in ASIC AI projects [29]. - Target Price Revision: Target price increased to NT$540 from NT$470, reflecting a better pricing environment [31]. Unimicron - Earnings Revisions: 2026E/2027E earnings estimates revised up by 2%/2% due to increasing penetration of CPO substrate [34]. - Target Price Revision: Target price raised to NT$170 from NT$148.84, maintaining a Neutral rating [36]. Additional Insights - Material Shortages: Shortages in both high-end and mid- to low-end PCB materials are expected to lead to increased pricing, with lead times for low-end E glass now exceeding 10 weeks [13][14][15]. - ABF/BT Substrate Pricing: Positive pricing outlook for ABF substrates, with a projected 30-40% supply gap in 2026, leading to potential shortages in 2027 [17][22]. - Competition Dynamics: Taiwan PCB/CCL players are expected to maintain leadership in the ASIC AI server supply chain, while second-tier suppliers may struggle to meet quality standards in the short term [9]. Conclusion The Taiwan PCB/CCL/substrate industry is poised for significant growth driven by AI demand, with key players like EMC and TUC expected to benefit from improved market conditions and pricing dynamics. The ongoing material shortages present both challenges and opportunities for pricing adjustments across the sector.