PCB、覆铜板与基板 -高密度互联（HDI）应用路线图浮现- PCB, CCL and substrates_ HDI adoption roadmap emerging

Summary of the Conference Call on Taiwan PCB, CCL, and Substrates Industry Overview - The focus of the conference call was on the PCB (Printed Circuit Board), CCL (Copper Clad Laminate), and substrate industry, particularly in relation to HDI (High-Density Interconnect) technology adoption and its implications for ASIC (Application-Specific Integrated Circuit) servers [2][3]. Key Points and Arguments 1. HDI Adoption Roadmap: - There is a significant interest from long-term investors regarding the timeline for HDI technology adoption in ASIC servers, especially following Nvidia's extensive use in AI server boards. The adoption of TPU (Tensor Processing Unit) servers is anticipated by late-2027 or early-2028, with CCL shipments expected in Q4 2026 [2][3]. - Major AI HDI suppliers currently include VGT and Unimicron, both of which are closely tied to Nvidia. The inclusion of more AI HDI suppliers is expected as the industry prepares for v9 generation adoption [2][3]. 2. Material Technology Insights: - Nvidia is leading advancements in circuit board technology, particularly with high layer count AI HDI. The midplane PCB for the Rubin project will utilize M9 material, with a 20% probability of being used in NVLink switch boards, which could significantly benefit EMC if realized [2][3]. - There are two material options for ultra-high layer count boards: M9 PCB/HDI material and PTFE (Polytetrafluoroethylene). The potential inclusion of PTFE indicates a shift towards more demanding data loss requirements, although M9 is expected to be the prevailing choice due to fewer production challenges [2][3]. 3. Unimicron's Capacity Expansion: - Unimicron plans to increase its 2025 capital expenditure by NT$6 billion, raising it to NT$25.4 billion, primarily for substrate investments. This includes advancing the KF2 launch to mid-2026 and initiating the YM phase 2 project, which is expected to ramp up in late-2027/2028 [2][3]. - The KF2 capacity remains unchanged in size but is expected to be utilized for ASIC projects, indicating strong demand for advanced high-performance substrates [3]. 4. Market Dynamics: - The report highlights a strong demand for advanced high-performance substrates, with Unimicron positioned favorably among substrate suppliers for AI accelerators [3]. - The anticipated shipment timelines and material grades for TPU generations are outlined, indicating a structured approach to technology adoption and supplier engagement [4]. Additional Important Information - The dielectric loss comparison for various materials at 14GHz shows that PTFE has the lowest loss (<0.001), followed by M9 (0.001), M8 (0.0015-0.002), and M7 (0.004-0.005), which underscores the performance advantages of PTFE in specific applications [5]. - The report includes a detailed table of TPU CCL and PCB by generation, indicating the expected shipment start dates and material grades, which is crucial for understanding the supply chain dynamics [4]. Companies Discussed - Elite Material Co (Ticker: 2383.TW) - Current Price: NT$1,495.00, Rating: Overweight - Unimicron (Ticker: 3037.TW) - Current Price: NT$214.00, Rating: Overweight [7]. This summary encapsulates the critical insights and projections regarding the PCB, CCL, and substrate industry, particularly in the context of HDI technology and its implications for future market dynamics.