台湾 PCB 覆铜板：上调 AI 相关 PCB 覆铜板市场规模，台湾高端供应商 ASP 毛利率有望改善；重申对 GCEEMCTUC 的买入评级-Taiwan PCB_CCL_ Revise up AI PCB_CCL TAM by, suggesting better ASP_GM for TW high-end PCB_CCL suppliers; Re-iterate Buy on GCEEMCTUC

6 January 2026 | 9:57PM CST Equity Research To breakdown the AI hardware by GPU vs. ASICs, we believe the GPU PCB/CCL TAM will go up from US$2.2bn/1.2bn in 2025 to US$15.8bn/11.7bn in 2027 (167%/207% 2025-27E CAGR), while the ASIC PCB/CCL TAM will go up from US$2.4bn/1.4bn in 2025 to US$10.7bn/6.6bn in 2027 (111%/143% 2025-27E CAGR). As such, we see the GPU PCB/CCL TAM to enjoy a better growth in coming years; however, we also see more new suppliers trying to enter the GPU AI PCB/CCL market, which was only ...