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

Summary of Conference Call Notes Industry Overview - Industry: Taiwan PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) - Market Size: The AI PCB/CCL Total Addressable Market (TAM) is revised to US$26.6 billion for PCB and US$18.3 billion for CCL by 2027, up from US$17.4 billion and US$8 billion respectively, indicating a 140% CAGR for AI PCB and 178% CAGR for AI CCL from 2025 to 2027 [1][2] Key Insights - Demand Outlook: Strong demand is expected for both PCB and CCL in 2026 and 2027, with YoY growth anticipated to accelerate in 2027 compared to 2026 [1] - New Technology Impact: The introduction of new PCB/CCL content in the VR200/300 rack is a significant factor in the upward revision of the TAM, which will enhance cost structures and computing performance [1] - Production Yield Rate: The overall AI PCB production yield rate is projected to decline from 73% in 2025 to 65% in 2026 and 62% in 2027, due to increased complexity in PCB specifications and the entry of more second/third-tier suppliers [2] Company-Specific Insights GCE (Global Circuit Engineering) - Revenue Projections: Expected AI PCB revenue to reach US$2.2 billion in 2026 and US$4.8 billion in 2027, accounting for 68% and 93% of total revenue respectively [11] - Market Share: GCE's market share in AI PCB is projected to increase from 17% in 2025 to 22% in 2026 [11] - Earnings Revision: Revenue estimates for 2026/27 have been revised up by 3%/22% due to a favorable outlook on the AI PCB industry [28] EMC (Electronics Manufacturing Company) - Revenue Projections: Expected AI revenue to reach US$3.0 billion in 2026 and US$8.5 billion in 2027, accounting for 63% and 97% of total revenue respectively [19] - Market Share: EMC's AI CCL market share is expected to remain around 50% in the coming years [19] - Earnings Revision: Revenue estimates for 2026/27 have been revised up by 5%/36% due to positive ASP outlook and solid AI CCL demand growth [32] TUC (Technology United Corporation) - Revenue Projections: Expected AI revenue to hit ~US$500 million in 2026 and ~US$1.9 billion in 2027, accounting for 32% and 82% of total revenue respectively [24] - Market Share: TUC's market share in the AI ASIC industry is projected to increase from 6% in 2025 to 27% in 2027 [37] - Earnings Revision: Revenue estimates for 2026/27 have been revised up by 4%/18% due to solid market share gains [37] Financial Metrics - GCE Financials: - 2026 Revenue: NT$96.017 billion (up from NT$93.344 billion) - 2027 Revenue: NT$154.762 billion (up from NT$131.608 billion) [30] - EMC Financials: - 2026 Revenue: NT$143.118 billion (up from NT$135.803 billion) - 2027 Revenue: NT$261.967 billion (up from NT$192.421 billion) [35] - TUC Financials: - 2026 Revenue: NT$46.101 billion (up from NT$45.081 billion) - 2027 Revenue: NT$68.097 billion (up from NT$59.937 billion) [40] Conclusion - The Taiwan PCB and CCL industry is poised for significant growth driven by advancements in AI technology and increasing demand for high-performance computing solutions. Key players like GCE, EMC, and TUC are expected to benefit from this trend, with revised earnings estimates reflecting a more favorable market outlook.