特种化工：首次覆盖 AI 服务器驱动的半导体后端、覆铜板材料板块- Specialty_ Initiating coverage_ AI server-driven semiconductor back-end_CCL materials sector – Mitsui KinzokuResonac (Buy), Nittobo (Neutral)
2026-01-13 02:11
12 January 2026 | 8:37PM JST Equity Research JAPAN CHEMICALS: SPECIALTY Initiating coverage: AI server-driven semiconductor back-end/CCL materials sector – Mitsui Kinzoku/Resonac (Buy), Nittobo (Neutral) We expect the market for copper clad laminate (CCL) used in AI servers to grow at a CAGR of +179% from 2025 to 2027, driven by advances such as M9 CCL, PCBs with 30 or more layers, and 6L HDI (report). In this high-growth market climate, we initiate coverage of Mitsui Kinzoku (Buy, TP ¥24,000) and Nitto Bos ...