建滔积层板：原材料成本上涨推升覆铜板价格；自研整体解决方案成竞争优势

Summary of Kingboard Laminates (1888.HK) Conference Call Company Overview - Company: Kingboard Laminates (1888.HK) - Industry: Printed Circuit Board (PCB) and Copper Clad Laminate (CCL) manufacturing - Profile: A leading global supplier of CCL and upstream raw materials, including glass fiber, copper foil, and epoxy resin, with over 20 plants in China and abroad, serving diverse markets such as consumer electronics, home appliances, and automotive [3][4] Key Points from the Conference Call - CCL Pricing Trends: - CCL prices have been raised multiple times in Q3 and Q4 of 2025 due to increased costs of copper and fiberglass, with expectations for continued price increases into January 2026 [4] - The management attributes the rising prices to heightened demand for AI-related CCL, as some suppliers are reallocating capacity from non-AI to AI products [4] - Market Demand and Growth Projections: - There is a strong demand for CCL driven by the adoption of next-generation high-end AI server platforms, with expectations for the global CCL market for AI servers to grow at a CAGR of 178% from 2025 to 2027, reaching approximately US$19 billion by 2027 [2] - The M9+ CCL segment is anticipated to contribute significantly to this growth due to its higher dollar content [2] - Strategic Focus: - Kingboard is focusing on providing total solutions for clients and expanding its capacity to meet rising AI demand, leveraging its expertise in both CCL and raw materials to differentiate itself from competitors [1][4] - Plans are in place to expand in-house fiberglass production specifically for AI CCL [4] - Competitive Advantages: - The company's vertical integration strategy allows it to offer cost-effective products, enhancing its competitive edge in the market [3] Additional Insights - Management's Perspective: The management emphasizes that product performance is heavily reliant on the company's proprietary knowledge regarding product formulas and manufacturing processes [4] - Investment Context: The insights from the management align with a broader positive outlook on the CCL market, particularly in relation to AI applications, indicating potential investment opportunities in this sector [2] This summary encapsulates the critical insights from the conference call regarding Kingboard Laminates, highlighting its market position, pricing strategies, growth projections, and competitive advantages in the evolving landscape of the PCB and CCL industry.