PCB 覆铜板 - ABBF 板块 12 月未经审计每股收益超预期；给予 “买入” 评级- PCB Laminates ABFBT sector unaudited Dec EPS surprised to the upside Buy

Summary of Conference Call Records Industry Overview - Industry: Taiwan PCB & Laminates, specifically focusing on the ABF/BT sector - Key Companies: Unimicron Technology (3037.TW), NYPCB (8046.TW) Core Insights and Arguments Unimicron Technology - December EPS: Reported unaudited EPS of NT$0.78, lower than the expected NT$1.05 (Citi) and NT$1.44 (consensus) for 4Q25E [2] - Gross Margin (GM) Impact: GM profile in 4Q25E was negatively affected by the HDI segment due to a late ramp-up in the HDI Taiwan plant. Anticipated recovery from 2Q26E onwards [2] - Market Position: Unimicron is a major supplier for ASICs, including AWS' Trainium and Google's TPU, with increasing market share in Nvidia's AI GPU [2] - Future Outlook: Expected continuous expansion of ABF GM driven by high-end applications [2] NYPCB - December EPS: Reported unaudited EPS of NT$0.84, below the expected NT$1.27 (Citi) and NT$1.36 (consensus) for 4Q25E [3] - GM Challenges: The PCB segment negatively impacted GM in 4Q25E, but management's effective strategies in product mix and price hikes mitigated the negative effects [3] - Material Support: Nanya Plastics' support with T glass is expected to help NYPCB secure more orders and potential price hikes [3] - Demand Forecast: Anticipated strong demand from 800G switch and ASIC orders in 2026E [3] Sector Performance - Earnings Revisions: - Unimicron's 2026/27E earnings raised by 38%/81% due to better-than-expected GM recovery, with a new target price of NT$400 [11] - NYPCB's 2026/27E earnings raised by 12%/41%, with a new target price of NT$450 [11] - Market Sentiment: Both companies are viewed positively, with a bullish outlook on the ABF/BT substrate sector as the cycle is expected to begin [1] Additional Important Information - Price Hikes: Price hikes for ABF/BT products are noted, although not uniformly across the board [1] - FX Impact: Some earnings upside attributed to foreign exchange gains from NT$ depreciation in December [1] - Sector View: The overall sector view on ABF/BT substrate remains unchanged, with expectations of continued growth from October 2025 [1] Financial Metrics - Unimicron's Financial Estimates: - EPS for 2026E revised to NT$4.02 from NT$3.08, reflecting a 30% increase [13] - Gross margin expected to improve to 31.3% in 2027E from 22.8% [13] - NYPCB's Financial Estimates: - EPS for 2026E revised to NT$3.05 from NT$2.30, reflecting a 32% increase [17] - Gross margin expected to improve to 28.4% in 2027E from 23.0% [17] This summary encapsulates the key points from the conference call records, highlighting the performance and outlook of the Taiwan PCB & Laminates industry, particularly focusing on Unimicron and NYPCB.