ABF 载板与覆铜板_AI 驱动下供需前景向好-ABF substrate & CCL_ supply_demand outlook remains benign driven by AI

Accessible version Technology - Asia-Pacific (H/A) ABF substrate & CCL: supply/demand outlook remains benign driven by AI Price Objective Change ABF: stronger AI overtakes the weakness in non-AI We update the ABF substrate S/D model, and now expect 1%/9% (was 1%/6%) under- supply in 2026/27, following a 5% (was 6%) oversupply in 2027E. Key changes include: 1) a stronger demand in regular server from late-2025; 2) a softer outlook in PC/gaming due to the impact from memory shortage and price hike; and 3) the ...