台湾 PCB 覆铜板 -1 月销量强劲，开局势头良好-Taiwan PCB Laminates CCL Sector Strong Jan sales a good start

Summary of Conference Call Notes on Taiwan PCB & Laminates Industry Overview - The conference call focused on the Taiwan PCB (Printed Circuit Board) and Laminates sector, specifically discussing the sales performance of two companies: Elite Material (EMC) and TUC. Key Company Insights Elite Material (EMC) - Sales Performance: EMC reported January sales of NT$10.9 billion, reflecting a 56% year-over-year increase and a 25% month-over-month increase, accounting for 41% of Citi's forecast for Q1 2026 [1][1] - Market Outlook: The strong sales in January are seen as a positive indicator for the CCL (Copper Clad Laminate) sector in 2026, suggesting potential for stronger-than-expected sales momentum even without the anticipated M9 adoption [1][1] - Valuation: The target price for EMC is set at NT$2,100, based on a target PE multiple of 25x on the average EPS for 2H26-1H27. This valuation is supported by a strong earnings outlook due to EMC's leading position in CCL supply for AI GPU and ASIC [8][8] - Risks: EMC is rated high-risk due to share price volatility, primarily from debates over the spec upgrade for next-gen AI servers. Key risks include slower-than-expected CCL upgrade trends and production bottlenecks in the AI supply chain [9][10] TUC - Sales Performance: TUC reported January sales of NT$3.5 billion, a 75% year-over-year increase and a 9% month-over-month increase, accounting for 38% of Citi's forecast for Q1 2026 [1][1] - Market Outlook: TUC's growth outlook is bolstered by AI ASIC and 800G products, with capacity ramping up in Thailand [11][11] - Valuation: The target price for TUC is set at NT$600, based on a target PE multiple of 22x on the average EPS for 2H26-1H27. This is justified by strong margin expansion potential from a higher sales mix of AI ASIC server and 800G products [11][11] - Risks: Similar to EMC, TUC is also rated high-risk due to share price volatility and potential production bottlenecks. Additional risks include weaker-than-expected demand for AI servers and flexible practices of OOC policy by end customers [12][13] Additional Insights - Overall Sector Sentiment: The positive sales figures for both EMC and TUC in January are viewed as a strong start for the CCL sector in 2026, indicating resilience in the face of potential challenges such as reduced working days in February due to the Chinese New Year [1][1] - Investment Considerations: Investors are advised to consider the ongoing spec migration and the ramp-up of next-gen AI ASICs as key drivers for growth in the CCL sector [1][1] This summary encapsulates the key points discussed in the conference call regarding the Taiwan PCB and Laminates sector, focusing on the performance and outlook of EMC and TUC.