台湾 PCB 覆铜板行业：联茂及南亚 PCB 2025 年四季度业绩基本符合市场预期-Taiwan PCB Laminates ABFBT sector Unimicrons and NYPCBs 4Q25 results roughly in line with the consensus

Summary of Conference Call Transcript Industry and Companies Involved - Industry: Taiwan PCB & Laminates - Companies: Unimicron (3037.TW) and NYPCB (8046.TW) Key Points and Arguments Unimicron's 4Q25 Results - Revenue: NT$34,691 million, an increase of 18% YoY and 2% QoQ [3] - Gross Profit: NT$5,472 million, up 61% YoY and 20% QoQ [3] - Operating Profit: NT$2,366 million, a significant increase of 248% YoY and 54% QoQ [3] - Net Income: NT$3,535 million, a dramatic rise of 6204% YoY and 61% QoQ [3] - Earnings Per Share (EPS): NT$2.31, reflecting a 6204% increase YoY [3] - Gross Margin (GM): 15.8%, up 4.2 percentage points YoY [3] - Operating Margin (OM): 6.8%, an increase of 4.5 percentage points YoY [3] - Tax Rate: 5.7%, significantly lower than previous periods [3] NYPCB's 4Q25 Results - Valuation: Target price set at NT$450, based on a DCF model [5] - WACC: Calculated at 12.8% [5] - Historical P/E Multiples: NYPCB traded at 15-20x P/E during previous upcycles, indicating a high valuation during favorable market conditions [5] Market Sentiment and Future Outlook - Analyst Meeting: Unimicron's upcoming analyst meeting is expected to be bullish regarding long-term demand and pricing environment, justifying an increase in 2026 capex from NT$25.4 billion to NT$34 billion [1] - Profit-Taking Risk: Given the positive sentiment already priced into the stock, there is a risk of profit-taking by investors post-meeting [1] Risks Identified - For NYPCB: 1. Weaker-than-expected demand for ABF from key customers [6] 2. Seasonality weakness in the BT business and less-than-expected price hikes [6] 3. Severe T glass shortages causing production bottlenecks [6] - For Unimicron: 1. Weaker-than-expected HDI business [8] 2. Significant increase in ABF supply in the industry [8] 3. Margin pressure from depreciation due to higher capex investments [8] Additional Important Information - OPEX Rate: Increased due to higher employee bonuses or R&D for future product launches [1] - Market Focus: Investors are expected to focus on Unimicron's long-term demand outlook and pricing environment during the analyst meeting [1]