台湾 ABF 基板：涨价加速，2027-2030 年需求前景可持续；上调NYPCB目标价约 15%，Unimicron，中性

25 February 2026 | 11:24PM CST Equity Research TAIWAN ABF Substrate pricing hike accelerating, with sustainable demand outlook in 2027-30; raise TP by ~15% for NYPCB (Buy, on CL) /Unimicron (Neutral) Unimicron and NYPCB announced their 4Q25 results yesterday (see here), and we joined Unimicron's results meeting today (Feb 25th) and did a supply chain check on the overall substrate industry. Our impression from the meeting and our supply chain checks is positive; more specifically, the market outlook is even ...