2025-06-11-花旗集团-中国印刷电路板5月月度追踪_投资者反馈及我们的观点_13页_394kb

CITI'S TAKE Summary

• PCB and CCL Growth: Taiwan PCB makers showed 15th consecutive month of revenue YoY growth (20% YTD), driven by AI server/switch demand. Taiwan CCL makers continued 22nd straight month of YoY growth (43% YTD).

• Cost Trends: Copper prices rose in May, while epoxy resin prices decreased slightly due to oversupply. Glass fabric prices increased as supply constraints tightened.

• Investor Feedback: Interest in U.S.-exposed ASIC names and networking plays like WUS. Expectations for Victory Giant (VGT) are rising due to AI-HDI yield improvements and capacity expansion plans. Focus is shifting to AI-PCB stocks with clear 2025-2026 capex/capacity outlines.

• Valuation Insights: Companies like WUS, Victory Giant, and TW-listed PCB firms maintain elevated market caps, reflecting strong AI-driven demand forecasts. Analysts recommend monitoring capex-linked plays for upside potential.