Goldman Sachs China PCB: Kingboard (1888.HK): CCL Price Hikes on Higher Material Costs; In-House Total Solutions as a Competitive Edge
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Goldman Sachs hosted Kingboard Holdings (1888.HK, unrated) management at its Tech AI Outlook Corporate Day in Hong Kong on January 15, 2026. As a premier global supplier of copper clad laminate (CCL) and critical upstream raw materials including glass fiber, copper foil, and epoxy resin, Kingboard highlighted its distinct competitive advantages in vertical integration.
Management noted that the company implemented multiple price increases for CCL during the third and fourth quarters of 2025, driven primarily by rising copper and glass fiber costs. This pricing momentum has extended into January 2026. Beyond raw material cost pass-throughs, the demand for AI-specific CCL is rising rapidly, prompting some suppliers to reallocate capacity from non-AI to AI-focused production. To capture this structural shift, Kingboard plans to expand its CCL capacity while boosting internal glass fiber production specifically tailored for advanced AI applications.
Goldman Sachs views management's commentary on the accelerating AI CCL demand cycle as highly consistent with its own market projections. The bank forecasts the global AI server CCL market will experience a compound annual growth rate of 178% from 2025 to 2027, ultimately reaching a market size of $19 billion by 2027. Kingboard's proprietary formulation expertise, manufacturing technology, and total-solution approach position it favorously. Both Kingboard Holdings (1888.HK) and its parent, Kingboard Holdings (0148.HK), remain unrated by Goldman Sachs.